Jeff Stephens

Warren Buffett on…Banking?

// August 17th, 2010 // No Comments » // Banking, Banking business strategy, Decommoditization, Entrepreneurial Lessons, Jeff Stephens, Non-technical innovation

Well, I don’t think Mr. Buffett was speaking specifically about banking when he made this comment, but boy oh boy does it ever apply.  Here’s my favorite new quote:

“Don’t try to be smarter than your competitors, because any competent competitor will be working just as hard to be smarter than you.  The trick is to have no competitors”

Warren Buffett

CEO, Berkshire Hathaway

Bankers tend to ask themselves “how can we make our bank better than the competition.” Entrepreneurs, rather, ask “how can we make our bank so different than it has no competition?” That’s a decommoditized company.

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Customer Expectations in Banking

// August 14th, 2010 // 2 Comments » // Banking, Banking business strategy, Banks, Credit Unions, Decommoditization, Jeff Stephens

Every bank and credit union’s customers/members have expectations–expectations for service, quality and other criteria you must meet.

The question is: who set the customer’s expectations for YOUR bank or credit union?

Did you set those expectations? Or did the industry do it for you?

The industry did. Tradition helped out. And convention sealed the deal. You had nothing to do with it.  Welcome to yet another massive downside of being a commodity financial services provider.

See, when you’re a commodity, you’re selling the same stuff as everyone else, and doing it in just about the same way. So, your customers/members have a point of reference; they have something to compare you to, because there are so many other banks or credit unions doing the same thing, and years of conditioning and experience with your competitors have created those expectations for them.

When you break out of being a commodity, you have no competition–nobody else does what you do. As a result, it’s much harder for customers/members to have expectations, because they’ve never experienced anything like you before: what you provide, or how you do it. They have no point of reference, nothing to compare you to.

When you’re no longer a commodity, you get to set the customer expectations yourself. Wouldn’t that be nice?

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Free Webinar on Experiential Branding for Banks and Credit Unions

// June 30th, 2010 // No Comments » // Banks, Brands and Branding, Creative Brand Communications, Credit Union, Jeff Stephens, New banking ideas, Presentations

If you didn’t see it over at CBC’s bank marketing blog, I’m going to be hosting a webinar on July 27 at 11 am PST for one hour, covering one of my most popular topics: Experiential Branding for Banks and Credit Unions.  This webinar will be based on the presentations I deliver as a speaker at bank and credit union conferences around the country.  Here’s a brief synopsis:

“Powerful financial brands can be more than seen with the eyes–they are experienced by customers, employees and the community with all five senses. Jeff Stephens will provide an introduction to how banks and credit unions can use experiential brand development philosophies to create engagement and break from the bonds of a commoditized banking industry.”

Here are the details–I hope you will join us:

Tuesday, July 27, 11am PST / 2pm EST
50 minutes; 10 minutes Q&A
Price: Free
Max Attendees: 15

To register, email webinars@creative-brand.com

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Create something that can get criticized

// June 21st, 2010 // 2 Comments » // Banking, Books I'm reading, Innovation, Jeff Stephens, Non-technical innovation

I have long argued–to creatives, my clients and bankers and credit union folks at large–that it’s better to create something that some people will LOVE, others will HATE…than to create something that people are indifferent to.  That stands true whether you are creating an ad for the local newspaper, a brand for a new financial institution, or a presentation you will give at a conference.  You need to polarize people–if you leave anyone indifferent, you have wasted your time.

As I was reading Tribes: We Need You to Lead Us by Seth Godin the other day (a book that’s been on my list forever, and I’ve finally gotten to), I realized Seth had given me a new way to phrase my message: create something that can get criticized. Our whole business culture is based on the idea of not getting criticized–the idea that criticism is a bad thing, to be avoided.  The truth is that if you want to change the world (which I’m assuming you do–if not, you might want to unsubscribe from this blog), you WANT to get criticized. Because when you get criticized, it means you’ve created something WORTH reacting to.  Most ideas and work is so boring that nobody reacts, because it’s not worthy of a reaction.

What can you create today that will get criticized…and therefore noticed?

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Refined Positioning Leads CBC to Launch New Website

// May 27th, 2010 // No Comments » // Being an entrepreneur, Creative Brand Communications, Entrepreneurial Lessons, Jeff Stephens, PSST! Word of Mouth Marketing for Banks and Credit Unions

Positioning is everything.  At CBC, I obviously preach the virtues of good brand positioning to my bank and credit union clients. So when it comes to marketing ourselves as a company, I obviously try to practice what I preach.  It’s always tougher to see your own situation, though. The cobbler’s children often have no shoes, as they say.

This year I’ve attended two conferences/seminars from ReCourses, a management consulting firm specializing in small creative services companies like us.  Hearing their content about brand positioning for small agencies not only helped me think about CBC’s own positioning in a fresher way, it has actually even given me some cool new ways to articulate my philosophies to my bank and credit union clients as well.  It’s given me lots of great food for thought. That’s one of the things I love about business and entrepreneurship.  When you learn about new things, you find many ways to apply it all over your life and business.

To reflect our newly refined positioning, we’ve developed a new site, still at www.creative-brand.com.  It was a lot of work for my team, and for me personally, but I’m excited about it.

Our primary goal with the site is to better distribute our unique educational content about our one-of-a-kind expertise in experiential brand development, multi-sensory marketing and word of mouth marketing for entrepreneurial banks and credit unions.

Our second goal is to give our prospective clients a good sense for what it’s like to work with CBC, so we’ve developed a New Client Orientation Guide (which was particularly fun to write).

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The Difference Between Banks and Credit Unions

// January 29th, 2010 // 11 Comments » // Banking, Banks, Credit Union, Jeff Stephens

I had an interesting thought today, sparked by several tweets, blog posts, and a conversation with a potential client.  It was about the common discussion in our industry:  the differences between banks and credit unions.

We all know, there is indeed a difference.  It’s not that one is inherently better than the other, but there are differences for sure:  legal charters, ownership structures, regulatory differences, etc. There are thousands of websites (like this one from CUNA) with information about how credit unions are different. Still, people don’t widely understand these differences, and frequently make mistakes about them.  Most consumers confuse the two, and the media clearly confuses them routine–they often call credit unions “banks” in news stories.

So here’s the interesting question:

Why is it only credit unions who get pissed about this misunderstanding and confusion between banks and credit unions?

Shouldn’t the banks get just as angry? After all, lumping the two together is a mixup that adds just as much confusion about what banks really are, as it does to what credit unions really are.

Sure, I understand that credit unions are called banks more frequently than banks are called credit unions. But think about it: both banks and credit unions alike have every reason to be aggravated by this continued and frequent mixup. So why don’t we hear more uproar from banks? How come there are no chants about “the bank difference” like there are for “the CU difference”? Shouldn’t both sides be equally interested in clarifying their qualitative differences and arming consumers with accurate information?

In other words, why aren’t banks offended when credit unions are lumped in with them?

(BTW, I honestly don’t have an opinion I’m trying to sell you, on this topic. I just find it extremely interesting and would love to hear your theories.)

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Entrepreneurial New Year’s Resolutions

// January 6th, 2010 // No Comments » // Being an entrepreneur, Entrepreneurial Lessons, Jeff Stephens, Life Lessons, Social Media

As I look at 2010, I’m extremely optimistic.  I think our country and economy is gaining momentum.  And in my world, my companies are gaining momentum as well.  Perhaps most importantly for me personally, I feel a sense of clarity and focus.  All of these things lead to my believe that 2010 will be a prosperous year.  To start with a bang, I’ve written a few resolutions for myself, which I thought I’d share with you:

Post More Often. Not just writing more posts here at www.jeff-stephens.com, but I mean truly being totally engaged in all my social communities.  2009 really showed me that social media is not an optional marketing channel, it is just another required part of doing business successfully.  Just like a phone or email, it’s a tool we can no longer live without.

Live the Getting Things Done Lifestyle. If you haven’t read Getting Things Done, by David Allen, you need to.  He’s the master of personal productivity.  GTD is brilliantly simple but truly transformative…if you give yourself to it.  So far I’ve dabbled heavily in GTD, but haven’t completely given myself to it like I want to and need to.  My current tool of choice for GTD software is OmniFocus, so my goal is to really lean on it as hard as I can and make it part of my lifestyle.  This leads me to…

Start Each Week, and Each Day, With Focus.  I have said before that I believe that each day, the world conspires against you to prevent you from getting the stuff done that you want to get done.  More realistically, though, I think it’s that we don’t start each day with the level of focus and clarity we really need.  I will start each day and week not with a list of “to-do” items, but with a list of accomplishments I want to achieve.

Get Coached. I’m proud to say I am pretty much always learning new things, but it’s usually mostly on my own.  This year I’m reaching out for help that will provide structure, accountability and a fresh perspective.  I’ve started working with Mark Shapiro from Emergent Business, am attending a seminar through David Baker’s ReCourses, am signing up for guitar lessons and am even considering a personal trainer to help whip me into better physical shape.  Plus, of course I’ll continue my both-feet-in participation in EO.

What are your resolutions?  I’d love to hear.  Plus, if you put them on the Internet like I did, you have to follow through or else the whole world will know!

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5 Great #Entrepreneur Tweeps I’m Digging

// December 2nd, 2009 // No Comments » // Being an entrepreneur, Jeff Stephens, Social Media

Twitter is so vast.  I’m constantly amazed by how much great stuff there is out there:  great people to follow, great brands and campaigns to track, and great links and posts to read.  It’s downright overwhelming!  As I was reading Six Pixels of Separation recently, I was struck by the comment: “welcome to the era of snackable content.”  How true, how true. You can’t possibly keep up with it all these days, so you just have to settle for doing your best to consume what content you can.

I thought I’d share a few of my favorite #entrepreneur people/companies I’m following on Twitter.  You might want to check these out:

@EconomyHeroes:  ”Tweets for our Economy’s Heroes – entrepreneurs and executives of emerging businesses and those that advise them.”

@Unstrappd:  ”How Gen-Y Does Business. Quoted as Mashable meets Entrepreneur magazine”

@IncMagazine:  ”The magazine for entrepreneurs. Broadcasting live from New York City.”

@JaredOToole: “Stop doing sh*t you hate!”

@WhenGrowthStall: “CEO, BusinessWeek.com columnist, and author of When Growth Stalls: How It Happens, Why You’re Stuck, and What to Do About It.”

Enjoy these great Tweeps…but good luck keeping up with all their content.

// E4RQ7ZDRGTQ2

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Affiliate Marketing in Banking

// November 18th, 2009 // No Comments » // Banking, Innovation, Jeff Stephens, New banking ideas, Non-technical innovation

As I was reading something businessy lately, a question popped up in my mind:  why isn’t there affiliate marketing in banking?

Maybe there is, in a few cases, on a B2B level—you might argue LendingTree is affiliate marketing for lenders.  But that’s not what I mean.  There’s not, to my knowledge, any affiliate marketing program that could leverage the millions of retail customers out there. For instance, how many Bank of America customers have blogs or websites? Probably millions. Why not take a page from Amazon.com’s book (pun intended) and set up a killer affiliate program to drive traffic to the bank and kick back a reward to the referring site for accounts opened online?

I think I know why.

Because that’s not what bankers do.

Because that’s not how banking works.

And because, likely, nobody has ever really thought about it.

If you can’t tell already from my first few posts on this blog, one of my big pet peeves is that bankers don’t tend to look at business concepts (like affiliate marketing) and try to figure out how it might apply in their industry.

In my opinion, the best and most important activity any entrepreneurial banker can do, is this:

Look at other industries, see what’s successful, and then ask, “how can I apply this to banking?”

I’m not here to tell you affiliate marketing should be the future of banking.  I don’t have an opinion at this point, because I haven’t given it much thought.  Maybe I can think it over and write another post about that.  But I do know this:  at least I remembered to ask myself “how can this apply to banking?”  The answer to that question is less important than the fact that it was asked in the first place.  That’s how innovation happens.

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What are you reading?

// November 11th, 2009 // 1 Comment » // Books I'm reading, Jeff Stephens

Besides the Twilight series, what are you reading right now? If you’re a banker, are you reading books about banking? Or are you reading books about business, entrepreneurship and social phenomena? I hope it’s the latter.

I’m a firm believer that real entrepreneurs learn what other industries are doing, and then ask one important question: “how can I apply this to my business?”  I do that repeatedly, and it’s literally changed my life.

I plan to have “what are you reading” as a recurring feature of my blog. Why? Because the best new ideas come from places that have nothing to do with the business you’re in?

So let’s start now. Here’s what I’m reading today:  Six Pixels of Separation, by Mitch Joel.  I recently got done reading Gary Vaynerchuk’s book, Crush It!, and was inspired to keep reading more about social media and how people like, well, me, can really harness it.

I’ll let you know how it is. And most importantly, what I’m learning from it.

Last but not least, do you use GoodReads? Friend me up.

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