Date: June 12, 2017

Producer: Kelly Coughlin

BankBosun: An Introduction to Curly’s Law and Coughlin’s Corollary

Look at me! I have been in the financial services industry for over 25 years. With Merrill Lynch, PWC, Lloyds Bank and the CEO of a fin tech company we sold in 2013. And now, I am the CEO of BankBosun. Are you wondering, what the heck BOSUN means? The correct spelling of BOSUN is actually BOAT SWAIN…but it’s pronounced but BOSUN.

A BOSUN is a nautical term. A BOSUN helps the ship’s SEA captain with all things related to managing the ship. BANKBOSUN helps bank C-Suite captains with all things related to managing the bank…Today’s message is about helping you and your ship, navigate risk and discover reward in a sea of opportunities and threats. This message is about reward and opportunity.

Arthur Conan Doyle, said “There is nothing more deceptive than an obvious fact.” And Curly from City Slickers said, ”There is really only one thing you need to know and the rest don’t mean squat.”

What is that ONE THING? REVENUES. But revenue generation can be a challenging riddle….and many solutions offered up are simply too expensive to implement. Enter Tactical Ecosystem Marketing and Coughlin’s Corollary…Fully approved and vetted by Michael Porter from the Harvard Business School; Sun Tzu from Somewhere in China; and Curly from the Ponderosa.

The marketing tactic where you get Customers, Prospects, management, staff, vendors, suppliers, and influencers. All are part of your ecosystem and all are harnessed and directed to help you, the center of the ecosystem, capture revenues. We’ll take a real-life example. We have a bank that offers traditional bank depository services; credit services; trust and wealth management services.

Their ecosystem includes the company’s officers, product managers, product specialists, and business development people. Additionally, the ecosystem would include external centers of influence, lawyers, accountants, insurance people, etc. Also, it would include customers and targeted prospective customers. Frankly, any company that is ALSO selling products or services to their target market should be included in their ecosystem.

Now the TACTICAL part…Coughlin’s Corollary. You create this value with an intangible asset that you and all your ecosystem members have owned since you were born…YOUR VOICE. Why does this create so much value?

Five reasons:

  • The human voice can communicate with energy, empathy, and emotion.
  • 2) People don’t read. Research shows if you give people more than ¾ of a page to read…they will put it down.
  • 3) People like to multi-task. With recorded audio, they can listen and exercise; listen and travel; listen and watch sports; and listen and cook.
  • 4) The recorded audio is shareable internally upstream to board members and owners; and downstream to other employees to help ensure the message is consistent throughout the enterprise. And finally,
  • 5) Recorded audio is an incredibly effective way to communicate your message to clients, prospects, and centers of influence. It is especially effective, if you have more than one person participating in the BUYING decision.

We then we create multiple types of content from one single asset. Podcasts on iTunes and Google Play, and audio CDs, audio presentations on YouTube or you can add some slides to accompany the audio and turn it into a video presentation. You then can create print media from the same asset…eBooks, blog posts, and LinkedIn posts…all from one source…the voice…your voice.

It’s unbelievably effective, it’s very inexpensive, and it’s a heck of a lot of fun. So that’s it for me. “There is nothing more deceptive than an obvious fact.” And revenue growth is that obvious fact. That “one thing” that Curly wouldn’t define…but I do.

You build an ecosystem and use your voice in podcasts, CDs, YouTube, and other platforms to effectively tell your company story with energy, empathy, and emotion. Create value. Capture revenues. This is the best way to get oxygen to your business. It’s inexpensive. It’s efficient. And it’s very, very effective. Oh, and did I mention it’s a heck of a lot of fun? I think I did.

This is Kelly Coughlin and thanks for watching. And more importantly, thanks for listening.

 

Kelly Coughlin, CPA, CEO

BankBosun