What’s your biggest asset? It’s not your building, your employees, or numbers on a spreadsheet. It’s the relationships you have with your customers. I’ve seen too many banks putting those relationships at risk. How? By sending only offer-driven communications to customers. Their reasoning: They want their marketing efforts to always generate immediate results and drive…
Author Archives: Ted Triplett
When it comes to keeping customers, selling shouldn’t be your top priority — engagement should. This means committing to getting to know your new customers in meaningful, value-added ways. Doing so means you’ll minimize the chances of their defection and increase the likelihood of developing a lifelong relationship with these customers. Gallup data show that…
According to Gallup, a majority of bank sales come from approximately 60 percent of customers who already planned to open an account or buy a new service. Your bank doesn’t have to waste any marketing or sales efforts on these customers — they’re already going to open an account without any prompting. But what about…
We all have loyalties to particular service providers — but we also recognize that there are plenty of opportunities to buy the same services from competitors. “People today want a relationship with their bank that is built on trust. Getting to know their needs takes more than a phone call or handing out a product…
Today, banks are facing low interest rate spreads and increased regulations. At the same time, they’re also struggling to offer a value proposition that resonates with customers. A Gallup Retail Banking Industry Survey said that banks need to do a better job of helping their customers see the value in what they provide. But that’s…
According to Fortune, less than 10% of strategies effectively formulated are effectively executed. Why? Failure to generate real, meaningful business results typically stems from a disconnect between the development and formulation of strategy and its implementation. And that breakdown can have a big impact on customer retention. Think of it as an internal wiring problem….
At a conference session I attended recently, a bank president asked a highly relevant question. He wanted to know how his bank could build relationships with customers who have left the branches in favor of online and mobile banking. Only 16 percent of his bank’s customers, he said, still visit branches to make transactions. Granted,…
Mergers and acquisitions are on the minds of a lot of banks these days. On paper, they offer an opportunity to generate large returns and greater shareholder value. In reality, numerous studies have found that more than half of all mergers fail to deliver the intended improvement in shareholder value. Why? During an acquisition, many…