Do you feel like your banking services are commodities? In an environment where differentiation on interest rate is almost impossible, how can you build genuine engagement with your brand? Join Jeff Stephens to learn what you need to do to stop being a commodity. For audio visit: http://www.andera.com/resources/videos.aspx?altTemplate=ResourceDetail&nId=/videos/best-practices/break-the-cycle-of-commoditization-and-build-genuine-brand-engagement.aspx

1. Break the Cycle of Commoditization and
Build Genuine Brand Engagement
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2. Welcome!
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3. Break the Cycle of Commoditization
Build Genuine Brand Engagement
Jeff Stephens
Founder & CEO, Creative Brand Communications

4. Our Mission
To simplify account opening and lending across all
banking channels for customers/members and for
the employees who serve them

5. Andera at a Glance
Solution oFlows oFlows
Online Branch
Deposits
Forms
Forms Deposits
Loans Loans
Product

6. Our History
o Opened the first deposit account online in 2004 550
520
o Today, multichannel account opening and 508
lending
443
o 560+ customers
o Four time “Best of Show” award 358
379
winner at Finovate
o Named one of the “Top 10
260
Tech Companies to 232
Watch” by BTN 193
143
111
82
58
37
23
2 10
2004 2005 2006 2007 2008 2009 2010 2011 2012

7. Your products are generic
Why do consumers have
all the control?

8. Your products are generic
The Availability of Alternatives
The goal is simple, but not easy:
Create something for which there are
no alternatives.

9. Your products are generic
When there is no
meaningful criteria upon
which to base a decision, all
you can evaluate are the
commodity factors

10. Your products are generic
Commoditized parts of banking
o Products
o Rates
o Locations
 Branch
 ATM
o Convenience
o “Quality” of Services

11. Your products are generic
If these are the battles you’re
fighting, you can’t win.
De‐commoditization is about
changing the game to
something you can win.

12. What is de‐commoditization?
What is de‐commoditization?
My Definition:
Giving people a reason beyond
PRODUCTS, SERVICES, and RATES to
bank with you

13. What is de‐commoditization?
A game you can always win:
Create an experience ONLY
YOU CAN OWN, that a
CERTAIN GROUP of people
badly want to BE A PART OF.

14. What is de‐commoditization?
Sell your “Why”
WHY: Your reason for being
HOW: The way you deliver your
products and services
WHAT: Your products and services

15. How to de‐commoditize
How to change the game:
1. Determine your game
2. Show your game
3. Recruit people who fit

16. #1 Determine Your Game
Tip: Know who you are

17. Determine your game
Quick Test:
What does your brand stand for, in
10 words or less… without using
the words “people” “service” or
“community?”

18. Determine your game
Finding the story and your WHY is
introspective
It’s in you already—your job is just to
find what’s already there
Extract the soul

19. Determine your game

20. Determine your game
Don’t worry so much about what
your customers want to be
Instead, worry about who you are:
Your WHY

21. Determine your game
Stop trying to be “a better bank/credit
union.”
Try to be “a better fit for a
certain type of people.”

22. Determine your game
It’s not called “Betterentiation”
Your differentiators should not end in –
er or –est
DIFFERENT, NOT BETTER!

23. #2 Show Your Game
Tip: Obsess over the
experience you create

24. Start playing
Once you’ve found the story and
established your differentiation, your
job is simply to live it.
Every day. All the time.

25. Start playing
Don’t create the “best customer
experience”
Create the most brand
relevant one

26. Start playing
Proving the story:
Demonstrating your story with
actions.
Not just lip service.

27. Start playing
Opportunities to
prove the story
are everywhere
(touch points)

28. Start playing
Branding = inside‐out touch
point management

29. #3 Recruit People Who Fit
Tip: Find Better Customers

30. Recruit players
So who should your customers be?
Target vs. A Territory

31. Recruit players
Once you’ve found your why, your
goal is to find people whose why
alights with yours
These are your good fit
customers

32. Recruit players
What differentiation really is
Differentiation is not for you—it’s for
your customer
It’s a tool of clarification, not a
persuasion

33. Recruit players
Differentiation is a gift you
give your prospective
customers to help them
navigate the endless sea of
options to determine if
you’re the right fit for them.

34. Recruit players
These are customers who
are with you because they
want to be…not because
you happened to be closest,
easiest, or cheapest.

35. Recruit players
When they want to be with you, it’s
much easier to build deep
relationships
But they won’t even know they want
to be with you, unless you show them
your why.

36. Recruit players
Be as distinct and clear about your
position and story as possible.
The goal is for people to determine
whether they align with you or not.

37. Recruit players
This is who we are.
Love it or hate it.
Indifference will kill you.

38. Recruit players
Positioning:
Knowing who is not right for you is just
as important as knowing who is.

39. Questions & Wrap Up
Jeff Stephens
www.creative‐brand.com
Jeff@creative‐brand.com
503‐249‐9363
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Andera
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Thursday, March 7th 2013 2:00
info@andera.com
PM ‐ 3:00 PM ET
888‐356‐1100 http://bit.ly/DemoMarch7