Continued from page 2 All of us are hopefully involved in some type of networking to generate new business for our banks. Participating in the chamber of commerce, Rotary, Kiwanis, Optimist, a networking club, etc., is a fantastic way to make contacts. 4 | The Show-Me Banker Magazine account openings until the last 10 – 15 years. The costs of the gifts we were giving away became too expensive over time. We see several larger banks and credit unions in our market offering cash incentives to encourage people to open checking accounts. They must be weighing the lifetime value of the relationship against the cash incentive being offered. 5. Networking All of us are hopefully involved in some type of networking to generate new business for our banks. Participating in the chamber of commerce, Rotary, Kiwanis, Optimist, a networking club, etc., is a fantastic way to make contacts. At the end of the day, we all prefer to do business with someone we know and trust. These activities promote building relationships over time. 6. Cross-selling Do you all measure the number of products and services you sell to a client when they come in to open a new account? This tracking process can get out of hand, but there is value in knowing whether you have order takers or associates who know how to ask questions to learn how we can best meet our clients’ needs. “Stop selling and start serving” is a phrase I like to use when people push back on tracking the products and services our clients purchase from us. If we only focus on meeting our clients’ needs, how can we go wrong trying to be the bank that meets those needs? 7. Product Bundling Bundling products is nothing new. It is an old strategy that is now back in vogue. Giving clients an incentive to tie a checking and savings product makes the relationship much stickier. Some Maybe-Non-Traditional-CommunityBanking Ways to Set Our Bank Apart 1. Direct mail There is no better way to target people who should be our best prospects. It is proven that offering a compelling offer and targeting folks who are like our existing clients is a long-term winning technique. The drawback is that it is expensive. Using “pre-approvals” as a part of your direct mail campaign can improve results. Consult with your compliance officer, but “pre-approval” does not mean what you think. 2. Using technology Many of us are not attracting as many young clients as we would like. Using technology to attract and retain the younger generations can help change this trend. Younger people tend to be focused on convenience. They want to do business when they want, and online options meet their expectations. Are you opening new accounts online? If not, why aren’t you? Are you lending money online? If not, is it because you do not have the expertise? Have you considered teaming up with a fintech? ICBA can help you find a partner that might be a good fit through their ongoing programs. 3. Social Media Gone are the days of relying on local newspapers to get your message out. Using social media to keep your brand and product and service offerings in front of clients and potential clients is cost-effective and very personal if done correctly. Again, if you do not have the expertise to do this in-house, finding someone to help you is not cost-prohibitive. 4. Working With Other Banks to Share Costs and Expertise I know it is hard for us to agree on almost anything, but sharing a fractional Chief Marketing Officer or working together to hire a firm to help market our banks just makes too much sense to ignore. Many of us do not compete directly and we have shared challenges and goals. Let us work together and accomplish more. Summary All of us have a marketing and business development plan in place whether it is in writing or not. Is it time to consider a few new tools to add to the mix to keep moving forward? If we do not continually evolve, we will eventually be unable to generate an acceptable return on investment. ■
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