Despite the fact people need financial institutions to navigate most other aspects of everyday life, banks and financial institutions still need to implement lead generation strategies that distinguish them from their competitors. At first glance, this list may seem like common sense. Read the explanations to better understand how to use these familiar strategies in ways that make your company stand out.
Proactive and Compliant Telemarketing
Telemarketing has taken a bad rap primarily because of those companies who misused the method and annoyed those they wished to make customers. Banks and financial institutions are already under the watchful eyes of regulators, so many are hesitant to add telemarketing to the challenges they face. This is a mistake, because when done properly, telemarketing serves to attain new leads and increase retention rates.
Here are the keys to successful telemarketing:
- You must, must, must be up to date on your compliance practices. Outdated information burns bridges, costs fines, and ruins your brand reputation. Scrub the lists, and then scrub them again.
- With a scrubbed list in hand, you are free to focus on anticipating needs. Know when your target market might be considering a merger, a new home purchase, a business expansion, or retirement. Instead of waiting for them to call you, reach out to them with a solution to their current need.
- Care for current customers. You shouldn’t wait for customers to have a problem to have a conversation with them. Neither should they only hear from you when you want them to buy something. Call to make them aware of policy changes, to let them know about unusual activity on their account, or to ask if they have any concerns. These actions may lead to an upsell, but it will definitely improve retention. Either way, you win.
Use telemarketing as a tool, but be proactive and compliant. Need help? That’s what Alliance does. We’ll help you stay proactive and compliant while simultaneously endearing you to the customer. Give us a call.
Motivating and Enthusiastic Referrals
Word of mouth is still the most powerful marketing tool in existence. Unfortunately, sometimes people need a nudge to remind them to tell people about their experience with you. Implementing a referral program is not a new idea. Property management companies do it, Dropbox did it, and World of Warcraft does it. The key to a referral program being successful is simple: it has to be motivating enough to make people want to participate.
For example, if you’ve ever been to a retailer who circles the link to a survey at the bottom of your receipt, you’ve experienced a lack of motivation when you learn you have a 1 in 1,000 chance of some nameless prize, or you’ll be entered into a drawing you’ll never see happen. That’s a prime example of a non-motivating incentive. It takes extra time and effort for little to no reward.
In contrast, saying something along the lines of “Send your friend in to sign up for a new checking account. If they bring one of your deposit slips with them, we’ll deposit $50 directly into your account as a token of our appreciation for the referral.” That’s motivating because the benefit outweighs any potential inconvenience.
Not all referral programs are created equal. Give your customers a reason to refer their family and friends to you.
Distinctive and Action-based Direct Mail
Direct mail is still an effective marketing tool, but in the ample noise of banking pieces people already receive, you have to do something different to stay out of the recycle bin. Here are three ways to make your direct mail piece distinctive:
- Shapes. Are you mailing a letter in a legal envelope? So is every other bank out there. What it your piece was a hexagonal postcard instead? That stands out and gets people’s attention.
- Colors. Maybe you need to stick with the legal envelope, but that doesn’t mean it has to be white. How would you respond if a bright pink envelope showed up in your stack of mail? You’d pause long enough to investigate, wouldn’t you?
- Delivery methods. The United States Postal Service is not the only way to send mail. What if your direct mail marketing piece was delivered via FedEx, UPS, or DHL instead? People take notice.
Okay, but you need people to do more than notice a letter addressed to them. You need them to take action. Don’t assume anything. People need to be told what to do. Tell them to fill out the form, make the call, or visit the website, and make it easy for them to do. Provide an envelope for the form. Make the URL simple.
It’s not rocket science, but sometimes you need to look at familiar tactics with new eyes. The status quo won’t work forever.