to refer others to their FI is driven by exceptional service, with approximately 18% of openings stemming from referrals. In today’s digitized banking world, service has two key components: (1) technology that allows people to use your digital channels with the least friction possible; and (2) the service your team members provide. Aligning Marketing and Execution Once you determine your goals and identify key performance targets, you must drive growth. Overall success hinges on aligning successful marketing strategies with effective execution strategies. a. Have Better Retail and Business Products For marketing to be as effective as possible, it must be paired with compelling retail and business products. In the absence of good products, the choice will come down to access and locations. b. Implement Intelligent Policies and Processes For your marketing to achieve your growth goals, your policies and processes must not become roadblocks. Have you tried to open an account online with your organization? Have you recently visited one of your own branches to open an account or add a service? To be able to compete with high‑incentive offers from large FIs, you must outperform them. Your service must be better, and your policies must be friendlier. Once you’ve set your goals, evaluated your policies and processes, and implemented an ongoing training and coaching plan, it’s time to market. a. Target Effectively Identifying the right audience is critical in marketing. Before we determine which marketing channels will be most effective or what an omni-channel mix should look like, we help FIs use data modeling to discover the right audience. Effective targeting begins with learning from your existing data. It’s also important to look at further data to help refine your target audience. For example, when it comes to core relationship growth, we have found that drive pattern and trip frequency concluded from GPS-based device metrics within your branch footprint can be powerful predictors for high‑probability prospects. b. Use the Right Marketing Channels The right marketing channel is the one that’s in front of your prospective customer. That starts with (1) traditional marketing, utilizing your branch locations as effective messaging tools, and highly targeting the prospective customer through one-on-one print solutions. This is then supported by (2) opt-in emails such as USPS Informed Delivery and (3) digital marketing tactics that allow for the highest level of targeting. c. Understand the Right Frequency What is the right frequency? Today, when large FIs market at least every six weeks, your frequency must be higher if you want to hold your results at the same level. This not only applies to traditional marketing but digital marketing as well. The modern banking landscape is defined by data-driven strategies. To achieve sustainable growth, FIs must harness the power of data. By aligning marketing efforts with intelligent processes, employee training and data-driven decision-making, FIs can drive growth and success in the competitive world of banking, thus positioning themselves at the forefront of the data-driven revolution. Achim Griesel is president and Dr. Sean Payant is chief strategy officer at Haberfeld, a data-driven consulting firm specializing in core relationships and profitability growth for community financial institutions. Achim can be reached at (402) 323-3793 or achim@haberfeld.com. Sean can be reached at (402) 323-3614 or sean@haberfeld.com. 29 West Virginia Banker
RkJQdWJsaXNoZXIy MTg3NDExNQ==