Customer Acquisition
Grow market share and core deposits
Competition for market share and core deposits is fierce. Yet, market share among competitors remains mostly static with roughly 18% of accounts “in play” in a typical year. A closer look reveals that the average mature bank branch has 1,000+ checking accounts. It opens about 200 new accounts per year (4 per week) and closes about 200 accounts per year resulting in a net growth of zero. So how can banks increase their market share?
The right timing and execution
Our research has shown that customers that subscribe to more of your products and services are “stickier”, and generate more revenue. Most importantly cross-selling to your existing customers creates stronger and longer-lasting bonds with these accounts. This strategy reduces customer attrition, while it increases the average profits per household, for a net increase in market share and revenues. However, good execution is key. You need the right products, merchandising, training, and opening procedures for success. Banks need to focus not only on retention but also on re-training its staff to provide the best products and services to their customers.
Switching banks is inconvenient for customers, and so they resist until certain triggers compel the switch. Knowing the triggers and implementing marketing strategies at these key milestones is crucial to long-term growth. The banking experts of SCS, and our partner Haberfeld Associates, have a proven and powerful solution to getting more than your fair share of customers.
The Solution: High Performance Customer Acquisition Program
The High Performance Customer Acquisition Program will put in place the strategies and programs to take advantage of these key triggers. It will also take your bank to new levels of customer service and loyalty. It provides the framework for changing your old business practices to a more competitive customer-focused retail model. The program will also build your brand name in the market, while improving customer satisfaction with superior products and service. The bottom line: this program translates into long-term revenue growth.
The High Performance Customer Acquisition Program is a proven business strategy. Research shows that our client banks experience dramatic and immediate financial results in as little as 90 days. Client banks typically double or triple their new account openings for a positive bottom-line impact in just 90-120 days.
The High Performance Customer Acquisition Program is a market exclusive program, and SCS will work with only one bank in each market area to ensure you get maximum results. For availability and more information on this powerful program, call 800.477.1772.