Economic Challenge and Great Opportunity!

An Amazing Dichotomy

Recently we saw evidence of two starkly different approaches to business in our changing economy, how it creates opportunities for some businesses and can negatively affect other businesses. Almost at the same time, you saw images of people standing in line to withdraw their deposits at Indy Mac Bank, while also seeing long lines snaked around just about every Apple store in the country, in anticipation of the release of the latest and greatest iPhone.

There was, and still is a huge emotional component in both of these situations. I believe that emotional connection is the key ingredient in keeping customers happy and wanting to do business with you. Apple knows this. Of course, they are positioned as the provider of technology which is easy to use and fun. But, they have also created almost what I would call a “movement” where customers simply “must have” the latest and greatest version of their products. So while we could say that Apple targets only upscale techies, we would be wrong, because they appear to target people who respond to easy and fun, words which speak to emotion.

Indy Mac Bank, on the other hand, also has some emotional content occurring with its customers at the present time. People are concerned about their money, and, more importantly, the emotions that are tied to their deposit account. Emotions surrounding retirement security, resources to take that dream vacation or having the piece of mind of financial security. All of these are emotional situations and bankers have proven expertise in addressing them with customers. Now is not the time to be shy.

So what does all of this mean from my perspective? Bankers should be using this time of perceived uncertainty to make a deeper connection with their customers through education, discussion and outreach. For bankers, using their knowledge and expertise to help quell customer’s fears right now may be the very best thing they can do to create an even more loyal customer base. Fear is a powerful emotion, one that is running far too rampant right now, and bankers have the opportunity to use their expertise to help customers face these fears.

The time is now.