Every credit union or bank wants to increase their share of wallet with consumers. They want more business with existing customers or members. If someone has a checking account with you but no loan, go for that auto loan. If they have a checking account with you but no credit card, go for the plastic. There is absolutely nothing wrong with that approach. In fact, gaining more wallet share is often a key strategy for most financial institutions and an easy way to increase profitability.
But what about gaining more share of heart?
When I mention “share of heart” I’m referring to how the consumer feels about your credit union or bank. Not whether or not they use your products or services but rather what images or thoughts come to mind when they think of you. The more positive feelings they have towards you then the more share of heart you have. And if they don’t feel anything about you (positive or negative) then you don’t have a large share of heart.
Here are three ways to increase the share of heart someone has with your financial institution:
- Improve your brand—The best brands going today are the ones that engage consumers emotionally. Think Apple and Amazon. People love those brands. They don’t just have consumers’ wallet, they have consumers’ heart as well. Don’t think a financial institution can illicit positive feelings because banking is boring or a chore? Then think about USAA and how it consistently ranks number one in net promoter score. If you know someone who uses USAA chances are you know someone who loves USAA. Improving your share of wallet will mean improving your brand.
- Update your marketing—The marketing at most financial institutions focus on particular products’ features. The rate, the term, the function, etc. However, to truly touch consumers’ hearts your marketing should emphasize your products’ benefits. As someone once said, “features tell, benefits sell.” When we conduct marketing audits for our clients it is amazing to see how much of their material is dry, boring and a feature dump. We encourage many clients to make sure their marketing is emotional. Gaining more love for your bank or credit union will mean updating your marketing.
- Change your training—No matter what you say your brand is and no matter how cool your marketing messages look, it’s your people who have to deliver (or sell) to consumers. So when was the last time you really trained your staff to your brand or trained them on connecting with consumers? Too much training within the financial service industry is focused on basic service skills, product knowledge or operational issues. Rather than offering the usual training material, try doing generational training, brand training or engagement training. Connecting deeper with consumers’ hearts will mean changing your training.
So does all this love really impact the bottom line? Absolutely. While love may be a squishy subject it is also a realistic profit driver. As Ray Davis, former president of Umpqua Bank said in Leading for Growth, “If you’ve been in business for any length of time, you know that your brand is just about the most valuable asset you’ve got.”