Ask anyone how things are going in their lives and inevitably you get the response, “busy.” A time starvation principle is in place. In a recent survey, 58% of Baby Boomers said they would prefer more free time to more money. My guess is other generations would have similar numbers.
One of the best ways credit unions and banks can reach consumers today is to show how their financial products and services saves time in their busy lives.
How do reach starving consumers? Here are a few tips:
- Cut the copy—People do not have time to read your brochures and newsletters. So don’t produce them. Instead use short marketing messages with key bullet points.
- Use tech tools—This is the age of do-it-yourself (DIY). People don’t want to wait in a teller line or call your service center. Give them technology tools like mobile deposit capture, a killer mobile app and a robust knowledge base on your website.
- Market time saving benefits—As the saying goes “features tell, benefits sell.” Don’t promote loan rates. Instead talk about how fast and easy it is to get approval.
- Speed your processes—Stop taking forever to complete certain tasks. Is your bank or credit union as efficient with its policies and procedures as possible? Look for ways to streamline the consumer experience.
Since you are probably starving for time as well, thank you for reading this post. I’m going to stop now so you can go about reaching starving consumers.