What if banks and fintechs acted like this skincare brand from Shark Tank?

As a midwestern transplant to Colorado, I admit I have leaned into the stereotype – spending time outside has now become my personality ??. Recently, I found a brand that I’m uber passionate about – to the point that I sought out an opportunity to be their brand ambassador. No, I have not risen to a blogger status (consulting is still my preferred employment), and no this is not a sales roll call. But recently, this did get me thinking about brands overall. What they stand for, what they mean, their strategic choices to win in their chosen markets and their product offerings. Any and every business can learn from Kinfield. Including and especially banks and fintechs alike.

Maddie - what is Kinfield ? Kinfield is a modern, outdoor skincare brand founded in 2019 by Nichole Powell. The brand's mission is to create effective, eco-friendly products that encourage people to spend more time outside - plain and simple. Kinfield offers a range of skincare and wellness products that are designed to protect, nourish, and enhance the skin's natural defense against environmental stressors. Their CEO Nichole recently pitched the product line on Shark Tank (one of my three go-to comfort watch shows) – *SPOILER* garnering 4 deals from the 5 sharks.

As I thought about and dug into the brand, there were a few things that Kinfield has cracked the nut on:

? Product Differentiation: Kinfield saw a product that has sat stale for tale as old as time. ?? Bug spray – the product I have spent almost three decades bathing in during summer months. And the product itself hasn’t changed much – it’s colorless, smell is the same, it is certainly NOT environmentally friendly, and frequently consumers like me make the choice of “form over function”. Kinfield launched a simple Google Form and shared it in an outdoorsy Facebook group, and gathered 2,000 responses - real market research. She asked questions that had the audience volunteering the problem they're solving, instead of directly asking IF they have a problem. So Kinfield said, "move over bug spray. Let's create clean bug spray that actually works." Then came their best selling Golden Hour DEET-Free Repellent - formulated with citronella, cedarwood, and peppermint, and free from synthetic fragrances and harmful chemicals like DEET. A product not new to us, but completely differentiated from anything in the market.

???Banks and fintechs can learn from Kinfield's approach by adopting a more customer-centric approach to making strategic choices, and offering unrivaled product experiences. I took a gander of what their strategic choices framework might look like (shoutout to Roger Martin ).

• Winning Aspiration: Inspiring happier, healthier lives through the great outdoors.
• Where to Play: clean outdoor products that really work, for all adventures under the sun.
• How To Win: powered by plants, backed by science, recreation ready, crafted by a story.
• What Capabilities Must We Have: products that actually WORK.
• What Management Systems Do We Need: if I had to guess, it's one heck of a CRM system, brand ambassadors, and infrastructure to support creating and testing these products, and a kick butt PR team of storytellers.

? Storytelling. Storytelling is crucial in an oversaturated market. I was instantly hooked while watching Shark Tank when the CEO talked to her Minnesota roots and credibility with “the state bird of Minnesota was a mosquito”. When you navigate to the company's website , you see their founder and CEO pop up in your corner. She has dynamic videos for questions like like "What makes Kinfield better?" Where she explains how you are buying from a female owned ?? brand that donates 1% of its profits to 1% for the Planet . "Where are your products made?" launches a video where she details first making the bug spray in her kitchen. Kinfield now manufacture products right in the USA, with the highest quality clean ingredients and a full team of chemists and independent, third party lab testing attesting to the quality of the products.

???Banks and fintechs alike can learn from Kinfield's approach by adopting a mission-driven storytelling approach to branding that focuses on a shared purpose, mission, or goal. Banks and fintechs can create an emotional connection with customers through storytelling that goes beyond the products and services they offer.

I don’t want bug spray – I want to not get bit by bugs ??. I don’t want a mortgage – I want a home ??. I don’t want a loan for my small business – I need access to capital to grow into a new location ??.

? Personalization, and Customer Service. Before spreading the word to my network on the product as an ambassador, I needed to try it myself, with my own $. After making two orders (needed to try a few more products), I got a personal email from their CEO of the company acknowledging me coming back, and personally asking if I had new product ideas. From [email protected] . Written not in some email format graphic or template - in normal, plain text format. Like an email from a friend or family member, from a person.

Their email of “your product was shipped!”? Take a look. It’s got a subject that draws me in, and content that genuinely conveys excitement, it makes me want to take the product that I haven’t even received yet – outside. And the only “job to be done” they needed to do in that email to me was to provide me my UPS tracking number and say my product has shipped. This emphasis on community building and a shared mission helps to create an emotional connection with their customers that goes beyond the products themselves.

???Personalization and customer service are essential in banking and fintech - they play a significant role in building trust, loyalty, and long-term relationships with customers. In an industry where customers entrust their financial well-being to a bank or fintech, personalized customer service can make all the difference. Have you received messaging like this from your bank? Send me that way if so. By providing personalized experiences and exceptional customer service, banks and fintechs can build long-term relationships with customers that are based on trust and mutual benefit.

? Community and Mission. Okay so you say "we are a mission driven brand". But do you put your money where your mouth is? In addition to their commitment to natural ingredients and sustainable packaging, Kinfield is a certified B Corp, which means that they meet rigorous standards of social and environmental performance, accountability, and transparency. They don't go just as far to say "yes - write a check - now we're a B corp". They ship in waste-free packaging - reusable produce bags. Their brand meetups nationwide are actually meetups to pick up trash ??? in local national parks and forests. Relating back to the brands' entire purpose - get outside.

???Community and mission are essential to a bank or fintech because they provide a sense of purpose, connection, and direction for customers. Are your efforts to invest in communities rooted in action? By having a strong mission and sense of community, banks and fintechs can differentiate themselves from competitors, foster customer loyalty and advocacy, inspire innovation and creativity, and have a positive impact on society and the world.

So - banks and fintechs - what's stopping you from telling a story like this?

• What strategic decisions can you make to set your products apart from the competition?
• In what ways can you effectively communicate the stories of your products and organization?
• How can you create a personalized customer experience that fosters a sense of friendship and familiarity?
• What steps can you take to cultivate a community, establish a shared mission, and fulfill a greater purpose?

And yes, I have a % off code, and I already packed it all for my trip to Moab next weekend.