In today’s economic climate, many financial institutions have reduced or even slashed their marketing budgets. That’s why, now more than ever, it’s imperative that we make the most of every customer communication to ensure customer retention and cross-sell.
When it comes to customer retention and cross-sell, many marketers immediately think “On Boarding.” And while On Boarding is and essential step, we also need to review ALL customer communication messages (including operational messages) that our customers receive…because, as you know, every customer touch point makes up the customer experience.
If you haven’t reviewed your operational communications in a while, it may be time to take a second look. Make sure they reflect your brand and see how you can leverage the communication to encourage customer retention or cross-sell, instead of sending a strictly operational message. For instance, a simple message confirming that a new account is set up for Online Banking can transition into a cross-sell opportunity for Bill Pay or Mobile Banking.
A good place to start would be to review the following:
- Dormant Account Letter
- Loan or CD Renewal Letters
- Overdraft Communications
- Debit Card Communications
- Online Banking Confirmation Communication
Remember to get creative! By adding a marketing perspective to these letters, you can create a large impact on customer retention and cross-sell without incurring additional costs!
Best,
Jamie
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