Managing To The Customer's 1%

Lets face it. Regardless of your great checking product or competitive rates or fancybranches, when it comes down to it, customers really want convenience andassurance.

 

The convenience is the acquisition phase. In most cases, the FI with the most branches wins market share. But we can get into the discussion of covering the footprint vs brandawareness and differentiation in a different blog.

Today, I want to discuss retention and relationship depth …the assurance phase.

When it comes to existing customers, here’s the REALsecret …

99% of the time, your customers just want you to do yourjob!  Don’t screw up!

It’s what happens in the other 1% of the time that reallyhelps you to stand out. That other 1% -- when they’ve mismanaged their budget,want to make a major purchase, are experiencing a significant life change, needguidance.

Our rally cry as bankers should be to shine during thecustomer’s 1%.

• Train tospot the 1%: Your staff should understand this 1% rule and know thedifference between a need to simply do their jobs and a need that will change acustomer’s life.
• LifeStage: To help identify many of your 1% situations, understand the eventsin a typical life cycle that impact someone’s finances.  Define the events, understand the customerneeds, present solutions, provide front-line tools and train, train, train.
• Tell yourstory: Your staff impact customer’s lives every day.  Your bank or credit union has helped manycustomers tell their life stories. You’ve helped them buy their first home, manage their budget so they cankeep their home in times of trouble, you’ve helped to retire early orrestructure finances when priorities change with the birth of a child.  You should share these stories inside andoutside of your branches.

Being prepared for the customer’s 1% will help to createmore loyal customers, will increase referrals, and will help deepenrelationships.  Keeping their accountsaccurate and not charging ridiculous fees is expected – for the day-to-daystuff, people only notice when you drop the ball.  But, being there for customers when theyREALLY need you is what gets them talking and keeps them with you.

MarketMatch is a full-service marketing consulting firm, dedicated to the credit union and community banking community.  We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate MOMENTUM and yield the greatest RESULTS for your bottom line.

Learn more here.

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