Why you need a holistic approach to customer communication.

AuthorTriplett, Ted
PositionCUSTOMER RELATIONSHIPS/RETENTION

WHAT'S YOUR BIGGEST ASSET? It's not your building, your employees or numbers on a spreadsheet.

It's the relationships you have with your customers.

I've seen too many banks putting those relationships at risk. How? By sending only offer-driven communications to customers. Their reasoning: They want their marketing efforts to always generate immediate results and drive revenue.

But let's face it. This only puts a band-aid on the problem. It does little or nothing to mitigate the underlying problem--lack of customer relationships.

It's time to think holistically and to start building stronger ties with customers.

According to Gallup, more than 50 percent of the customers considering buying a new product seek out information prior to the time of purchase.

Appreciate and recognize customers

The banks that educate and inform customers about their institution and products see higher returns on investment. If your bank doesn't provide it, they'll consider other options. And consumers have more than ever before. As a result, they diligently research and consider their choices before making buying decisions.

However, customers are interested in more than just rates. Most customers want to feel they've made the right banking decision. They want a relationship with their financial service provider.

If their bank treats them well, through appreciation and recognition for their business, customers will remember. And they'll be significantly more motivated to stay, and buy.

To gain loyal customers, you have to earn their trust and give them a reason to stay. Consistent communication, both in the message and in the frequency of the message, is one key to earning trust.

A well-planned communication strategy is an opportunity to give your customers an ongoing education in what your bank has to offer.

Every successful strategy requires frequent contact, a consistent message, education and trust. Recent research by J.D. Power & Associates shows that customer satisfaction and cross-sell success improve with the number of customer contacts (the optimal number of communications being five to six).

Building stronger customer relationships by frequently communicating and educating your customers may sound...

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