As my whole family prepares for our annual fall pilgrimage to the South Carolina coast for a week of relaxation and reconnecting, I began receiving information from our rental company that had nothing to do with the house rental. These specially-tailored messages featured things like grocery discounts, bike, boat, and ski rentals, and this latest one…a complimentary beach photography package.
Walking you through the thought process of a consumer, hiring a photographer for our beach vacation wasn’t on our radar. At all. We have talked about having a family photo every Christmas probably for the past ten years, but it is something we’ve never been able to coordinate with our busy schedules during the holiday season. But, after seeing this post on the rental agency’s Facebook page, I sent an email out to my family and we all agreed this would be a good idea.
This rental agency has formed strategic partnerships with nearby businesses of every stripe in order to add value to its relationships with customers of all interests. And those partnerships are mutually beneficial for both companies. The photography company sends business to the rental company as well through its website, storefront and social media pages.
We are all in strategic planning mode for 2014, and I urge you, community banks and credit unions, to step back and take a look at the communities in which you do business. Your greatest opportunity for growth lies there, but your opportunities for adding value to your customer and member relationships can be vast, which will only make the community corral around your financial institution even more. And it not only stretches your marketing dollars, but gets your message in front of people who might not ordinarily see your message but are interested in your services. Case in point: the photography business in Charleston, SC.
If your financial institution offers business services – loans and deposit products – there is an even greater opportunity to differentiate yourself within the market and add value to these banking relationships by finding mutually beneficial ways to partner and grow each others’ business. These partnerships don’t have to be companies necessarily. Niche markets within your communities like residents’ associations, special demographic groups, and interest groups can be incredible for your institution because these groups all have very specific needs that you could be perfectly positioned to serve.
Knowing your customer and member base would be a good place to start. Where are they shopping and spending time locally? Adding more value to your product offerings is all about looking in new and different directions. And strategic partnerships would be a great benefit to your members and customers - and your local community as well – in 2014 and beyond. Happy planning!
Amanda
