In the age of over-communication, from jam-packed email inboxes to junk mail filling up your mailbox with flash offers and can't-miss promotions, it's important to remember that as a financial institution, you should strictly strategize every touch-point you make with a current or prospective customer.
However, there's an existing hurdle before you even make first contact—among millennials alone, the top four bank brands in the country are all among the 10 least-loved brands… of any sector.
To combat this inherent hesitation toward banks and optimize your communications, make sure your strategy considers the following factors:
Don't doom yourself too quickly by either getting marked as spam in someone's email client or by being forgotten all together due to lack of communication. Ensure you master your communication frequency. A J.D. Power & Associates study offers a good rule of thumb—financial institution customers and members are more likely to adopt additional products from a bank or credit union that has contacted them up to—but not exceeding—four times within the first two to three months of the relationship.
There's essentially no better way to lose someone's attention than by speaking about a topic that is of little or no interest. And your communications will be easy to tune out if they've proven mistargeted or misdirected. A recent study from Maritz Research found banking customers deem 79 percent of the communications they receive from their banks are irrelevant to them.
Your communications should also make your customers and prospects feel special and valued. Making a deeper connection with a customer triggers a positive emotional response that drives cross-sales. Maritz Research additionally found that while nearly half of banking customers feel only somewhat or not at all valued by their banks, of those that feel valued, 71 percent said they would definitely open an additional account with the bank.
So how are you engaging your customers? Keep your message on target, relevant, unique and well-timed. After all, an engaged customer is a long-term customer.