Tag: Customer Segmentation

8 Ways To Attract The Wrong Clients To Your Bank

MANAGING BANK CULTURE AND PROFITABILITY
MANAGING BANK CULTURE AND PROFITABILITY

Given that strategic planning season is upon us, one key affirmation is to verify if you are targeting not the customers that you have now but the customers that you want. Chances are, at least at some level, you are attracting the wrong customers that are not profitable, not engaged, not being a raving fan, causing some level of pain, or all four.

 

Specialty Fitness As A Banking Niche

Customer Segmentation

As banks look for deposits and more profitable relationships, one niche market that has emerged in the last three years is the rise of specialty fitness locations such as Orangetheory, Barry’s Boot Camp, 9Round, Cross-Fit, SoulCycle, FlyWheel, and others. In banking, these have come to be called “small format fitness,” and they represent a profitable and growing banking niche. These businesses have exploded in the number of locations and have capitalized on wellness and group exercise trends.

The Top 15 Industries Where Banks Can Find Deposits for 2019

Growing Deposits

In the quest for deposits, one successful tactic at top performing banks is to target the right customers. While banking everyone in your community is egalitarian, it is also a poor use of resources. Some customers offer better returns because they use more banking services and have more deposit balances. Not to say you want to ignore some parts of your community, but why not focus more of your resources on those customers that are going to make your bank more profitable?

Your Bank’s Engagement Has Much To Do With What Your Customers Are Feeling

Better connect to your bank customers

A bank produces a steady stream of marketing content – events, press releases, letters from the CEO, white papers, news stories and the alike. As content becomes increasingly important, banks can better leverage their marketing dollars and branding efforts by making sure content hits its market. Data from AOL Insights of over 7,300 content engagements clearly show when a customer interact with specific content. Using this data, bankers can quantitatively leverage this knowledge to fine tune content to better match the motivation of their customers.

Who Are The Best Customers At Your Bank?

Finding Good Bank Customers

Unfortunately, most banks have no idea the answer to the title question. It is actually worse than that - most bankers THINK they know who their best customers are. The worst of all is most bankers can’t even agree on what a “good” customer looks like. If the bank cannot agree on what constitutes a good customer then how can you ever expect to get more of them? If this seems like a trick question, give it some thought. Chances are, you are like most bankers.

The Disaster Banking Account

Disaster Banking Account Product Design

For banks looking to help their communities plus expand their relationship with their local county municipality, the Disaster Account Set (DAS) is an underutilized product with a strong and growing need. For any given disaster, be it a hurricane, earthquake, tornado or other event that displaces a material section of the population, there is an outpouring of support and donations. The problem is that most counties are not set up to be able to handle incoming payments or make outgoing disbursements for a disaster-specific purpose.

The Profitability of the Youth Sports Account

Banking Youth Sports

One of the unspoken cults in America is youth sports. Youth sports is a perfect place to project your adult shortcomings, fears, dreams, hopes and aspirations on to your child all under the guise of teaching teamwork. If uncontrolled, it can become an obsession and the next thing you know you are flying to some distant city, spending thousands of dollars to play a tournament that doesn’t matter.  If this rings true, then we ask – WHAT ARE YOU THINKING? How can you not be making money on this?

 

How To Get Serious About Bank Customer Segmentation

Bank Customer Segmentation

“Check out our 1.15% CD” is probably the worst advertisement that a bank can do and unfortunately derivations of that approach are the most common form of advertising for banks. When our competitors promote generic advertisements around rate we love it, as it is a sign that the bank has not taken the time to understand their customer – ironic, since most banks pride themselves on knowing their customer.

 

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