The following is an excerpt from The Affluent Branding Cookbook, a white paper jointly written by Clientific and Creative Brand Communications. This white paper is about the challenges and key issues in branding wealth management services for the the affluent client segment, and can be downloaded for free at www.creative-brand.com/cookbook.

Your vision for an ideal client experience is probably exactly like the vision of all your competitors

Let’s make a $100 bet. I bet that if I were to sit down one-on-one with five wealth management advisors individually and asked them to describe the ideal client experience they strive to create, I would hear almost exactly the same thing from each person. I can tell you in advance that what they tell me will almost be entirely summed up in the following list:

• I want them to feel like I’m a “trusted advisor”
• I want them to feel taken care of—that we are accessible and responsive
• I want them to feel their financial plan is custom tailored to their needs
• I want them to feel as if they are our only client

This list—-while chock full of great intention–is oh-so-predictable. Why is that a problem? Because you expect that this client experience will differentiate you. But the truth is, because everyone else has the same vision, the more you actually succeed at achieving this ideal experience, the more similar to your competitors you become. The truth is, there is no one-size-fits-all as THE ideal client experience. Just as there’s no blanketdefinition of “the perfect person” or “the best lasagna,” when it comes to client experience, beauty is in the eye of the beholder. Sure, it’s probably safe to assume that most wealth management clients want to be able to get ahold of you, and trust that you know what you’re talking about. But aside from these baseline, table stakes courtesies, the flavor of your client experience should be as unique as you are as a person.

In other words, here’s the best client experience for your firm: the best client experience is the one that most accurately reflects your personality, point of view, and overall spirit.

So the question is: who are you, really? What are your quirks? What makes your DNA distinctly your own? What are the aspects of you as a person that nobody else could possibly copy, even if they wanted to?

Read the entire white paper for free by downloading at www.creative-brand.com/cookbook.

Have you taken a moment to check out our new website, www.CDFIbrand.com? It’s the first and only blog covering all the branding and marketing topics relevant to community development financial institutions. Here are some of our great recent posts–check them out!

Introduction to Word of Mouth Marketing for CDFIs

CDFI Brand Awareness vs. Brand Clarity

Is ‘Marketing’ a Bad Word to CDFIs?

We are excited to release a new white paper today, in collaboration with our partner firm Clientific, called “The Affluent Branding Cookbook.” The white paper is available for free instant download at www.creative-brand.com/cookbook and www.clientific.net/cookbook.

In the Affluent Branding Cookbook, authors Jeff Stephens (CBC CEO) and JP Nicols (Clientific CEO) discuss nine unique and challenging issues that financial companies–from wealth management firms to banks and credit unions with investment products–face when branding themselves for the affluent market, including:

• You Are (Probably) Not Your Client
• Your Brand Positioning Is Too Similar To Your Competition’s

Jeff and JP propose solutions to these challenges, and offer discussion about best practices and keys to success.

Jeff Says: “The affluent market segment offers so much branding potential to wealth management firms, but it takes a strong understanding of brand, differentiation and segmentation to really get the most out of the market and avoid commoditization.”

JP Says: “Financial institutions of all sizes are increasing their emphasis on affluent clients, and over the course of our careers, we have seen a lot of examples of what works and what doesn’t in reaching these clients. We believe this is a timely and important topic for financial marketers.”

Download The Affluent Branding Cookbook today!

After the great response we had to our white paper, “The 7 Special Challenges of Branding For Community Development Financial Institutions—And What to Do About Them“, and our subsequent webinar on the same topic, we realized that the unique challenges of CDFI marketing and branding deserved their own separate home for discussion.

So today we are proud to introduce a new marketing and branding resource for community development financial institutions (CDFIs): www.CDFIbrand.com. This new blog site is the first and only resource of its kind, dedicated to discussing the unique branding and marketing issues faced by CDFIs. Read our complete press release to learn more.

We hope you’ll take a moment to check out the site and join the new conversation!  Also, if you manage a community development finance website and want to be added to our blogroll, please just let us know!

Earlier this week, I had the fortunate opportunity to do a tour of the Zappos.com headquarters in Henderson, Nevada. Zappos offers free tours of its offices (not the warehouse, which is located in Kentucky for shipping purposes), and it’s a great, fun experience. Most importantly, the tour gives you a chance to see behind-the-scenes at what makes Zappos such a strong brand with a great internal culture.

Zappos’s culture is so strong that they created a separate company, Zappos Insights, to handle all of the requests they had for tours, speaking and corporate training. I believe that alone says a great deal about how strong their culture is.

As I took the tour, and sat down with Zappos Insights’ chief culture evangelist, I was struck by several things that I believe banks and credit unions can learn from, when it comes to building a strong brand and internal culture. I wanted to share three of them with you.

Zappos Embraces Its Weirdness

Everybody is weird…even at your bank or credit union. You, your CEO, your newest teller and your accounting assistant–weird, weird weird. (And I’m weird too, don’t worry). At Zappos, they don’t hide this or try to conform to some expectation of what a billion dollar corporation (bankers, we’re talking revenue, not assets!) should act like. Weirdness is part of the code at Zappos–in fact, it’s one of its core values.

I can assure you, walkng through their offices, it IS weird. It kind of feels like a 300,000 square foot adult Kindergarten classroom–arts and crafts, knickknacks and posters on seemingly every surface. But you know what? The people there are having fun. FUN. They get treated like adults. They can have a drink on the job. They made a company music video to the tune of Katy Perry’s “California Girls” in which they joke about rampant office sex. And the employees are happy, smiling and doing great at their jobs.

Your credit union or bank is not Zappos. But you ARE you, and you ARE weird in your own way. Are you letting your weirdness come through enough?

Zappos Knows the Driver of Its Business–And Trains Everyone In It

The Zappos tour is shockingly devoid of of nearly any mention of shoes. That’s because Zappos transcends shoes, and its brand and culture are so much bigger than shoes, or handbags, clothing or the other stuff they sell. It’s not about the product.

Zappos is in the business of customer service. More specifically, they identify as being in the business of delivering happiness. CEO Tony Hsieh’s book is even called “Delivering Happiness.”

At Zappos, much of the customer’s experience is delivered online, over the phone and via chat–the service is the driver. As such, Zappos trains every employee–from Tony himself to a web developer or assistant–on taking customer calls. That’s really the only way to get every employee to truly understand and relate to the core driver of the company’s business, and connect the company’s core values to the front line interaction with customers.

This brings up two important questions for banks and credit unions:

1. What is the core driver of your business? (And don’t just say ‘service’ by default–that may or may not be your driver. For every bank or credit union, that core driver may be different.)
2. Is EVERYONE in your company well-versed in your core driver? If you feel your core driver is amazingly effective consumer loan underwriting, for instance, is everyone including your bookkeeping staff and your receptionist trained in this?

Zappos Gives Job Candidates and New Hires Every Chance to Opt Out

At your bank or credit union, you likely have a skills-based hiring program in which you seek people with the job experience needed for the position. Some of you may use a more values-based approach, making sure that they candidate first and foremost shares your values, and has the skills secondarily. But Zappos goes to great lengths to weed out candidates who are anything less than a perfect cultural fit. Here are a couple examples of what I mean:

1. Interviews at Zappos are scheduled for all day. All day. They say “we’d like to have you come interview on Thursday. Please plan to spend the day with us.” That alone weeds out all the candidates who aren’t truly serious about the position. Their belief is that if you aren’t interested enough to clear your schedule for a single day, you’re not likely to be a fit.
2. After a couple weeks of new hire training is complete, Zappos offers new hires $2,000–plus pay for their hours of training–to quit. Think about that: they pay someone $2,000 to quit. This is one of the most brilliantly simple business strategies I’ve ever heard. What kind of people take the $2,000? Exactly the kind you DON’T want sitting around your office.

Next time you are in the Las Vegas area, I strongly encourage you to take the Zappos tour. But more importantly, I strongly urge you to think about what you can learn and apply from the Zappos culture and brand to your credit union or bank. No tour needed.

Here’s the lesson:

Even when you need them more than they need you, you can–and should–communicate and enforce your expectations of them.

Who is the “they” I refer to? Well, for you banks and credit unions, the “they” I am referring to are your customers and members. For the Oregon Zoo, the “they” I mean are their volunteers.

To explain, let me give you the brief rundown on the Oregon Zoo volunteer program, which my wife is heavily involved in. She is a ZooGuide, a completely volunteer program of probably 200 volunteers–these 200 volunteers comprise a substantial portion of the Zoo’s overall team. If you want to become a ZooGuide, here’s what you have to do:

• Commit to a training program, offered only twice per year [Get in line, volunteers]
• The training program involves FOUR CONSECUTIVE ALL-DAY SATURDAYS. [Bye-bye weekend fun for an entire month]
• Commit to volunteering 88 hours per year [Your entire company-provided vacation...plus one more day]

These requirements, by the way, are not so you can learn to feed elephants or train polar bears. These are required for you to be an usher, show people where the bathrooms are, do crowd control at events, and maybe someday, if you work hard, to give a tour of the Zoo. The Oregon Zoo is, as far as non-profit volunteer opportunities go, one of thousands in the Portland area.

This program defies “common sense” in a big way.  You’re probably thinking, “beggars can’t be choosers! If the Zoo needs these volunteers so badly, they need to make it EASY for the volunteers to participate. These volunteers have thousands of non-profits they could choose, who would make it so much easier for them!”

Yet this program is amazingly successful.

Banks and credit unions have a very similar dynamic with their customers/members. Deep down, every bank or credit union does indeed have expectations of its customers/members: “make us your primary financial institution,” “be loyal,” “refer your friends,” “focus on the relationship, not just the rates,” etc.  But are these expectations every spoken? Are they ever explained to a customer/member in advance of them becoming a customer? Nope–never. These ideas are maybe politely hinted at or bashfully requested, but never stated as real expectations. Why?

The fear of supply and demand.

Just the other day I told a great client, “we need to recruit customers with psychographic profile XYZ, and we have to screen them hard and enforce that they are choosing us because they align with who we are, not because they like our rate on that account.” Even this client–a truly innovative bank–couldn’t help but respond with, [paraphrased] “are you sure we can get away with that? What’s in it for them to put up with our expectations?”

In the case of the Oregon Zoo, this strict program delivers several huge benefits:

1. It weeds out those who are not committed. Flaky people will not subject themselves to a month of Saturdays of training.
2. It ensures the people who make it through the training will take it seriously, and that you can depend on them to show up when they say they will (very important when your organization truly needs them to function well)
3. It sets the tone from Day 1 that “even though you’re a volunteer, you still have to follow these rules,” which is critical for volunteer management
4.  Keeps their volunteer focus on the Zoo specifically, rather than fragmenting their time at non-profits around town

While the context is different, banks and credit unions want these same things from their customers and members. While it may be counterintuitive, a brand that stands up for itself is a stronger brand.

Even when you need them more than they need you, you can–and should–communicate and enforce your expectations of them.

The fear of supply and demand happens when you’re one choice in a large supply of similar options–in other words, you’re a commodity.  Revisit our “Decommoditization Manifesto” for more insights on how to break free from commoditization.

By being picky, inflexible and strict with its unpaid volunteers, the needy Oregon Zoo has a stronger brand and more successful organization. If the Oregon Zoo can do it, why can’t you?

I’ve recently been revisiting a book called Business Model Generation by Alexander Osterwalder, as I’m working on some new entrepreneurial endeavors related to CBC. But as I was re-reading it, I began to wonder: “how many bank and credit union marketing folks or executives have read this? I’m guessing the answer is ‘very, very few.’

Why would they, after all? They’re running a business that already has a well-known and understood business model. There’s no reason to spend time reconsidering the business model–it’s a done deal. Right?

Well, not so fast. I think we may be taking the fundamentals of our banking business model for granted. I think that if bankers actually got out a blank copy of the Business Model Canvas Osterwalder has created, and really started filling it out…it would be much harder than expected.

It would be difficult because it would pose several questions that I think many financial institutions would have a hard time answering. One, for instance, would be related to value proposition.  I was reading through the new website of CBC partner JP Nicols’ firm Clientific, and on one page he discusses “Key Strategic Questions for Your Firm” and specifically, clarity about your value proposition:

“Clarity- What exactly is your value proposition? What problem(s) are you solving for your clients? What do you stand for? What do you not stand for? If you don’t have clarity about why you’re in the business and why others should do business with you, how will you expect your clients to know?”

JP’s questions may seem easy on the surface–but they aren’t…at all. They call into question everything that’s fundamental to your bank or credit union: your brand, business model and strategy.

I believe we take for granted that we know the answers to these questions clearly…when our clarity may in reality be less than we think it is.  And there’s only one real way to find out. Pick up the book, grab a copy of the Business Model Canvas, and start filling it out. It just might be the thing you need in order to:

• Identify the unclear areas in your banking business model
• Make improvements to the various aspects of your banking business model
• Find opportunities for innovation your peers haven’t thought of

Jeff

This post is another installment in my series of posts about reconnecting with my previous sources of inspiration. Just like the first post, “Pick Someone to Disappoint,” this one also is inspired by my re-reading of Seth Godin‘s work.

Another of Seth’s books I recently re-familiarized myself with was Poke the Box, a book about taking action and initiative to start and try new things. It’s a book about giving something new a shot, even if it might not work, without waiting for someone else to grant us permission.

In his book, Seth offers a simple quote and a powerful idea that I believe is highly relevant to the state of innovation in financial services:

Poking doesn’t mean right. It means action.

Put simply, Seth reminds us that starting and trying something new doesn’t mean we have to succeed with it. It doesn’t have to be perfect; it doesn’t even necessarily have to “work.” We don’t have look back on it and proclaim, “I was right!” Instead, what’s most important is simply taking action. The most important step is the first one–GO.

How does this relate to financial services innovation? In my opinion, in financial services we are largely afraid to try anything that we’re not highly confident will work. We’re scared of failure, we’re scared of criticism, scared of “wasting money,” and we’re scared of getting slapped on the wrist for being non-compliant. And of course, as an industry we play in a highly regulated sandbox–there’s no denying that. But we let fear and our culture of compliance keep us from poking the box.

This means we don’t start very much stuff. We may have a lot of ideas, and think and plan, think and plan, think and plan–but we rarely start them. Fear often gets in the way.

I’m guessing many banks, credit unions, community development financial institutions (CDFI’s) have goals to be more innovative in 2013…whether that means innovation in branding, marketing, product development, technology or anything else. Seth reminds us that the most important part of trying something new–poking the box–is actually taking the first action step.

GO.

Over the recent holiday break, I spent some time reconnecting with some of my previous sources of inspiration. In doing so, I read some old books, picked up some new ones, and got reacquainted with thought leaders like Seth Godin who have long inspired me to help bank, credit unions and CDFIs to think about branding and marketing differently. This is the first of a few ideas I want to share with you as a result.

In his book “We Are All Weird,” Seth Godin talks about how consumers aren’t mass and mainstream–that everyone is weird in their own way, and mass mainstream marketing doesn’t work anymore.

In one passage especially (“Whom Shall We Disappoint?”), Seth’s comments remind me so much of bank and credit union marketers, and one of the challenges they face in the ongoing effort to differentiate.

“If you persist in trying to be all things to all people, you will fail. The only alternative, then, is to be something important to a few people.

And to get there, you must disappoint some slightly engaged normal folks, who, to tell the truth, can probably live just fine without you.”

In bank branding, this rarely ever happens. Credit union marketing folks and bankers alike have a really difficult time accepting the idea of disappointing some of their “potential market” along the path to true brand differentiation. When asked if they are trying to be all things to all people, most tell me ‘no.’ Yet their behavior and unwillingness to choose a group to disappoint indicates that they do indeed want to be all things to all people.

Seth goes on to give an example of his point:

“The ski area at Jackson Hole has a choice to become even more welcoming to extreme skiers who seek our the expert trails, or to dumb the facility down to be more open to the average skiers who represent the bulk of vacationing travelers who might consider a trip. You can probably hear the argument in your head. ‘But if we don’t open more beginner slopes and build a new lodge, we’ll lose these customers to Aspen!’”

This is exactly what’s going on the marketing departments of today’s banks and credit unions. Are you afraid of alienating the average folks because you’re afraid of losing them?

So, which of your slightly engaged customers/clients/members should you be disappointing in 2013?

Jeff

PS: I highly recommend you buy Seth’s book, “We Are All Weird.” Download the Kindle version for 6 bucks and you could be reading it in 2 minutes from now. Go!

This morning on NPR there was a piece called “More Large Retailers Ease Customers’ Path To Credit,” about the way retailers like Costco are using their scale, distribution channels and bargaining power to get into the consumer financial services industry. You’ve probably already heard of Bluebird by Walmart and American Express, and you may or may not have known about Costco’s efforts.

So how are you going to develop a bank or credit union marketing strategy to combat Costco, Walmart and the others?

In my experience, most banks and credit unions will do one of two things:

1. Ignore it. Pretend it’s not happening. (Maybe not even know about it!)
2. Create a reactive strategy that tries to combat it

My advice? Take a better, third option:  Reinforce your own brand and positioning. Instead of worrying about what they are doing, instead focus on solidifying your own value proposition:  decommoditizing YOUR offering by being the best “you” possible.

Here’s why: no matter what you do, how much you freak out, or how intelligently you feel you are responding to this competitive challenge (and the dozens of others happening every day), you’re not going to make a dent in what Costco or Walmart are doing…and all it does it make you look and feel insecure about your own value proposition. You’re not in the business of being the best financial solution for anyone and everyone–you’re in the business of being the best in the world at YOUR UNIQUE value proposition. In other words,  you’re in the business of being the best at fulfilling YOUR brand.

Don’t let them trick you into playing their game. Focus on playing YOUR game.

What type of consumer looks at your bank or credit union, and then looks at Costco’s offering, and says “I’m not sure which one to pick”? I’ll tell you who: it’s the consumer who sees your offering as a replaceable commodity. And it’s not their fault for seeing you as a commodity–it’s your fault for letting them see it that way. (BTW, now would be a good time to refresh yourself on how to decommoditize a bank or credit union, with our Decommoditization Manifesto)

The better job you do of Finding, Telling and Proving Your Story, the stronger YOUR value proposition and brand become. And the people for whom that value proposition is suited will know you are the one one and only provider for them.

You are you. You are not Costco. You can never be Costco, nor do you want to. Be the best “you” you can be, and know that customers/members who are the right fit will come to you for your unique, non-commodity value proposition.