“The British are coming!” Paul Revere’s famous line (supposedly) warned the fledgling Americans of His Majesty’s approaching forces. It’s become a part of American historical tradition…even if many scholars say Revere never said it.
You have a much different opposing force marching quickly toward you (if they aren’t already here). It’s your consumers. They have more stress than ever and are acting more cautiously than ever. You must reassure them both before and after their financial decisions if you want to retain business.
It’s time to prepare. It’s time to counterattack. The skittish are coming!
One if by Land, Two if by Sea…
Revere had an ally use lanterns in the tower of Christ Church to signal British movements. One lantern told the Sons of Liberty that British regulars were leaving Boston by land; two lanterns indicated troops were rowing out of Boston. Clear communication was vital to the revolution’s survival.
And clear communication is vital to your survival too. Your marketing works in advance to soothe consumer fears and comfort people about their decisions.
Locate your consumers’ pain points and where those pain points emotionally strike them. According to Harvard’s Gerald Zaltman, 95% of someone’s decisions take place in the subconscious. Go beyond product or service features (which are often rote and lack emotion) and into emotionally oriented benefits.
Don’t fall into the “rate trap.” Many financial institution marketing pieces list rates without context. But a rate without context is like a hot dog without a bun – something’s missing.
Tell people what emotional need your rate meets. Give them a plan to relieve stress and offer the comfort of a better life.
Revolutionize Your Onboarding
Let’s say your marketing worked and someone opened an account or applied for a loan. Hooray, right? Well, immediately following a decision is one of the scariest moments for consumers.
Buyer’s remorse dangles over their heads, even if the decision was well-informed. Maybe things aren’t what the consumer expected. That’s why 64% of Millennial homeowners who purchased homes during the pandemic had regrets as soon as 2021.
This once again goes back to the emotionality of decision making…and your need to soothe consumer anxieties.
Develop an onboarding campaign if you don’t already have one. Getting a quick email right after the decision tells consumers you didn’t run off once they said yes. If you already have an onboarding campaign, think about how you can level up.
In one of her recent newsletters, Ann Handley detailed a unique email follow-up that celebrated the consumer’s purchase by saying: “The entire office erupted in applause, and Sam did a plank for three minutes to work off some of the adrenaline she was feeling.”
Can you add humor to your onboarding? Can you add video? Keep the ghosts of buyer’s remorse out of consumers’ minds.
Win the Peace
Your members or customers can leave at any time. Retaining consumers despite the many anxieties of their day-to-day lives is a constant battle.
Continue providing value long after the initial onboarding campaign. Send unsolicited recommendations about an account that will net someone a higher return. Market to your current consumer base because (believe it or not) they may not know you offer a certain loan or service.
And don’t delay. There’s always someone else knocking on consumers’ doors, ready to start a revolt…against you.
Ready to revolutionize your marketing? On The Mark Strategies provides marketing assistance, help with onboarding campaigns and retention-based marketing strategies. Book a free consultation today to get started.
