If you’ve ever had someone stop by your home or office just to say “hi,” you know how his or her action makes a good impression on you. So why not make a similar good impression on your financial institution’s best customers and show them you care about them?
REACH OUT TO YOUR BEST CUSTOMERS
Your financial institution has a group of accountholders who are your top customers. They usually make up 5% to 20% of your customer base. They contribute a substantial percentage to your profitability. You don’t want to lose these elite customers, so you should reach out to them as a means to keep your FI’s name foremost in their minds.
SELECT THE BEST
You can choose this select group in a variety of ways.
• Deposit or loan values
• Number of accounts
…or any other category you wish to impress. The number of customers you contact can be determined by your asset size or your marketing budget.
Rather than a sales pitch, this communication is simply a warm and positive reinforcement of your business relationships. You express your gratitude to the customers for remaining loyal, or whatever message you want to convey.
By not “selling,” you make the statement that you sincerely care about the customers and have no ulterior motive for contacting them. The actual result is improved retention of core deposits and goodwill among your best customers.
TIMING IS IMPORTANT
Your Best Customer message should be mailed at least once each year, typically between Thanksgiving and year-end, or in January when most communications arrive in the form of holiday bills.
The mail should appear upscale with a personalized outer envelope and stamp, and a letter signed by the president or local branch manager. The WordCom Best Customer program allows you to send different messages to different segments, as well as gift offers to the very top tier group.
While you usually don’t see immediate “payback” from the Best Customer program, it has the long-term effects of improved retention and more loyal customers. Contact us now for more information about the Best Customer program.