Tis the season for giving thanks, Norman Rockwell paintings, the Coca Cola bears, strategic planning and thanking your best customers with candy or apples or some other typically edible arrangement they can share with all of their staff.
My blog today may seem like a bit of a rant but I so whole-heartedly believe in this topic that I feel it is necessary to talk about, so let's get started.
You all have the right idea. Because your customers have been faithful to you for so long it is important that during this season of giving you find a way to say "thank you." But here's the thing...(I will go out on a limb here) most of you say thank you with food. UGH!
Your grandmother has loved your for your entire life, do you say thank you to her with Florida Oranges? And what about your siblings? Do you tell them how much you love them with a basket of assorted meats and cheeses? NO!!!!!!!!!!!!!!!
Let's talk for just a minute about how we give gifts. For those family and friends we know the best...we know what their financial situation is, we know what their family life is like, we know what they need (because they tell us) and we know what they want (because they tell us), we give them what we know they will love.
My mom this year will be receiving a Kitchen Aid hand mixer in red because she is tired of splattering cake batter all over the kitchen...her current hand mixer doesn't have a low setting and the new one will...I tested it. I could have taken the easy road and given her a gift card to pick out something she wanted, but that isn't very personal.
I will be getting my hair cut this week with the same woman I have had cut my hair for the past several years. We have a 40 minute conversation every six weeks or so...I don't know her well, but I know she just bought a new car a few months ago, and I know that she and her husband love to eat at a restaurant called nine75. I could get her an assorted meat and cheese basket because it's easy, or I could get her a gift card for car detailing, gasoline or a great meal.
I have a point...do you see it yet? I guess I'll have to get to it now...
For those of you out in marketing land, don't take the easy road with gift giving. Sure you save a little money when you buy in bulk. But your best customers are as different and individual as your family members. If your practice is to give gifts based on the longevity of the relationship, that's OK...but have you thought about REALLY thanking the customers who help you (the bank) the most? Have you thought about thanking the most profitable customers you have? If not, try it. I lose sleep over the amount of money we spend as marketers to thank the customers who are 80 years old and have 3 CDs and opened a young savers account for their granddaughter 20 years ago.
Granny deserves thanks, but what about the small business owners who have both their commercial and retail accounts at your bank, they own a home, own a business, have a couple of cars, offer direct deposit to their employees and have half a dozen deposit accounts with you...are they worthy of the assorted meat and cheese basket (even if there is wine in it)? NO, they deserve better than that. They trust you with their livelihood. You know more about them than you do about your second cousin who's name you drew for the family gift exchange.
I believe your best customers will appreciate an annual review of their accounts to be sure they have the best rates and lowest fees possible more than they will appreciate the food. That builds value in a way that your competition will never understand. Not to mention the fact that you may learn about a new challenge or opportunity that profitable customer is facing...talk about a HUGE opportunity to be the expert and get the lifetime relationship.
And from a cost perspective, at the very least it will save you a little money...it could even make that customer more profitable which will put money on the bottom line...which is more than I can say for the assorted meat and cheese basket!
Think about it. It may be too late for this season, but try it next year or the next time you give your best customers a gift. Let me know if you need help calculating the ROI on your giving...or even an ROI projection of a new giving program. Trust me. Reevaluating your gift-giving procedures will be worth it.
And check out this video...it will solidify some of the points I am trying to make!
Happy Thanksgiving!
Jenna
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