A great relationship is the result of many things – love, sacrifice, patience and more. It’s a complete package that goes deeper than a heart-shaped truffle container, abnormally large teddy bear or even diamond jewelry. After all, decaying relationships still involve gifts (sometimes expensive ones too).
Sadly, many institutions’ brands have failing relationships with consumers. How does your community bank or credit union brand build a committed relationship with members or customers?
You Can’t Buy Love
Your problems won’t go away by throwing money at them. Of course, promotions offering quick cash for opening an account are a good way to get people in the door. But you want more than people in the door…don’t you?
The truth is: you can buy members or customers. You can’t buy love.
People will come for the money, but they won’t stay. They’ll fall silent. They’ll close the account. You deserve more than a consumer who quickly breaks off the relationship or goes around seeing other institutions.
An account opening incentive is only the first step. Your community bank or credit union brand must do something to instantly grab consumers once the marketing lures them in.
Define the Relationship
Many brands aren’t compelling. When consumers open accounts, they often see the same things they can get at any other financial institution.
Show them something attractive and unique. Define your one-of-a-kind identity.
A compelling community bank or credit union brand is a collection of traits. First, a base of solid strategy. Incredible brands don’t happen by accident, and they don’t target everyone. This step is your personality on paper. It asks questions like:
- Who are you speaking to (and why)?
- What do we sound like when we speak?
- Have we heard all this before?
That last question is especially important. If the answer is "yes," erase what you just did and start over.
Following strategy, you throw in dashes of color palette, logo design and graphic style. Visual differentiation is extremely important. For example, purple stands out in a financial industry awash with blue and green color palettes. Craft visuals someone wants to see repeatedly…something truly beautiful to belong to.
Ultimately, your community bank or credit union brand is who you are. It’s your essence. People want to belong to a purpose. Imbue everything from your call center to your online applications with this purpose.
A Love That Blossoms
Hopefully, all your community bank or credit union brand work captures new members or customers. But there are plenty of fish in the sea…and many of them swim away.
Rather than simply track new accounts opened, it may be time to rethink how you measure consumer growth. Target your low-hanging fruit – your current consumers. Focus on products per household, and you’ll make more money than you would from newcomers. As the Harvard Business Review points out, improving consumer retention by 5% increases revenue by up to 95%.
Lock eyes with the "participating consumer" who uses your products and services. These are fruitful, committed, often overlooked relationships sitting right in front of you. Don’t stop marketing to someone just because they are a member or customer. If anything, market to them more.
And if you need help fostering committed relationships with your community bank or credit union brand, call the love doctor – On The Mark Strategies! Book a free consultation now.
