Attracting new customers is a major challenge that many businesses face, and financial institutions are no exception. However, a few simple customer acquisition strategies can be utilized to increase your customer base and retain them. Below are three successful customer acquisition strategies that financial institutions can employ to increase the customer base and the ROI on your marketing budget.
Favorite Client Characteristics
An excellent way to start targeting the customers you are looking for is by evaluating internal data on your best customers and trends they have in common. Many of them will have similar characteristics with their account history, such as maintaining a large balance or high use of the bank’s credit card. Using this information, create a persona for these types of customers in order to target them with marketing that finds them where they are. This approach is much more successful than general mass marketing, as the marketing strategy is targeted, has clear goals and will produce a higher ROI.
Customer referrals are an excellent way to drive more traffic into your bank. Offering incentives for current customers to give referrals can produce higher quality leads and promotes good word-of-mouth marketing for your brand. Additionally, current customers appreciate incentives and benefiting from giving recommendations to friends and family.
Targeted Marketing Incentives
Targeting markets with certain incentives is incredibly successful when the appropriate research and strategies are employed. Rate incentives, points for frequent card use, and cash back rewards can be targeted towards certain demographics based on their interests and what they perceive as most valuable. This type of marketing increases the ROI on your marketing budget while acquiring customers through sending the appropriate message to the best fit demographic vs. delivering a mass message to the entire market.
Utilizing these financial customer acquisition strategies and tracking them will help expand your customer base and prove the ROI on your marketing spend. For more information about proving ROI on your marketing efforts, download our free eBook today!