Editor’s Note: Today we’re excited to unveil our latest Vericast video series, Rachel Sets the Rules, featuring Rachel Stephens, Product Manager for Vericast.
Below are the first two videos in this compelling series that aims to explore interesting topics within the industry, including trends in checking and marketing, how to reach and engage millennials and other generations, and how digital technologies are shaking up the status quo. Our hope is you will find the information both interesting and usable in your day-to-day role as a financial services marketer.
If you’re like many of your peers trying to drive household and deposit acquisition, you may have noticed that organic growth has slowed or even stopped altogether.
Maybe you’ve relied on “refer a friend” promotions or branch radius mailings, or simply word of mouth and the presence of your branch network. But these passive attempts only go so far.
With competition heating up, it may be time to put some real marketing calories toward your institution’s growth. This requires a proactive approach to capturing new account holders and deposit accounts.
If you’re ready to start, here are four questions to ask yourself before diving in.
1. What does success mean for you?
This may seem like a no-brainer, but it’s important to define success in order to attain it.
Growth can come in many shapes and sizes, not all of them will work for your institution. Defining success before you begin allows you to establish KPIs and milestones to measure your progress against.
2. Who are your best account holders?
In order to attract your perfect account holder of tomorrow, you need to know who your perfect account holder of today is.
Where do they live? What products do they buy from you? Through which channels do they engage with you? Are they ATM users? Do they prefer the drive-thru teller? Do they use your mobile app?
3. What’s your approach to attracting and engaging prospects?
Once you understand who your best prospects are, how are you going to attract them? What messaging will resonate with them, cutting through the endless noise they’re bombarded with every day? What channels do they frequent?
4. Does your customer experience measure up?
Consumers today are pretty demanding. They expect to receive what they want, when they want it, via the channel they want it in.
Whether online or over the phone or in a brick-and-mortar branch or via a mobile app — your account holders demand excellence each and every time they interact with you.
It’s imperative to take a close, hard look in the mirror and analyze your strengths and weaknesses. What do you do well? Where are you lacking?
For instance, you’ll end up doing more harm than good if you send prospects to your institution’s website if it doesn’t have the functionality to provide what they need.
Answering these four questions will give you a better understanding of what marketing strategies will give you the best chance of success. After all, if you’re going to exert those calories, you want to be able show the best possible results for your sweat.