Forward-thinking companies understand that winning over customer loyalty requires putting them first and understanding their needs. It is extremely beneficial to dive into all your existing data to find patterns between your current clients. Utilizing this information will help you identify trends and make smart decisions on which products or offers to promote.
By doing so, your bank will notice a big lift on client retention which will lead to more annual profits.
Here are four tips that can help your bank win over customer loyalty:
1) Compromise with your client
Ask yourself what is your bank’s goal. At the same time, try to determine what your potential clients are interested in, and why they might choose you as their primary banking institution.
Whether they think you offer a better product than other banks, or you deliver a more personal experience, figure out what people find valuable within your entity. Once you are able to identify both – your goal and your potential client’s needs – think of how your bank’s goal can meet the customer’s expectations halfway through. Design a marketing plan that keeps all these points under consideration to not only accomplish your business goals but to also resonate with your target audience.
2) Prioritize Customer Engagement
In today’s world where information is right at your fingertips, it is no longer enough to just ‘be visible’. The market is saturated with a plethora of brands and it is very easy to be forgotten. To stay at the forefront of your clients’ minds, it is a must to regularly engage with them in all available channels.
Since 55% of people in the United States use their smartphones while watching TV, it is wise to allocate more budget towards mobile advertising versus other media channels. Not only does mobile beat TV, but 85% of US adults check the news on their mobile devices. This is another reason why your budget should primarily be placed in mobile marketing campaigns.
A healthy budget for your mobile marketing strategy will help your bank stay relevant to potential and existing clients. By being constantly present on social media and mobile apps on a daily basis, your bank will experience a higher client retention rate.
3) Recognize the Customer Journey
How does it feel like interacting with your bank online? Is your website optimized for mobile? These are questions you should ask yourself. In this digital age where everything moves fast, consumers have become impatient and want information immediately. As technology has enabled us to get information almost instantaneously, no one wants to wait for a website to load. A study by Google found that the longer it takes for your website to load, the higher your bounce rate will be.
Optimizing your website for mobile with fast load times will help increase conversions, and also customer satisfaction, which in turn will improve your bank’s overall image. However, this is not the only factor that influences a high performing website. Keep in mind that other variables will play an important role in achieving a functional site. A visually appealing design, the right content, clear contact information and other elements are essential. All of these should be present in each of your landing pages.
4) Experience the Journey Yourself
Imagining how your client feels throughout the whole experience is one thing, but to actually undergo it is another. If you have an online presence, go to your website and test it yourself. How long does it take for your site to load? Does it look good on your phone? Experience what it’s like to be in the customer’s shoes, and ask yourself if there is anything that can be refined.
As advancements in technology are discovered, the consumer journey evolves and preferences will constantly shift. To stay current, always evaluate your brand and the customer experience to improve your digital campaigns. Doing so will help your bank stay relevant and ahead of the competition. At the same time, you will notice how you are also winning customer’s loyalty and retention, making your bank more successful and important to your community.