Share this
by James Robert Lay on April 20, 2021
Brief Summary of Episode #85
The brand conversation in banking is completely different than in retail.
For one thing, especially for community banks, they’re just now appreciating why data is important.
Why branding is important.
Why customer experience is important.
Still, banking mostly means going to a brick-and-mortar location — but even if it doesn’t, the online and in-person experiences are not synced.
And yet, banks that mimic the strategy of great retail brands are at the cutting edge.
They’re doing social selling, as well as incorporating user-generated content into their overall content strategy.
Social selling makes a lot of people in the financial space cringe.
But social selling is just another tool in your toolbox.
It’s just another channel for building relationships, demonstrating expertise, and supporting customers.
3 Guidelines for Social Selling:
- Support employee adoption
- Drive ongoing engagement
- Create customer advocates
To hear more about the interrelationship between brand, data, and social selling, check out my conversation with Jody Guetter, Executive Vice President/ Market Innovation at Nymbus Labs.
Key Insights and Takeaways
- What retail brands are doing right but banks are doing wrong
- Social selling is a must
- Launching a whole new brand purpose (during a pandemic)
- Human behavior, social advocacy, employee engagement, and so much more