Serving Up Sales in the Branches
- 1. Serving Up Sales in the Branches 1
- 2. • 12 year old Financial Marketing Company • Principals have spent a majority of their careers in the financial services and marketing industries • Work with financial institutions of all sizes in helping them generate more sales through more channels 2
- 3. Agenda • Today’s Branches • Financial Focus • Consumer Buying Behavior • Content Marketing Strategy • Critical Elements to Make Content Sell • Build or Buy Considerations 3
- 4. Branch Situation Today • Visitors down • 34% Haven’t been in a branch in 6 months (bankrate.com) • Millennials see branch as irrelevant • 92% prefer to do their banking online (TD Bank Study) 4
- 5. Today’s Branch • Smaller • New York Times - Feb 4th – “With Technology’s Aid, Banks Squeeze Their Branches Into Smaller Locations” • Less Traffic • Bank Investment Consultant Feb 5th – Fifth Third expects to see branch traffic drop by 20% this year 5 Branch Openings Branch Closings
- 6. Need for Change • Need for additional revenue, especially from higher margin products • Means transitioning branches from focus on deposit taking to a focus on face to face sales 6 Increasing Share of Wallet #1 Goal for Top Executives 70%
- 7. The Financial Focus • If 1 in 3 appointments buy with an average net present value per sale of $2000 (deposit, loan, mortgage, investment, insurance, etc.) the value of 1 sales appointment is $660 • If a single branch has 4 more sales appointments week, that is $126,000 per branch per year 7 Make your own assumptions using a Revenue Opportunity Calculator at www.Truebridge.com
- 8. The Financial Institution Challenge • With less branch traffic and more interaction purely transactional, • How do you increase sales when dialogues that generate referrals and sales appointments are disappearing? 8
- 9. Consumer Buying Behavior • Fact 1: People are looking for easy to understand answers to their financial questions. • Fact 2: People will buy from the one who provides it. 9 Source: Next Century Media
- 10. Consumer Buying Behavior • Fact 3: This is especially true around life events when, according to Forrester Research, they are 43% more likely to buy a financial product. • Fact 4: You want to be that resource, not the competition 10
- 11. Becoming the Resource • Creating and distributing relevant and valuable content to attract, acquire, and engage customers. • Not a sales messages that interrupts but something that people actually want to engage with. 11
- 12. A “Teach not Sell” Approach 12 “People want to be taught not sold. When trust is the goal, companies should strive to sell by not selling.” Joe Pulizzi, Content Marketing Institute
- 13. 13 Content Marketing: A New (Old) Strategy • John Deere – 1895 – newsletter on technology in agriculture • Nike -1966 - benefits of jogging, not selling shoes • Home Depot - today– teaches people how to build a fence
- 14. Content Marketing in Financial Services 14 • Being an educational resource to help people make better decisions • But its more than just passively offering financial literacy or general education • Most people react to events as they occur • They want just the answers they need at just the time they need them
- 15. Three Critical Elements to Make Content Sell • The Content • Delivery Platform • Channel Engagement 15
- 16. What Type of Content is Needed? • Your customer needs… Broad Branded Easy to navigate Easy to read and understand. No jargon! 16
- 17. What Type of Content is Needed? • Your institution needs… Professionally created and maintained to satisfy legal, tax and regulatory changes. Compliance reviewed including FINRA review letters for investment related content Reviewed and approved by B/D compliance department Expanded as needed to reflect changing rules and regulations 17
- 18. • Relevant content is great- but it’s level of effectiveness depends on DELIVERY. • Delivered around life events when people are looking for answers and more likely to buy. • Delivered in a way that engages people and allows them to uncover hidden needs. • Delivered in a way that connects them with the person who can help with those needs. Delivery Platform is Key! 18
- 19. Examples of Delivery Platform 19 Financial Answer Center Business Answer Center
- 20. 20 • Content that sits idle or hidden on your site can’t help your institution or your customer. • Promote the benefits of what the content can do for your customers • Leverage existing branch and online channels to build awareness promote usage of a new value added service. Engagement Through Channels
- 21. 21 Compelling Message Rational Benefits • Save money • Avoid mistakes Emotional Benefits • Protect those who count on you Drives awareness and traffic to the content delivery platform
- 22. Engagement Through Channels 22 Compelling Message Delivered through traditional and digital channels To initiate dialogues with the person that can help with
- 24. Engagement in the Branch 24 Onboarding Account Servicing Frontline employees introduce the content as a value added service and offer guides relevant to their life events as a part of their everyday service-focused routine. The request for a guide is an automatic lead.
- 26. Engagement Through Email Feature your content in emails to your members! 26
- 27. Twitter Solution Facebook Solution Edu PostsEdu Tweets Engagement Through Social Media 27
- 28. Engagement Through Mobile 28 EZ Viewer All content and features of the Financial Answer Center are formatted for easy access through mobile devices
- 29. Worksite Engagement 29 Financial education is one of the most rapidly growing employee benefits. Your business customers can provide it to their employees with a simple link. Link to Financial Answer Center as an employee benefit draws employees of business customers to you for financial education and people that can help
- 30. Bringing it all Together: Content Calendar 30 • Three step plan for getting your content out there: • Message • Timing • Delivery channel
- 31. Build or Buy Considerations • Strategy is simple enough, but in order you build, you must: • Create • Maintain • Host 31
- 32. Build or Buy Considerations: • Affordable monthly subscription includes: • Full turnkey Content Marketing System • Customized to match your look and feel • Integrated employee pictures and contact information • Professionally maintained by a top national accounting firm • Individual customer service to ensure active usage and shared “best practices” • Hosted through top-ranked secure facility 32
- 33. In Closing… • People need help. • They will buy from the one who provides it. • Use a content marketing strategy to make that YOU. 33 “We are living in a content-driven economy. You cannot survive in the banking space today without a content marketing strategy.” Jeff Pilcher, The Financial Brand
- 34. So, What’s the Next Step? • Schedule a 1 on 1 demo- learn more at www.truebridge.com 34