5 Tips to stop technology from taking your customers away
Do you know that technology is taking your customer away from you? The lack of efficient customer engagement techniques, inefficient use of available communication channels, lack of an emotional connect are all contributing factors to this phenomenon. While enjoying the upside of technology like reduction in time, cost and effort incurred, this major downside goes unnoticed. And this has to be avoided.
Of course, banks are businesses which have targets to achieve and profit goals to meet. So why should customer engagement be given any importance? Because banks thrive solely on the trust factor that customers have upon them. Today, the concept of having a “primary” bank is nearly nonexistent. Given how easy it is to open a bank account, most people have more than one bank account. So what can you do to ensure that your customer thinks about you when they have a need?
Keep them engaged. Yes. Invest in efficient Customer Engagement Solutions. Engaged customers always think of their primary bank when considering future needs. This consideration is a vital factor in this age and time when most of the shopping process takes place online. Let’s take a look into how to win that consideration.
Improve Targeted Marketing.
For an engagement process to have a proper impact, it has to begin before a prospect becomes “your” customer. With the help of available data collection and processing technology, find new prospects that are most similar to the best customers at financial institutions similar to yours. Understand and study their financial behaviour to reduce the risk of opening accounts and schemes that have limited potential for growth.
Focus on what’s in it for them. Right from the beginning.
To attain the customer’s trust you have to make them feel that you really value them. Right from the first time, build the conversation in such a way that you can match each one of your feature with every requirement they mention. Try to gain individual-specific details like their financial objectives, their preferred method and time for communication, details about other accounts and why they chose those accounts, etc so that they believe that you are keen about their financial and non-financial needs.
Keep in touch. And personalize the touch.
The reason why there is a taboo on frequent marketing emails is because most often, people receive notifications about things they are not even remotely interested in. Sending an email about new home loans to someone who already has a home loan doesn’t make sense. Receiving just one such email can prompt them to ignore all your future emails. At the same time, along with the “Thank you email” (which is a must-send by the way), you can definitely send an email that reminds them of the benefits of being loyal to the bank.
With the help of technology, understand and keep a track of the exact interests of your targeted audience. Personalized emails that keep the customers updated about news and unique offers that appeal to the specific interests of customers will not be viewed with the prejudiced eye with which marketing emails are normally viewed.
Reward them. They chose you.
You may offer the most innovative and convenient products that are of great use to your customer. Unfortunately, your competitors too have similar products and services to offer them. So give them some additional encouragement to ensure that you are their first priority. It may include special benefits like waived fees, reduced interest rates, etc. To help them achieve these benefits, set achievable goals, like a specific number/amount of transactions within a stipulated period, timely payment of interests for a stipulated period of time, etc. Defining such specifications enables you to drive them to use your product the way you want it to be used.
Go Mobile. Stay Connected.
Smartphones and other smart handhelds and devices are rapidly redefining lifestyles of people around the globe. The ease, convenience and speed of connectivity on-the-go are a heady combination that customers absolutely enjoy. Direct emails and phone calls maybe efficient tools for building customer engagement, but emails and, text messages and push notifications are useful when you want to instantly reach out to your customers.
These techniques will be effective only if they are direct and to the point. When they open an email or a text message, they simply want to know what’s in it for them. They might have little time to browse through big contents so providing external links for more information or a single-click call-to-action button etc will be more useful.
These are just a few pointers among the numerous possibilities in Customer Engagement Solutions. It is a relatively new concept, so tried and tested methods are scarce and there is no single formula that can be applied which guarantees success in this field. The difference in market areas, competition, product lines and customer profiles demand different forms of the aforementioned methods for different institutions. The key is to continue to test your engagement process for optimal efficiency and effectiveness.
Customer engagement is not something that can be implemented in a day to reap the benefits the next day. While it takes time, effort and patience, it rewards in terms of loyal customers and sustainable business progress – even (especially) in the long run. The relationship that will ensue will be one which has a strong base of trust, will have a mutual communication system and will have a steady and stable growth.