The financial industry is constantly changing, and with it, the approach to customer loyalty is as well. Financial institutions are rebuilding their reputations after the financial crisis; the economy is bringing new assets into the financial market; and mobile money management is revolutionizing how customers interact with their financial institutions.
Consumers often site convenience and mobile banking services as their primary considerations when choosing new financial products, yet a majority of those consumers still want to have access to talking to a person in addition to completing their transactions online. This juxtaposition of needs gives financial institutions a unique opportunity to provide innovative services and information that dramatically improve customer retention and trust.
The heart of this data suggests customers are looking for two things: ease and reassurance. Customer loyalty campaigns that accomplish those goals will yield the highest return on investment. Below are some customer retention campaign ideas to get you started:
Create a Customer Concierge
At the end of each week, have your sales team or service representatives call 5 or 10% of your new customers who needed help during the week. Have them ask what additional information would have been helpful, how the experience was, and what could be better. Keep the conversation short and informal, and then gather and share these responses to the rest of the organization during a monthly meeting. The simple act of being heard can improve customer loyalty, and many times there can be a disconnect between upper management making decisions and the service customers are actually looking for. Taking their feedback and actually acting on it can be a game changer - and save your business money acquiring new customers.
Offer Educational Material & Utilize Cross Selling
Whether it’s in the form of a mobile resource center, informational webinars, newsletters, or blog posts: give your clients the tools and information they need to understand your products and get the most out of them. Efforts such as hosting financial seminars, email marketing new products to existing customers and creating guides for change of life financial milestones can help improve the marketing ROI for financial institutions by improving customer retnetion and making your brand a trusted authoritative source of financial information.
Encourage Customers to be Promoters
Give your customers the opportunity to promote their experience to other potential customers. Offering rewards to or simply having tellers encourage satisfied customers to share their success on social media, review sites or by referring friends and family. In the financial industry, customer promotion rewards are typically achieved via cash back or points programs, but can also be as simple as replying and sharing your customers’ posts.
Customer loyalty campaigns are especially important in the financial industry, where attracting new customers is more expensive than retaining current customers. To increase and prove the ROI on your marketing budget, customer retention campaigns that can be tracked with analytics are essential. For more information about proving the ROI on your customer loyalty strategies, download our free eBook now!