break the cycle of commoditization and build genuine brand engagement
DESCRIPTION
Do you feel like your banking services are commodities? In an environment where differentiation on interest rate is almost impossible, how can you build genuine engagement with your brand? Join Jeff Stephens to learn what you need to do to stop being a commodity. For audio visit: http://www.andera.com/resources/videos.aspx?altTemplate=ResourceDetail&nId=/videos/best-practices/break-the-cycle-of-commoditization-and-build-genuine-brand-engagement.aspxTRANSCRIPT
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Break the Cycle of Commoditization and Build Genuine Brand Engagement
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Welcome! We’ll start soon. While you’re waiting, register for our next event:
oFlows Demo Thursday, March 7th 2013 2:00 PM ‐ 3:00 PM EThttp://bit.ly/DemoMarch7
Break the Cycle of Commoditization Build Genuine Brand EngagementJeff StephensFounder & CEO, Creative Brand Communications
Our Mission
To simplify account opening and lending across all banking channels for customers/members and for the employees who serve them
Product
Solution
Deposits
Loans
Forms
oFlowsBranch
oFlowsOnline
Deposits
LoansForms
Andera at a Glance
2 10 23 3758
82111
143
193
232260
358379
443
508 520550
2004 2005 2006 2007 2008 2009 2010 2011 2012
Our History
o Opened the first deposit account online in 2004 o Today, multichannel account opening and
lendingo 560+ customers o Four time “Best of Show” award
winner at Finovateo Named one of the “Top 10
Tech Companies to Watch” by BTN
Your products are generic
Why do consumers have all the control?
Your products are generic
The Availability of Alternatives
The goal is simple, but not easy:
Create something for which there areno alternatives.
Your products are generic
When there is no meaningful criteria upon which to base a decision, all you can evaluate are the commodity factors
Your products are generic
Commoditized parts of banking o Products o Rates o Locations Branch ATM
o Convenienceo “Quality” of Services
Your products are generic
If these are the battles you’re fighting, you can’t win.
De‐commoditization is about changing the game to something you can win.
My Definition:
Giving people a reason beyond PRODUCTS, SERVICES, and RATES to
bank with you
What is de‐commoditization?What is de‐commoditization?
What is de‐commoditization?
A game you can always win:
Create an experience ONLY YOU CAN OWN, that a CERTAIN GROUP of people badly want to BE A PART OF.
What is de‐commoditization?
Sell your “Why”
WHY: Your reason for beingHOW: The way you deliver your products and services
WHAT: Your products and services
How to de‐commoditize
How to change the game:
1. Determine your game2. Show your game3. Recruit people who fit
Tip: Know who you are
#1 Determine Your Game
Determine your game
Quick Test:
What does your brand stand for, in 10 words or less… without using the words “people” “service” or “community?”
Determine your game
Finding the story and your WHY is introspective
It’s in you already—your job is just to find what’s already there
Extract the soul
Determine your game
Determine your game
Don’t worry so much about what your customers want to be
Instead, worry about who you are:
Your WHY
Determine your game
Stop trying to be “a better bank/credit union.”
Try to be “a better fit for a certain type of people.”
Determine your game
It’s not called “Betterentiation”
Your differentiators should not end in –er or –est
DIFFERENT, NOT BETTER!
#2 Show Your Game
Tip: Obsess over the experience you create
Start playing
Once you’ve found the story and established your differentiation, your job is simply to live it.
Every day. All the time.
Start playing
Don’t create the “best customer experience”
Create the most brand relevant one
Start playing
Proving the story:
Demonstrating your story with actions.
Not just lip service.
Start playing
Opportunities to prove the story are everywhere (touch points)
Start playing
Branding = inside‐out touch point management
#3 Recruit People Who Fit
Tip: Find Better Customers
Recruit players
So who should your customers be?
Target vs. A Territory
Recruit players
Once you’ve found your why, your goal is to find people whose why alights with yours
These are your good fit customers
Recruit players
What differentiation really is
Differentiation is not for you—it’s for your customer
It’s a tool of clarification, not a persuasion
Recruit players
Differentiation is a gift you give your prospective customers to help them navigate the endless sea of options to determine if you’re the right fit for them.
Recruit players
These are customers who are with you because they want to be…not because you happened to be closest, easiest, or cheapest.
Recruit players
When they want to be with you, it’s much easier to build deep relationships
But they won’t even know they want to be with you, unless you show them your why.
Recruit players
Be as distinct and clear about your position and story as possible.
The goal is for people to determine whether they align with you or not.
Recruit players
This is who we are.
Love it or hate it.
Indifference will kill you.
Recruit players
Positioning:
Knowing who is not right for you is just as important as knowing who is.
Questions & Wrap Up
oFlows Demo Thursday, March 7th 2013 2:00 PM ‐ 3:00 PM EThttp://bit.ly/DemoMarch7
Up Next [email protected]‐356‐1100
Jeff Stephens www.creative‐brand.comJeff@creative‐brand.com503‐249‐9363