Alternative marketing thinking

iCONTRACT

What Banks Can Learn From Geek Squad

Dressed like the guys in Men in Black, driving around in snazzy VW Beetles painted like police cars and called agents, Geek Squad is a cult computer service organization that was founded in 1994. Banking Online spoke to founding CEO Robert Stephens to find out how his company has been able to manage its reputation as a top of the line service brand. While on the face of it there’s little that connects banks and this rather odd company, look deeper and there’s a lot banks can learn from his company, particularly in the realm of promoting innovation and creating a vivid customer experience. If Stephens was a banker, these are some of the things his bank would have done. Send a little plastic magnifying glass with the credit card so account holders can scrutinize their restaurant bills. He would also encourage banks to look at the simple act of waiting. The goal should be to make that experience so amazing that people want to wait longer in line. On innovation Stephen’s has an incisive point: every company is it’s own biggest competitor, when it comes to innovation. It’s what you’re not doing today that holds you back, or holds your people back. He feels that the early years, when money was hard to come was the best thing that ever happened to Geek Squad when he started the company. That starved the organization, he feels, which fosters creativity. He has some examples for banks from companies like Wikipedia, Google and Yahoo.

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