Last week in Bank Marketing reminded us of a lot of things. First is that, all things being equal, most Americans would prefer to use a community-based financial institution over a large ‘megabank’. However, wanting to use a community bank or credit union and actually doing so appear to be two different things. We were also reminded that the bank and credit union marketer is poised to be the member of the team who guides the organization into the future of digital innovation. Kevin Tynan made the case that the insights that marketers have regarding customer lifecycle make us perfect for this task. With that in mind, it is also good to remember that marketing happens with every interaction, as Jeff Pundyk pointed out as he talked about the hidden moments in marketing that occur all the time. The third article we’re sharing points out just how important every customer interaction is, when it comes to retention. Rounding out the week, we’re sharing some great data from CUES on the impact of Loyalty Rewards programs. Enjoy.
4 Ways to Win Customers Over From Megabanks
“According to The 2015 Consumer Banking Insights Study, commissioned by BancVue and conducted online by Harris Poll, 38% of consumers who don’t have a checking account with a community financial institution have thought about getting one, only 5% say they’re likely or very likely to do so in 2015. So what will it take to get people to switch to a community bank or credit union?” Read More
Put the Future of Digital Innovation in Your CMO’s Hands
“Now, however, marketing directors have an opportunity to prove their value by displaying the leadership skills required in a hyper-competitive environment. They can provide strategic insights, champion change and lead internal innovation. The digitalization of marketing means decision-making should be based on hard customer data and return on investments. Those who meet the challenges and provide corporate leadership should earn a place in the C-suite of senior executives and perhaps a new label as chief marketing officer.” Read More
Don’t Miss The Hidden Marketing Moments
“In the age of engagement, every encounter with a customer, pre- or post-sale, should be a marketing moment. Getting it wrong can have severe consequences. A recent study by my colleagues at The Economist Intelligence Unit (EIU) found that three-quarters of consumers said they will stop doing business with a company after a bad experience.” Read More
The Impact of Loyalty
“Even with all the buzz about digital wallets, statistics show that cards are still mighty important—and widely used—by U.S. consumers. Statistics provided by some loyalty program companies suggest that having rewards can be effective in promoting card use and deepening members’ relationship with their CUs.”
