Hey all you research folks out there, I need help with a stat. My question: what percentage of bank and credit union employees have accounts at their bank or credit union? And secondly, what’s the average share of wallet for those employees? If you know, please e-mail me (Jeff Stephens)–I’d love to find out!
It’s an interesting topic. Employees seem like low-hanging fruit, don’t they? At least from a customer acquisition standpoint. But how about from a brand standpoint? Aren’t they prime, low-hanging brand evangelist fruit? I sure think so.
Today is all about the Apple iPhone, so let’s take it for example. Our buddy at MediumTall was the first person I learned about Apple’s iPhone employee giveaway from. Check it out: all full-time Apple employees are getting comped an iPhone. Then I read about it at Brand Autopsy, as well. And it got me thinking.
How can we use this for bank and credit union marketing? I think if you’ve build an authentic, powerful bank brand, your employees will be brand evangelists not just because the employee handbook says they have to be, but simply because they think your products, services and brand truly kick ass.
I know bankers who aren’t comfortable having their accounts at their place of business because of Big Brother-type issues. I think that’s valid. But I think it’s also too bad, because if their bank were really that great, they’d deal with their other concerns. It would be great to hear people saying “I know I can get a better rate at XYZ National Bank, but I can relate much better to what we stand for here at ABC Community CU.”
So how will the innovators turn this idea into strategic marketing for banks and credit unions? And perhaps more importantly, will you be that innovator?
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In our work, we’ve found exactly that. Building a strong brand starts with the employees, not only in their ability to deliver against the promise, but also in their enthusiasm for the company. I’d recommend measuring employee brand loyalty and then looking for tactics that address the gaps. Is it training? Is it support? Is it benefits? Is it advancement opportunity? Is it overall pride in the organization’s reputation? It’s not always money or freebies. In our work with financial organizations, we’ve often found employee brand loyalty related to how equipped the staff member feels in their interactions with customers. Employees like to be able to give solid, honest advice.
I remember reading a Cola Wars case study in grad school that talked about a Coke Employee that was fired in the 80s for bringing Burger King’s food into the office. During the time Pepsi was sold at Burger King and buying from the King was consider supporting the competition. I guess the lesson was don’t flaunt that bite the hand that feeds. Be true to the brand, the company and your team.
I think that it is important to be true to your company and if they are the best it should be a no brainier to use them for the product or service they provide. If they are not the best then you should do all you can to fix the issues and work with your team to make them the best. If your not proud of the company you work for how can you be your personal best.