Why customers stray and how to stop it
- 1. Why Customers Stray and How to Stop It 1
- 2. • 14 year old Financial Marketing Company • Principals have spent a majority of their careers in the financial services and marketing industries • Work with financial institutions of all sizes in helping them generate more sales through more channels 2
- 3. Today’s Remote Customers • Technology is causing more customer remoteness, moving brand attributes away from people to transactions • 34% haven’t been in a branch in 6 months (bankrate.com) • Millennials see branch as irrelevant with 92% preferring to do their banking online (TD Bank Study) 3
- 4. Lack of Engagement • Branch mystery shop of 134 banks (Econiq) • 88% offered only single product • 11% offered companion savings • 1% offered non-deposit product • Survey of 4000 retail bank customers (Accenture) • 74% consider their banking relationship to be transactional rather than relationship driven 4
- 5. Need to Engage Beyond Transactions • Building a brand image beyond transactions - as a place to go for more financial needs • Leverage branch and digital channels to engage customers in more meaningful ways • Turn those engagements into selling opportunities 5
- 6. Engagement Means Sales • Gallup research “customers that are fully engaged represent an average 23% premium in terms of share of wallet, profitability, revenue, and relationship growth.” 6
- 7. Content Will Engage 7 • Creating and distributing relevant and valuable content to engage customers. • Moving that engagement into more life events to start dialogues and provide solutions.
- 8. Why So Powerful? • People are looking for easy to understand answers to their financial questions. • People will buy from the one who provides it. 8 Source: Next Century Media
- 9. Why So Powerful? • This is especially true around life events when, according to Forrester Research, they are 43% more likely to buy a financial product. • You want to engage in a meaningful way that makes you that resource for answers, not the competition. 9
- 10. 10 Content Marketing: A New (Old) Strategy • John Deere – 1895 – newsletter on technology in agriculture • Nike -1966 - benefits of jogging, not selling shoes • Home Depot - today– teaches people how to build a fence
- 11. What Type of Content is Needed? • Your customer needs… Broad Branded Easy to navigate Easy to read and understand. No jargon! 11
- 12. What Type of Content is Needed? • Your institution needs… Professionally created and maintained to satisfy legal, tax and regulatory changes. Compliance reviewed including FINRA review letters for investment related content Reviewed and approved by B/D compliance department Expanded as needed to reflect changing rules and regulations 12
- 13. 13 • Content that sits idle is not helping your customers and not helping your financial institution • Its more than just passively offering financial literacy or general education • Most people react to events as they occur • They want just the answers they need at just the time they need them It Takes More than Content to Set Up Selling Opportunities
- 14. • Delivered around life events when people are looking for answers and more likely to buy. • Delivered in a way that engages people and allows them to uncover hidden needs. • Delivered in a way that connects them with the person who can help with those needs. Delivery Platform is Key 14
- 15. Examples of Delivery Platform 15 Financial Answer Center Business Answer Center
- 16. Emotion Adds Impact Feelings are Facts - “Only 30% of human decisions and behaviors are actually driven by rational considerations” – Nobel prize winners Gallup – “Emotionally connected customers tend to deliver significantly enhanced business results when compared to their rational counterparts.” 16
- 17. 17 Engage Emotionally • Save money (Satisfaction) • Avoid mistakes (Fear) • Protect those who count on you (Confidence , Lack of Guilt) Focus on the emotional benefits of the help you can provide
- 18. Leveraging What you Have in Place 18 Content / Delivery Platform Immediate Connection to Exact Person Leverage existing branch and online channels to ENGAGE in ways that lead to more sales Engagement through Existing Channels
- 19. Engagement in the Branch 19 Onboarding Account Servicing Frontline employees introduce the content as a value added service and offer guides relevant to their life events as a part of their everyday service-focused routine. The request for a guide is an automatic lead.
- 20. 20 Simple Introduction of a Service
- 23. Engagement Through Email Feature your content in emails to your members! 23
- 24. Twitter Solution Facebook Solution Edu PostsEdu Tweets Engagement Through Social Media 24 Promoted for relevance and value to get followers (e.g.. Tuesday’s Tips)
- 25. Engagement Through Mobile 25 EZ Viewer All content and features of the Financial Answer Center are formatted for easy access through mobile devices
- 26. Worksite Engagement 26 Financial education is one of the most rapidly growing employee benefits. Your business customers can provide it to their employees with a simple link. Link to Financial Answer Center as an employee benefit draws employees of business customers to you for financial education and people that can help
- 27. The Financial Focus • If 1 in 3 appointments buy with an average net present value per sale of $2000 (deposit, loan, mortgage, investment, insurance, etc.) the value of 1 sales appointment is $660 • Target of over $100,00 new revenue/branch/yr. A single appointment from a branch in a month returns over 6 times the cost. 27 Make your own assumptions using a Revenue Opportunity Calculator at www.Truebridge.com
- 28. Truebridge Content Marketing System • Affordable monthly subscription includes: • Full turnkey Content Marketing System • Customized to match your look and feel • Integrated employee pictures and contact information • Professionally maintained by a top national accounting firm • Individual customer service to ensure active usage and shared “best practices” • Hosted through top-ranked secure facility 28
- 29. So, What’s the Next Step? • Schedule a 1 on 1 demo- learn more at www.truebridge.com 29