No organization is a one-trick pony. Sure, everyone has their specialties. But the best organizations still do all core functions competently or even exceptionally. What are those core functions?
There are four vital disciplines, or Success Markers, you need to create a successful organization:
- Strategy
- Branding
- Marketing
- People
And doing one thing well isn’t good enough if you let the other three Success Markers collapse into ruin. All four disciplines are interdependent and affect one another. A great brand won’t matter if your strategy dictates poor use of it. Your marketing’s promises fall flat if your people aren’t trained well enough to deliver a brand-consistent experience.
Mastering all four areas sounds intimidating, but you don’t need to jump to the highest tier of success in each area right away. Starting with baby steps will still net you improvements. So, let’s cover the basics on your road to success.
1. Strategy
Strategy should drive much of what you do in the other three areas. If you proceed without a strategy, you risk having thoughtless branding, inconsistent marketing and people who don’t have buy-in. Start with a strategic plan. What will you do over the next three-to-five years?
The best strategic plans are the ones you implement, so have a tight focus on a few core, achievable objectives. Beyond a strategic plan, improving your strategy may also mean developing your board or revamping your vision/values.
And for all these strategic projects:
- Simplicity wins
- Communication wins
- Follow-up wins
2. Branding
Branding is your personality. It’s who you are. Logos, colors and other visual elements are outgrowths of this brand identity. One consequence of skipping strategy is winding up with a brand that’s all style and no substance. Always put substance first.
Ask yourself the following questions as a starting point: Who are you targeting? What messaging will reach them? Is there a reason for this name and logo?
Also, your brand involves everyone and everything. It revolves around a brand triangle where:
- Leaders lead the brand
- Employees live the brand
- Consumers love the brand
3. Marketing
At its most basic level, marketing for financial institutions is communicating your brand. People won’t know who you are if you don’t tell them. That means great brands sometimes die on the vine because no one markets them.
Of course, how you communicate matters. You must choose the right channels, write the right words and design the right imagery. It’s not easy to do, and marketing assessments often reveal some common mistakes. A few are:
- Too much copy
- Focus on yourself, not the consumer
- No marketing plan or calendar
4. People
Your people execute the strategy, embody the brand and market your organization. Let’s face it: without them…you’re toast. Everything else you do is for naught if your team doesn’t care about it. Prioritize consistent training and development to grow their skillsets and establish buy-in.
Three types of training are essential:
- Leadership training to build your bench and safeguard your future.
- Experience training to create consistent service for all consumers.
- Brand training to excite and engage staff with your brand identity.
Don’t worry if you need help with any of the Success Markers. You can download our resource going into more depth on each of these points here.
We’re also here to lend a hand with strategic planning, branding, marketing for financial institutions and training needs. Book a free consultation today.
