Rolling out a new product for your bank or credit union is an exciting time for both your institution and your customers, but making the most of the moment can be tricky. How do you announce your new product in a way that convinces customers to sign up and make the required effort worthwhile?
Read on for our tips on how to hype your new products.
The Rolling Launch
When you're considering adding an offering to your bank or credit union's list of services, you don't want the announcement to sneak up on your customers or members. Starting a few months before the offer is made available, you can roll out press releases, social media announcements and customer communications indicating that your financial institution will be launching a new product to help your customers and members old and new accomplish their financial goals. This will prepare people to make arrangements ahead of time so they can take advantage of the offer as soon as it is available.
Spread the Word
The best way for your customers to hear about your new offerings is straight from the source. Don't rely on word of mouth to drive new enrollments in your new product or service. Instead, use every tool you have available to organically spread the word about what's new at your institution. Launch a social media campaign on all the platforms on which you have a following in order to provide customers with the information they need to get started, encourage your employees to spread the information in their own circles and prominently display your new offering on your app, in your emails and around your physical space. Whenever you're interacting with new or existing customers or members, give them a chance to hear about your new offering—don't expect them to find it on their own.
In the early stages of rollout, you want to make sure you are focusing a lot of energy on satisfying customers who've enrolled in your new service and in listening to any feedback they have so you can catch complications early. All too often, institutions roll out new products and see low initial customer satisfaction—which hampers growth and your bank or credit union's reputation. By focusing on customer satisfaction in the early stages, you'll be able to increase enrollment growth and iron out any kinks your customers may experience in the future.
It's not every day that you get to launch a new product—so it's important to capitalize on the moment to ensure you're getting all the publicity and benefit you can out of the transition, while simultaneously driving enrollments from new and existing customers. Generate hype correctly, and you'll see the benefits as soon as your service goes live.