20 MAY / JUNE 2020 FEATURE Engaging Customers When and how it matters most What can financial institutions do in a national health crisis, especially one for which we cannot yet make any clear predictions? One during which many customers are whipsawed by rapid-fire reporting on virus proliferation, panic buying of everyday essentials and adjusting to 24/7 life at home? At Harland Clarke, we are urging our financial institution partners to step back and consider focusing on household acquisition. It might seem counterintuitive, but your voice can actually be better heard now because there is less marketing saturation and “noise.” Why the reduction in noise? Many marketers have moved to the sidelines. They have shifted to a short-term focus in the midst of the crisis, and one of the first things they do is cut their marketing budgets. Harland Clarke advocates, based on experience, that this is the time to speak up, not retreat, and the time to acquire, not take a pass. An effective, properly targeted marketing message that helps your customers during these uncertain times is a positive customer experience, not a sales pitch. We expect a significant spike in customer dissatisfaction. Many are going to have negative customer experiences throughout this crisis. They will experience long hold times, fee assessments and challenges finding quick answers to their pressing questions. The industry as a whole isn’t prepared to deal with this likely dramatic escalation in dissatisfaction. If you are, that spells competitive advantage. Consumers are looking for reassurance, support and a financial partner who knows them. As financial institutions with a proven history of weathering economic challenges, banks are well-positioned to seize this opportunity with highly targeted marketing to focus on acquisition – not just during the current crisis, but when the crisis subsides and economic activity returns. Harland Clarke recommends focusing limited marketing dollars in three primary areas: 1. Community involvement and engagement: With a highly visible and physical presence in your markets, you have a unique advantage to further elevate your brand to the top of financial consumers’ minds. The branch network and local presence has felt like a liability in recent times. That was then, this is now. Your local presence has never been more valuable. Why? Because within your brick-and-mortar walls are real people. Consumers need that assurance right now. Here are some of our recommendations to leverage this advantage: • Promote your position in the community; • Promote your ability to interact and consult with your customers; and • Leverage the existing customers you have served to spread the word to friends and neighbors. Greg Waltz Vice President – Strategy Consulting Harland Clarke greg.waltz@harlandclarke.com Harland Clarke is an associate member of the Indiana Bankers Association.
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