The Associate

Everyone who knows me knows I am a Starbucks junky, but that doesn’t mean I am incapable of slipping into a Dunkin’ Donuts mood, especially since there are multiple convenient locations in my area. And when DD has something extra robust brewing, like it does right now, it can be habit forming.

DD’s current promotional push involves a circular that gives you coupons over a month period. They are very attractive, as some are for a free cup of coffee and others for significantly reduced prices. Each row spans one week, adding up to a full month’s worth of offers.  

Staged Behavior

How does this have anything to do with banking?  It does. DD is employing a brilliant strategy I called “staged behavior.”  This approach seeks to have customers get into a rhythm of using you/buying your products through a “staged” ad campaign.

In DD’s case, caffeine cravers are provided irresistible bargains that will hopefully keep them coming back every week for a month. The result? A habit. Once the behavioral pattern is established, most will continue frequenting DD, even after the coupons are gone. The only caveat is that for this to be successful, the customers’ experiences have to be good.

Think about something in your own life. The free paper for three months—over half of those given the promotion go on to keep the paper coming because they have fallen into a pattern of reading the paper daily. How about free HBO? Say yes to it just long enough that you get hooked on one of their shows (cause who is watching their movies?) and stay on as a paying customer just so you can see it to the end.

Banks Can Do it, Too!

Banking can follow this approach by creating a staged behavior campaign that matches what the customer wants with the altered behavior of what the institution wants, and that is to get them into a routine of connecting with you more often.

Note that this only works if it is a highly attractive product that spans multiple interactions, and it must be backed by an exceptional experience. Don’t fall into the trap of cheating on the product, having it not last long enough and not being completely prepared to make every interaction count as if it was your last chance in the world to get their business.

Let’s Swap Ideas

Have an idea for staged behavior at your bank? I do. I’ll tell you mine if you tell me yours. Post it as a comment or contact me directly. 

-Michelle Rae

Whether you are fully aware or not, your employees are using other banks’ product and services. Why are they? Better question; why are they not?

Employees, if they are not using your bank’s products, they are using Credit Unions or their spouse/family’s bank or just plain someone else’s. Whether you have thought about it or not, your employees’ families, neighbors and friends, what I call their circle of influence, represent low-hanging fruit. You want every one of your employees and, further, those within their circle using your products and services. If you are not securing the business of this group, what impact does this have on securing the business of other customers as well?

Special Treatment

You should work extra hard to get and keep your employees’ business. You ask them to be proud of their workplace to be an avid representation of the bank, and advocate to your customers and the community – that means you must have their business. And further, make it a great product/service relationship. Having them use one of your products and services gives them a firsthand experience to share – not just with customers, but with all those around them. This also provides feedback to you on what is seen from their viewpoint. This will flag any changes needed to your products.

The three main issues I have come across when working with the front line are rate, technology and lethargy.

Rate

Your employees are not immune to the dismal rate environment. They see every day the effect it has on their customers and their attempts at cross selling. So, what do you do? Make it a priority to make sure this does not come in the way of securing their business; sell to them as you sell to your customers. If you expect your employees to behave like you wish your customers to, look beyond rate and see the value of the relationship. Why aren’t you selling that value directly to them?

It is not enough to tell them to do this for their customers – you must do it for them. Further, treating them like your customers means that you value the total relationship with them as well. Once again, do for them what you would do for your customers. Show them you value their business by going after it and celebrating it when it comes.

Technology

The front-line employees are savvy at using IT tools in their personal lives. But at the bank, platform systems and other programs tend to be archaic compared with widely used mobile devices and tablet technology. We are so busy trying to keep up with the BofAs and TDs that we are missing keeping up with our own employees.

Once again, approach them as you do your customers. What technology is desired? How are you providing it? If you aren’t, how do you secure their business anyway? You try to get into the head of your customer base to determine what they want; who better to provide a point of view than the most important customers you have? Your employees.

On a side note, a new point of interest for me on this topic is called “the consumerization of IT.”  It basically translates to BYOD – bring your own device. The premise takes advantage of the technology that is sitting right behind your teller line and determines how to manage those devices as a corporate asset. This concept is one that has opened a lot of doors between my clients and their front-line sales process.

Lethargy

Finally, your employees are not exempt from the same lethargy that exists with switching banks; it is just as daunting for them as your prospective customers. The question is pure and simple: ask for their business. You will be surprised at how many of your employees have never been asked to switch their accounts to your bank. Further, have you asked them to specifically go after those circles of influence in their life?

I am proud of this industry.  Any time I hear someone say they bank with a mega bank I immediately chastise them for not working with a community bank, and I extol the virtues of what you bring to your customer relationships.

If I am selling your bank, why aren’t you selling to your employees?  And further, why aren’t your employees selling it to your customers?

-Michelle Rae