What is Your Marketing Challenge?
- Customer Acquisition
- Customer Retention
- Customer Growth
Customer/Member Relationship Developmentsm
Community Banks and Credit Unions are no different than any other retail services business when it comes to the need to continuously Identify, Acquire, Retain and Grow Customer/Member Relationships, or what Digital Intersection refers to as the Customer Relationship Development (CRD) Continuumsm. Effectively implemented, the CRD process will guide and direct relevant communications with prospect and customer segments to develop valuable relationships over time while at the same time maximizing the bank’s return on its marketing investment (ROMI).
By first nurturing and acquiring customers that mirror your bank or credit union’s more valuable customer segments and offering quality products and services that both retain and grow customer relationships, your business stands to benefit by generating a greater return on marketing investment while delivering greater overall bank or credit union profitability.
Marketing and business performance can be measured along two dimensions:
- More loyal customers typically provide more revenue per customer
- More loyal customers tend to be advocates for the brand referring new customers to the bank. http://thefinancialbrand.com/24490/marketings-only-three-challenges/
- More loyal customers typically require less in terms of marketing expenditures and, in many cases, will also require less customer service and account maintenance
- Profiling and segmentation analysis to identify prospective customers/members that mirror the bank or credit union’s best customers/members.
- Target audience definition & List Development
- Strategy to reach the right audience at the right time with the right messages through the right combination of communications channels
- Contact strategy and tactical plan of communications
- Marketing automation solutions to simplify and cost effectively manage the process
- Leverage email, social media, website, text and phone to establish a 2-way dialogue with prospects
- Reinforcing the bank’s value proposition
- Determining most compelling and effective offers to aid in acquisition
- Assessing cost of customer acquisition
- Marketing automation solutions to continue the dialogue with non-acquired prospects
- Ongoing customer satisfaction research to identify operational and product gaps
- Continuity of customer communications
- Assessment of customer attrition
- Customer/Member value analysis
- VIP Programs for the most valuable of customer segments
- Strategies and communications tactics for expanding the breadth of bank services delivered
- Strategies and tactics to turn the bank’s best customers into their best ‘sales people’
- Expanded VIP Programs for the most valuable of customer segments
 Reichheld, Frederick, The Loyalty Effect, Harvard Business School Press