Loyal or Lazy?

Are your best customers loyal to you and your bank – or just lazy?

As you know it takes a lot of work and effort for a business to obtain financing and move deposit accounts, especially if you’ve done a good job cross selling them into your online sticky products. So do they stay with you because they’re loyal, or do they stay because they don’t think there’s a better alternative out there – and it’s too much work to find out?

This will be an interesting year for growing, credit-worthy, businesses as both big and community banks ramp up their calling efforts to get deposits. Lazy, strong businesses can just sit back and let the banks do the work, being wooed by promises of better banking. Your competitors are out there right now, calling on your best customers – don’t let them be in more frequent contact with your best customers than you are.

Our recommendation – put together a simple yet effective retention plan for your top customers and start executing immediately.

Don’t have time to speak with each customer yet want to convey their importance? Segment and prioritize your customers into groups starting with the ones you know merit a personal visit. Now go visit them and keep visiting them throughout the year – you know your competitors are!

For mid-tier customers you’ll need a more efficient approach – one that hopefully takes them from their current status to a more loyal and profitable contributor to the bottom line. Think through what makes sense for you given your resources and customers, and execute.

Are your best customers lazy or loyal? Now’s the time to find out. Start to build stronger relationships with the lazy ones so that in time they will truly become loyal.

If you need help developing a practical and effective retention plan or have any questions Lauren can be reached at lauren@oconnellconsultinggroup.com.

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