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Feb 12
28
When it comes to attracting a strong customer base, many companies believe that bigger means better. And while developing large-scale interactive and social media campaigns has a myriad of benefits, going local and launching small initiatives can have bigger effects than some companies may realize.
In order to meet prospective customers one-on-one, some companies have developed mini campaigns that focus on sparking conversation among consumers or generating leads by becoming more of a presence at venues and events. For example, setting up booths, asking to speak or creating product displays at large entertainment venues, fairs, festivals and other local events can allow small businesses to reach out and engage with customers, according to Inc.com. Businesses who agree to sponsor events can also build relationships with other companies and develop marketing partnerships with organizations that provide complimentary products and services. Forging alliances with other companies may give business owners the chance to expand into different markets.
In addition, business owners who sponsor events or attend large functions may not only generate more leads, but also have the opportunity to speak with current customers. One-on-one consumer feedback is essential to any company’s success, because it allows them to pinpoint areas they have mastered and categories that need improvement. In addition, customers who feel like their feedback is valued are more likely to stay loyal and recommend a company’s services or products to friends and family. In contrast, developing a reputation for poor customer service can quickly impede on a business’s success. For this reason, thinking outside the box and developing topic seminars on blogs, hosting a luncheon to discuss business initiatives or offering a discount for customers who agree to provide feedback can be a creative way to get consumers more actively involved with a business.
Over the years, companies may have built some stronger relationships while others have grown weaker. Business owners may benefit from contacting old leads that have turned down services or spend time strengthening relationships with smaller vendors or service providers, Inc. suggests. As a company changes, its products and services are likely to have evolved as well, and what may not have worked for potential customers, investors or vendors may be more in line with what they are currently in the market for.
Feb 12
14
Many financial institutions are rolling out new services, incentives and features to increase customer loyalty, attract new customers and remain competitive in their sector. Given the industry-wide changes banks and lenders are experiencing, coupled with new mobile and technological features many are launching, customers have a wide variety of institutions to choose from when shopping for a bank. And as a result, many are being more selective and narrowing down their options by looking for specific terms, features and conveniences.
A recent Bankrate.com article highlighted some of the key factors many customers may be seeking out and relying upon to make their banking decisions.
1. Interest earnings
Whether it be the interest attached to a savings account, certificate of deposit or money market fund, many consumers are concerned about how much they will earn for banking with certain institutions. This is especially true as many households attempt to get their finances back on track and prioritize savings over spending.
2. Rewards
The ability to earn rewards through debit and credit card programs has been an attraction for many customers for years and is not likely to subside in the near future. As a result, bank customers are likely to comparison shop for rewards programs that offer incentives on spending in a variety of categories and impose minimal annual fees, which may cut into their rewards earnings.
3. Mobile features
Mobile technology is becoming more popular among Americans of different demographics, so customers may be eager to choose a bank that offers a comprehensive list of features and applications, according to Bankrate.com. Mobile applications are making it more convenient and expedient for customers to conduct simple banking transactions, ranging from transferring funds and inquiring into their balance to more advanced actions, such as making check deposits. Although security concerns may still dissuade some would-be mobile bank customers from enrolling in the service, financial institutions that are more communicative about protection and encryption safeguards may gain more customers.
4. Social media
In addition to mobile services, the ability to send feedback, learn about new products and build a relationship with banks through social media mediums such as Facebook and Twitter are becoming more important to customers. Financial institutions that stay current on their social media pages may be in a better position to retain customers and reach new demographics.
Feb 12
8
Tumultuous economic times can present new challenges to banks and large financial institutions. During periods of turmoil, many consumers shop around to make sure they are receiving the best rates, paying minimal fees and have access to premium customer service. Increased competition among banks has given consumers the advantage in choosing an institution that will work for them, making it more important than ever that banks create an atmosphere that is focused more on personal customer attention, a new study shows.
According to the IBM Institute for Business Value, doing away with uniform “cookie cutter” pricing platforms and developing all-inclusive communication channels that are specific to customer needs may help attract more consumers. Both goals require financial institutions to learn more about their customers’ particular needs and the features and products they seek out in an institution, the study concludes.
“To increase satisfaction, banks need to better understand how people bank, how often they bank and what products and services they seek when banking,” according to the study. “Banks then need to use this information to align product and service prices with client needs in the client’s choice of channels.”
Social media is becoming a more cost-effective, simple and popular means of gathering customer data and forging relationships with consumers. A recent report conducted by KMPG reveals more than 70 percent of organizations are now active on social media websites, such as Facebook and Twitter. In addition to providing a fast and personal method of responding to customer inquiries and feedback, social media has allowed banks to unveil new products and services, measure customer sentiment and manage their reputation and online presence. Experts cite these benefits as being pivotal in an industry that is facing new rules, regulations and changes.