You (and hopefully your employees) know your products and services. The multiple checking accounts, the various loan offerings, the numerous CDs and investments. But what about your current customers or members? How much do they really know about your products? The answer is “probably not much.”
How many times have you heard someone say, “I didn’t know you guys offered __________?” Insert your favorite product into that blank: mortgages, GAP insurance, business services, free ATMs, leases, investments, etc.
Think about this issue as a math problem. On a scale of one percent (low—they know nothing) to 100 percent (high—they know everything), what is the average percentage your existing customers or members know that you offer? We’re talking about people who already actually do business with you. They already have something with you (a savings account, a checking account, an auto loan, etc.).
Is it 20%, 30%, higher or lower? My guess is it is probably somewhere between 20 to 30 percent. But think about that: that means the average person doing business with you today probably doesn’t know 70% of all the great financial products and services you have.
Let’s take another step with that math problem. What would happen to your bottom line if you reduced that knowledge gap from 70% to 50%? In other words, what would happen if all your current consumers knew at least half of what you offered?
The answer: they would do more business with you!
So what is the solution to this simple math problem? You have to close the awareness gap.
There are two “levels” to closing this awareness gap: the personal level and the mass level.
The personal level refers to getting your employees to inform current members/customers in their one on one personal interactions. Every time they have a conversation or are doing a transaction, simply say something like “I’m glad you have your checking account with us. Do you also know we also offer great investment services?” or “Thanks for cashing your check. I noticed you’re driving a new vehicle. Do you know we have great rates and we can probably save you money if you finance it with us?”
The mass level refers to communication efforts on a larger scale. These include your e-mails, your website, your newsletters and any other mediums and mechanisms you use. It can take the simple form of a product spotlight, a testimonial from someone currently using a product or the top benefits from a particular service.
Marketing is not rocket science. In many cases, it is just getting your existing members or customers to become more aware of what you can do for them.
You can grow your credit union or bank exponentially in 2017 not by adding one single new consumer, but rather getting your entire existing core base to get one more new product or service.