BISA Magazine - Quarter 2, 2017 - 11

to actively call their clients a certain
number of times a year? That way you
actively explain to clients the value
that they are getting for investing their
money with the bank.
Employee meetings should start with
wins, Weylman said. For example, a manager could open the meeting with: "Tell
me something good in your life - it
doesn't have to be in business." This gets
the meeting started on the right foot.
Don't tell people they are wrong, he
said, and treat mistakes as opportunities
to teach. Millennials, in particular, like
to be taught.

Importance of culture
Corporate culture matters. The Deepwater Horizon drilling rig explosion on
April 20, 2010, in the Gulf of Mexico
was a disaster of epic proportions, Weylman said. It was also a textbook case
of culture failure. No one at BP, the oil
company that leased the drilling rig,
dared to raise a hand when problems

Vision Quest

must be developed to support it. One
example: When Weylman visits Florida,
he often invites his entire Florida office
staff over to his house for breakfast.
The industry needs to avoid getting
caught up in catch phrases. The importance of building a fee-based business is another phrase that rankles
Weylman. When advisors or managers
tell someone they are running a feebased business, the obvious response
becomes: How much are the fees?
That's getting the relationship off on
the wrong foot, Weylman said, advising that "advice-based business" will
resonate better.
Weylman said organizations should
be prepared to answer the question
"Why should I do business with you?"
from potential customers, and speak
to the value that the customer will
receive. Federal Express understood
this when it created its slogan, "When
you absolutely, positively need it there
overnight," as did La-Z-Boy with "Live
Life Comfortably." Walmart improved
upon its old slogan, "Low Prices

Weylman cited some examples of corporations that have articulated a clear corporate
vision:

1.
2.
3.

Boeing: "We are not here to be alsorans. We are here to lead, to be the
best, nothing less."
Ford: "To become the world's leading
Consumer Company for automotive
products and services." [Meanwhile,
General Motors, its rival, lacks a clear
vision, according to Weylman.]
Nike: (past and present, showing a
vision can change over time) 1960s:
Crush Adidas. Current: To be the
No. 1 athletic company in the world.
Nike recently developed a breathable
hijab, called the Nike Pro Hijab, for Muslim
female athletes, Weylman recounted. The
company said it began developing the hijab
after some Muslim athletes complained
about wearing traditional headscarves
during competition. "Clearly, Nike's [global]
vision is driving some of its decisions,"
Weylman said.

People want to work for something
bigger than themselves. They "want to
feel they are making a difference."
arose. "Everyone who worked on those
rigs worked in silence," he said. "No
one talked to anyone."

Every Day," with its replacement: "Save
money, live better."

BP's new CEO is taking the company
in another direction. Now anyone can
stop the rig if they see something askew,
Weylman said. The company no longer
operates in silos - communication lines
are open within divisions and units.

In the past, banks focused on merchandising products and services. Today,
marketers must focus on relationships.
In financial services, you need to differentiate yourself, which means that
"friend-raising precedes fund-raising,"
Weylman said.

That said, culture is a critical element for
long-term growth, but culture is a reflection of internal values and takes time to
develop. "A caring culture is not something you install," Weylman said. Rituals

"People's lives are so frenetic today," he
said. "They long for relationships. If a
bank financial advisor takes a personal
interest in you as the client, "I'm going
to give that [advisor] my business." ▲

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Table of Contents for the Digital Edition of BISA Magazine - Quarter 2, 2017