Brett King is the author of Bank 2.0, a futurologist, a banking sector specialist and founder of Movenbank. He’s an author who practises what he preaches. When he wrote Bank 2.0, he was ahead of the curve and with Bank 3.0 he now jumps even further.
Banking is of particular interest to us, but I think this book is relevant to any industry or business. Brett King takes all the changes in:
and explains how that impacts on banking. All these changes are also impacting on your business. Change at a neck breaking speed (everything is faster, cheaper, smarter) is ensuring an explosive mix of not only a lot of new technology but also much quicker adoption of new technology by consumers.
A key question for you is how to sync the adoption rate of your clients with your own organisation.
The answer is with intelligent, non-intrusive permission marketing. Customer service. Digital. Driven by convenience and relevance. Without friction. When and where they want. In context and with an ability to predict, and be precognitive. Preferably on a mobile device and as an app.
And with a social media engagement layer on top. Engagement and dialogue as part of the customer service mix are critical. Why? They are talking about you anyway. And engaged clients spend 30% more. Not pursuing a social media strategy will be more expensive that not.
How delightful, frictionless and social media savvy is your customer service?
Are you and your organisation ready and digitally competent?
Bank 3.0 (=Business 3.0) is about change. Change that is inevitable, change that is speeding up and change that is extremely disruptive. You may not agree with the predictions. But you hopefully agree that consumer behaviour has changed and you are amazed how many people use iPhones, Android devices and tablets. Or how many people are discussing Facebook and Twitter.
Keep talking to your clients. Innovate and experiment. With the current adoption cycles you can’t afford to wait. Create a team that is both an advocate for customers and enabling advocacy by customers. Create great customer journeys. Give these resources huge support. They are your future.
If you don’t adapt, customers will pass you by at warp speed. Get on board or get out of the way.
A cracking book!
Friday 5th October marked one year since the death of Steve Jobs, but his legacy as an entrepreneur lives on. In particular, there are important sales lessons that we can learn from Steve Jobs.
In particular I admired his ability to release new products that people didn’t even realise they needed until he released them! At which point they became must-buys for a lot of people — and that’s coming from the owner of an iPod, iPhone, Macbook Pro and iPad 2.
So what sales lessons can we learn from him?
1. Don’t be afraid of being different
Steve Jobs was never afraid to stand out from the crowd and to pursue things that other people thought were stupid. Until he did them and the people stood back and applauded. In a sales context, what aren’t you doing right now because other people think it’s stupid?
2. Love what you do
One of Steve’s favourite sayings was “love what you do”. My question to you is “do you love what you do?” The answer for most salespeople, and most people in general, is “yes, when things are going well”. I’ve always said that in my opinion, sales can be the best job in the world when things are going well…. And the worst job in the world when things are going badly! So for those of you that don’t currently love what you do, you need a more compelling reason for doing what you do.
3. Turn your TV off!
I remember Steve saying: “We think you watch television to switch your brain OFF, and work on your computer when you want to turn your brain ON”. I’ve always loved that saying. When I ask most salespeople “how much time do you spend on trying to improve your sales or your sales career against how much time do you spend watching TV?” guess which one is normally most popular? Most salespeople I meet rarely work on their sales career outside of work and even inside of work they rarely work on improving it — they just end up doing it.
4. Create a buying experience
Steve Jobs and Apple were fantastic at creating a “buying experience” every time you bought one of their products. Anyone who has bought from Apple will confirm this! Whether it’s an iPod, iPhone, iPad, iMac or anything else in their product line, if you’ve bought one you’ll know that it’s a bit different from the usual buying experience.
An Apple store experience is just that — an experience. The majority of people on the shop floor know exactly how to answer your query, or find someone who does in a minute. Does that have any impact on how many people buy more products from Apple? Of course it does!
5. Don’t fear failure
The majority of people I speak to, at some point, have to deal with failure. So therefore most people also have to deal with a fear of failure. Something that happens in advance of an event that they think will mean failure for them. So one of the things that I do when I work with an individual or sales team is to look at what failures they’re afraid of. Number one on this list is usually cold calling, or in some cases, any kind of sales calls at all! How many of you or your team are putting off calling a prospect that could be a really good source of income for you, because you feel like you’re not ready?
If there’s one thing I’ve learned about marketing over the years it is this. As proud as you may be of your company, your product and/or your service, you should know that your customers or clients are definitely not as interested as you are. Their only concern is how well you can help them to meet their challenges and needs. If you want more of them to buy from you, your focus has to be on them, not on you.
Obsessive self-orientation is a mistake that many businesses make with their websites. They are convinced that the purpose of their site and their marketing is to talk continuously about how fantastic their company is. This is the belief that the louder you shout, the better the image you put across and the more sales you will get — otherwise known as megaphone marketing.
“Don’t be egotistical. Nobody cares about your products and services (except you). What people care about are themselves and solving their problems.”
David Meerman Scott, author of The New Rules of Marketing and PR
Yes of course the purpose of marketing is help to you to win more business, but if you want your messages to be welcomed rather than seen as an irritation then shift your focus. Make every marketing communication primarily of benefit to the people who receive it and secondarily of benefit to you and your business. It’s not rocket science; it’s a simple awareness of human nature. And it will make all the difference to your marketing.
Putting your customers first
Practice management consultant Mel Lester demonstrates this customer-focused attitude perfectly. His desire is to create content that serves his clients and he leads his website with a strong promise:
“Mel Lester is pleased to offer this website as a valuable source of ‘how-to-get-things-done’ information and tools. I set out with an ambitious goal: to create the best Internet resource for helping managers of architectural, engineering, and environmental consulting firms succeed, both corporately and personally.”
Taken from the home page of www.thebizedge.biz
Mel’s statement demonstrates all the valuable attributes to aspire to. His content is helpful and focused (more magnet then megaphone), his goal clear and compelling. He has committed to content excellence and is evidently sincere in his desire to help. He focuses on the customer first and it gets results: by not selling so hard he elicits more sales.
If you are going to succeed with your marketing put your customer first, like Mel.
Sonja Jefferson is an expert contributor to Marketing Donut and owner of Valuable Content Ltd. A new book — Valuable Content Marketing — by Sonja Jefferson and Sharon Tanton is published in January 2013.
Want to read more by Sonja Jefferson?
You can find links to all her articles and blogs on her profile page.
Envy, gluttony, greed, lust, pride, sloth and wrath — these are what we commonly think of as the seven deadly sins. However, in marketing today, there is another sin being committed by companies the world over. This offence creates so much dissatisfaction for prospects and customers alike, the punishment for committing such a crime is becoming increasingly severe.
This deadliest of marketing sins is — irrelevance.
There was a time when we all regularly received irrelevant communications. This is because there were very few companies who knew the timing of a purchase. For example, a car insurance company may be able to ascertain when your car insurance was due for renewal based on an enquiry from the previous year. However, how would a training provider know you were looking for training, an accountant know you were looking for a change or a watch manufacturer appreciate that you were currently saving for this luxury purchase?
Most companies would have no reasonable way of knowing who was interested in their products or services. It is because of this that companies focused very much on the demography of their clientele. If you had no idea who was specifically interested in buying your product or service, at least you could target the “most likely” group of people. The result of this is “business owners” would receive messages about an accountancy service even though they were delighted with their current supplier. Meanwhile, HR directors would receive training catalogues even though they were not currently purchasing training, and people living in affluent areas would receive communications about a new luxury watch although they had no current desire to make a purchase.
However, we all put up with these irrelevant communications for one good reason. In a world before the internet, where we had relatively little access to information, it was often marketing that informed us of what was going on in the world. The value exchange was clear. We would often find out about interesting developments in products and services that we may have not discovered in any other way. In turn, however, we would have to put up with irrelevant messages which we could ignore if we wished. For most, the exchange was worthwhile.
Widespread access to information
Today, however, the value of being interrupted by these marketing messages has all but disappeared. The internet, combined with the ubiquity of modern communication devices, means that we can now access all the information we require wherever we are in the world. Consequently, we no longer want to be interrupted by communications when a company feels like shouting at us. Today, we will go and find the information we require at our time of choosing.
Of course, if a company were to send a direct mail about their new carpet cleaning service at the very moment we were thinking of having our carpets cleaned, then we may appreciate the communication. The problem for most companies is, in order to get the timing right for one customer, they have to send a mass mail out which annoys another 5,000 potential clients. Of course, when we do require a carpet cleaning service, between our networks and the web we are assured that we will be able to access all the information we require to make an informed buying decision.
The point of many digital platforms such as websites, blogs and social networks is not that companies can shout at individuals in lots of new irritating ways. Rather, it is that when people are interested in what you do, they can access your marketing at any time of the day or night. This is when it is both convenient and more importantly relevant for them.
Customers have been empowered. The most effective companies are the ones that understand this new paradigm and leverage it to involve customers in what they do. The cardinal sin committed by the businesses that don’t understand this, is to shout at prospects with irrelevant messages.
For customers and prospects alike, receiving irrelevant communications from any quarter is irritating and will leave a bad taste in the mouth. Consequently this sin is one that will be increasingly unforgiven by consumers who will vote with their wallets and no longer engage with that business.
Many businesses have rigidly defined the respective roles and responsibilities of their customer service and marketing departments. This is often the source of frustrations as, on one hand, the marketing guys do not have the opportunity to interact with the customers and, on the other hand, the customer service team has only a limited opportunity to influence product design and communication.
Small businesses have much more room for manoeuvre, as they can chop and change, test and experiment without affecting a large volume of customers. Very frequently, small companies manage their customers through a single channel, handling social interactions, marketing efforts, customer service and many other activities in one place. They use mishaps as a marketing opportunity and dispatch little gifts and samples to “compensate” customers. Customer service is clearly being used as a marketing tool.
Whilst larger operators are busy leveraging their social media reach by pushing multitudes of promotions, special offers, coupons, vouchers and deals, small businesses can build a long-term advantage by establishing close-knit communities of customers. Positioning customer service at the heart of the marketing strategy contributes to the exchange of ideas and the resolution of problems whilst creating a platform for future recommendations.
All this contributes to the development of a very strong sense of loyalty.
The challenge comes when the business grows and someone makes the suggestion that life would be much easier if dedicated marketing and customer service teams were established…it will be hard but just make sure you resist the temptation.
Guest blog by Very Good Service.
Read more in our dedicated section about customer service.
Powerful design enables you to connect with your ideal clients. It’ll help you attract, engage and seduce them into buying from you or working with you, and of course, it’s a wider thing than just design. It’s about your powerful design fitting into a powerful brand strategy.
How can you be sure, when you’re working with a design agency, that they’re going to provide you with powerful design and not just good design?
What is the difference that makes the difference?
Powerful design requires an in-depth understanding of your business, your objectives and your customers. Run a mile from anyone who asks you what colours you want or to sketch out how you’d like something to look.
Powerful design takes time. Coming up with creative concepts that will really connect with your audience and unlock something within them doesn’t happen in a matter of moments. It’s going to take time to develop those concepts and produce polished artwork.
Powerful design uses colour psychology to unlock your goals, values and message and also use it to authentically communicate with your ideal clients. There’s more to colour psychology than simply knowing that blue is calming and red can be aggressive. Colour psychology enables us to help our clients communicate coherently, authentically and with clarity.
Powerful design is creative. When we create powerful design we think outside the box. A business that works with large corporates should have a website that is bland and safe, right? Wrong! A designer must tap into a client’s brand values and company ethos to create a site that firmly differentiates their company from their competitors and enables them to connect with their customers. Oh, and win a whole pile more business.
Powerful design sweats the small stuff. Often the difference that makes the difference is the attention to detail. When you look through a powerfully designed website, it’s not just the homepage that looks lovely — that strong design runs throughout the site and reassures and engages.
Powerful design will cost you more than good design. You need to find a really good agency – one that has a firm understanding of not just how to layout a page, but typography, design trends and colour psychology. They’ll probably be very serious about investing in their team, which means that their hourly rate will reflect that. They won’t be the cheapest, but they will give you the best results.