Picture by Hifzhan Graphics
How to upgrade your community focus and personal service.
It’s generally accepted that trust building for small banks and credit unions depends on community focus and personal service. Plus, let’s not forget digital safety.
It’s true that a community focus such as loans and event sponsorships are vital. Greeting customers and members by name and giving financial advice without tricky hidden fees are staples at small banks and credit unions. Digial safety is also important.
So small financial institutions – banks and credit unions, alike – share at least one commonality. They have to be successful in branding, especially in building trust.
Like all sectors in the economy, financial institutions have a tough marketplace. They have to find ways to dominate despite the clutter of competitors, and to economize and profit from technology.
In essence, banks and credit unions must be defensive – like a championship football team protecting its goal line and mounting a strong offense – to score points with their customers and members.
But most have not established a professional dress code for their employees. Walk into almost any bank or credit union, and you will see employees with shirt tails hanging out, facial jewelry or unshaven male tellers.
But most have not established a professional dress code for their employees. Walk into almost any bank or credit union, and you will see employees with shirt tails hanging out, facial jewelry or unshaven male tellers.
All the while, it’s vital for them to build trust. Why? Money, of course, is an emotional issue for consumers.
It may be an obvious approach, but it’s confirmed by a study that shows 84 percent of the respondents declared there must be reasons for them to trust a financial institution.
Hence, the need for cutting-edge branding in five ways:
1. Perform a brand assessment for consumer trust
You have to analyze every marketing aspect of your business. Review your branch appearance, customer service, employees, messaging, products and services.
And you must do it with empathy – understanding how the average consumer perceives you starting with first impressions. Start at the beginning. That ranges from your curb appeal and marketing messages to your dedication to being a safe and secure institution.
For example, have an outside participant – a mystery shopper, if you will – call your office and ask the employee to send information in the mail. Then, get feedback on the timing and effectiveness of the response as well as on the collateral itself.
If you really want to be successful, bring in a consultant to conduct personal interviews with your employees. Guarantee their anonymity. You’ll be shocked at what you learn.
If you really want to be successful, bring in a consultant to conduct personal interviews with your employees. Guarantee their anonymity. You’ll be shocked at what you learn.
Do the same with in-person visits. If you’re unsure about your marketing approach, then test…test… and test it. Just remember to convey value.
Humor is good, but only if it works. Consumers are very serious about how you take care of their money.
2. Upgrade from the basics of branding
Since the Great Recession, the majority of consumers have reverted to 1930’s behavior of being the best-possible stewards of their assets. They expect the same from you.
So be authentic and sincere. Instead of using adjectives, such as best or great, explain who and what you are. You must differentiate your institution from your competitors. Explain why you’re special.
Practice the art of consistency and stability for a stellar customer experience. You must consistently uphold the promises of your marketing.
Be disciplined in focusing on the details. Even minute details matter at all levels – from your favicon, logo, and slogan to customer service.
3. Align your strategies among management, employees and consumers
Your customers or members will love your brand if everyone in your organization is in synch – in lock step with one another – focusing on the needs of your target audience.
Management must lead with the right vision for growth. Every staff meeting should be focused on branding implementation.
Your employees must be inspired to live up to the standards promised in your marketing. They must be dedicated to providing the ultimate in customer experience – from greeting consumers – to thanking them for the opportunity to be of service.
Don’t allow them to be trite. Customers and members do not feel valued when they always hear “Have a nice day.” The last impression is as important as the first.
Don’t allow them to be trite. Customers and members do not feel valued when they always hear “Have a nice day.” The last impression is as important as the first.
4. Establish new benchmarks for your entire team
Naturally, you want to be competitive with your product offerings. You want to deliver the best customer service.
But you must have an adequately trained staff. Ensure continuity and success with a written plan of action – a brand guide. In it, explain how and why you have certain procedures. Employees must understand the principles behind your operating standards and how to provide the most-personalized service.
5. Ensure sustainability and long-term success
It’s one thing to implement the above four strategies, but it’s not a one-time effort. You must steadily perform assess your entire branding continuously.
The best way is to periodically monitor your organization with confidential employee-attitude surveys or at least mystery shoppers – people posing as potential customers or members. Your shoppers should be detail-minded to discover gaps in the implementation of your branding.
So embrace these strategies for a branding assessment. You’ll learn you have both negative and positive attributes. Use the results for improvement and fine-tuning of your brand to build trust.
From the Coach’s Corner, to further explain the above strategies, here are related articles:
Banks Have Credibility Issue with Affluent Women, Study — More than half of wealthy women are frustrated with their banks, according to a study.
Is Your Company Underperforming in Marketing / Sales? Evaluate Your Culture — If you’re dissatisfied with your revenue, it’s time for an assessment of your culture’s operation. Why? Superior cultures drive business performance.
“If people like you, they’ll listen to you, but if they trust you, they’ll do business with you.”
-Zig Ziglar
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