New Years Resolutions

You already know the drill for New Year’s Resolutions: on January 1, we decide that absolutely, positively THIS is the year we’ll give up all those bad habits that are dragging us down. Then along about January 4, after eating more carrots than Bugs Bunny, we pass the donut shop when the “Hot” sign is on and, bang! another resolution bites the dust.

So, in the spirit of making resolutions that really will help improve the effectiveness of you bank’s marketing, I’m submitting a list of resolutions all bankers should make – and keep! Here goes:

Really understand who your best customers are – really – not just the ones who are in your branch team’s face all the time.

Save your best offers for your best or almost best customers to protect them from predatory competitors and make them fiercely loyal to your company. Only use best offers for prospecting if you are refocusing and need the extra boost to get a new customer segment launched.

Stop treating everybody the same. Focus the lion’s share of resources – time and budget – on growing customers with the highest potential, and those in the second tier who have both the capacity and the means to spend more with your bank. Still provide great service to your low-value, low-potential customers but do not invest any more resources in making them happy.

Understand what needs your customers and prospects have and revitalize your products and services to meet them better than the competition.

Ask your best customers for referrals, realizing that a satisfied, high-value customer is your greatest asset, and best advertising.

Do your internal PR. Communicate constantly with your team – so they understand what you’re doing and what you’ve done, and how it helps them reach their personal goals and the company reach its’ goals.

Make “thank you” a regular part of your vocabulary – especially if you’re not feeling particularly grateful at the moment!

Have more fun. Approach 2011 with a spirit of adventure, and remember there’s a difference between bank marketing and brain surgery – so laugh as much as possible.

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

Loyal or Lazy?
Diets and Deposits

There are no comments yet. Be the first and leave a response!

Leave a Reply

Wanting to leave an <em>phasis on your comment?

Trackback URL http://oconnellconsultinggroup.com/new-years-resolutions/trackback/