Data Bytes Disruptor Program

Finding new banking customers or members is difficult, as there are only two choices: people who don’t currently bank with you, and people switching from another institution. The switching group can be further segmented into people switching because of a life event (approx. 30%) and people switching because of a disruption at their current institution (approx. 70%).

Disruptions can come in many forms, but some common examples in the financial sector include:

• Bank mergers, when a competitor is absorbed into a larger institution.
• Branch closings, which force customers to begin using an alternate and less-convenient location.
• Changes in a competitor’s product lineup or pricing strategy, such as the elimination of free checking.

Each of these events has the potential to motivate customers to look elsewhere for alternatives—rather than staying put and accepting the new, less-than-favorable reality.

You can target this group of people by utilizing a disruptor marketing program.

For branch closings, WordCom has a proprietary tool that can alert you to pending closings—in addition to actual closings—and help you target the households in the overlap market between your branches and the closing competitor. An example of the overlap is shown in pink on the map.

With disruptor marketing, timing is everything. There are generally three windows of opportunity to reach new potential clients:

1. At the time of the announcement of changes with their current bank.
2. At the time that the change takes place.
3. Thirty to sixty days after the change.

To learn more about how you can leverage disruptions, contact us today.