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Break the Cycle of Commoditization and Build Genuine Brand Engagement

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Andera, A Bottomline Technologies Company
Andera, A Bottomline Technologies Company

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.aspx

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Break?the?Cycle?of?Commoditization?and? Build?Genuine?Brand?Engagement 1
Welcome!? oFlows Demo? We’ll?start?soon.?While? Thursday,?March?7th?2013?2:00?PM?‐ 3:00?PM?ET you’re?waiting,?register?for? http://bit.ly/DemoMarch7 our?next?event: 2
Break?the?Cycle?of?Commoditization? Build?Genuine?Brand?Engagement Jeff?Stephens Founder?&?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?
Andera at?a?Glance Solution? oFlows oFlows Online? Branch? Deposits Forms? Forms? Deposits Loans Loans Product?
Our?History o Opened?the?first?deposit?account?online?in?2004? 550 520 o Today,?multichannel?account?opening?and? 508 lending 443 o 560+?customers? o Four?time?“Best?of?Show”?award 358 379 winner?at?Finovate o Named?one?of?the?“Top?10? 260 Tech?Companies?to? 232 Watch”?by?BTN 193 143 111 82 58 37 23 2 10 2004 2005 2006 2007 2008 2009 2010 2011 2012
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?are no?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 Convenience o “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.?
奥丑补迟?颈蝉?诲别‐肠辞尘尘辞诲颈迟颈锄补迟颈辞苍? 奥丑补迟?颈蝉?诲别‐肠辞尘尘辞诲颈迟颈锄补迟颈辞苍? My?Definition:? Giving?people?a?reason?beyond? PRODUCTS,?SERVICES,?and?RATES?to? bank?with?you?
奥丑补迟?颈蝉?诲别‐肠辞尘尘辞诲颈迟颈锄补迟颈辞苍? 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.?
奥丑补迟?颈蝉?诲别‐肠辞尘尘辞诲颈迟颈锄补迟颈辞苍? Sell?your?“Why” WHY:?Your?reason?for?being HOW:?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?game 2. Show?your?game 3. Recruit?people?who?fit?
#1?Determine?Your?Game Tip:?Know?who?you?are?
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?? Jeff?Stephens? www.creative‐brand.com Jeff@creative‐brand.com 503‐249‐9363 Up?Next? Andera www.andera.com oFlows Demo? Thursday,?March?7th 2013?2:00? info@andera.com PM?‐ 3:00?PM?ET 888‐356‐1100 http://bit.ly/DemoMarch7

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