Are You Missing 33% of your Prospective New Checking Customers?

 
 
 
 Not a surprise that when shoppers begin to  search for a checking account with  a new financial institution, 38% exclude specific institutions because they’ve had  a bad experience.  Nothing new here.

But did you know that according to a study by Novarica, if your financial institution suffers from a lack of awareness, 33% of people shopping for a new checking account will not even include you in their search because they are unfamiliar with your institution.  And if you believe the general statistic that annually 20% of the consumer market changes where they have their checking account, you’re losing a large chunk of a small market that’s in play. 

Now it’s not clear what “unfamiliar” means in this study – do they recognize your name but nothing else?  Or does it mean they’ve never heard of your institution.  Either way, at issue is a third of the playing field – not the best odds if you’re in a market with competitors that are well known.

So what do you do to raise awareness and not break your budget?

  1. Compile a list of everything you do that touches the market you want to attract and evaluate whether you’re doing enough. 
  2. Identify opportunities to enhance what you do and how you say it – are you communicating your name and what makes you special in a memorable way? 
  3. Review your print ads – do they stand out in the media you’re using or do they blend into everything else on the page?
  4. Listen to your radio ads from a prospect’s point of view – have you sold them on why they should listen to your message? 
  5. Look at how your competitors get attention in your market – what do they do that you can do even better?
  6. Where do you rank in search engine results when someone is looking for a new financial institution in your market? It’s not enough to have a website; you have to make sure you’re visible to the market when they’re looking for options.

These are just a few ideas to get you started.  If you’re interested in exploring how to improve your institution’s awareness, contact me to get a clean shot at the 33%. You can reach me at 303-795-3539 or lauren@oconnellconsultinggroup.com.

– Lauren

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