What business are you really in?
In the financial services industry, the logical reasons members turn to us—our products, services, and convenience—are just the beginning of potential “relationships.”
Financial services are a commodity where, to a degree, certain products, services, and conveniences are expected.
For years, those in the fast-food industry thought they sold food. Then McDonald’s declared people weren't buying hamburgers, they were buying an experience.
Burger King disagreed. They knew they had a unique point of difference and pummeled McDonald's with, “We're flame broiled, not fried.” But Burger King's sales didn't increase.
Why? Because McDonald's was right: Fast-food hamburger restaurants aren’t in the burger business.
Zappos.com, a billion-dollar online shoe retailer, understands that customers don’t come to them to buy shoes. Rather, customers look to Zappos to solve problems, which is exactly what they do while having a ton of fun.
And let’s remember the words of Henry Ford: “If I'd listened to customers, I'd have given them a faster horse.”
Ponder this: Are you fulfilling members' needs or fulfilling their dreams? Do you know the difference?
Dare to fail to succeed
Few phobias are more powerful and widespread than the fear of failure. But consider that:
If you're doing anything worthwhile, you'll encounter failure. Understanding this will make it easier to move forward.
Make a move to do something. Monitor the results. Make adjustments along the way.
If you don’t succeed that time, simply click “reset” and move forward with more experience.
Ponder this: Will you dare to fail to pave the way for success?
Next: Just keep swimming
A U.S. District judge Monday dismissed three lawsuits--including one by the National Credit Union Administration--brought against U.S. Bank National Association and Bank of America, National Association regarding their duties as trustees of residential mortgage-backed securities.