Your credit union or community bank needs new members or customers. Every new account opened gives you a new opportunity for loan growth. I know it. You know it.
But you’re losing consumers instead. And the scary part: you can’t see it happening.
“Silent attrition” is when consumers engage less and less with your services as they look elsewhere to have their needs met. They won’t close all their accounts, but they won’t use them anymore either. Fear this silent consumer. 96% of consumers won’t tell you about a bad experience, and 91% just won’t come back.
So, how do you get new consumers and reverse silent attrition? Here are three ways to do it.
1. Don’t Tell People to “Switch”
Our marketing loves telling people to do a big financial institution switch, but this is a big mistake. Asking consumers to switch is like asking an addict to quit cold turkey – it sounds hard, and the person is still attached to how they’ve always done things.
Switch your approach and emphasize how easy it is to open an account. Tell consumers there’s no serious commitments involved when they open an account. Once they do open an account, make sure they fall in love with your brand. They’ll want more from you once they know how great you are.
Soon enough, you’ll be the one causing silent attrition in your competitors.
2. Set Up a Loyalty Program
Loyalty programs made 56% of consumers want to buy from a brand, and 50% of consumers said their favorite brands had loyalty programs.
What does this mean? It means setting up your own loyalty program will attract new consumers and make your current consumers love you even more. A loyalty program is also an important differentiator since your competitors may not have one.
But what should your loyalty program look like? Well, it’s really up to you! You can give people a cash reward whenever they hit a savings benchmark or a local restaurant gift card if they’re an account holder for a certain number of years.
Whatever you do, make it abundantly clear you value consumers and reward loyalty. Which leads us to our next point…
3. Clarify Your Message
Marketing guru Donald Miller likes to say, “If you confuse, you lose.” And he’s absolutely right! You’ll lose opportunities to gain consumers, and you’ll lose your current consumers. So, make clarifying your message the number one priority.
First, make your messaging short and repeatable. Try communicating what you do in six words or less. For example: “We make banking easy,” or “Our members get cash rewards.” Aren’t these lines appealing?
Second, register for a marketing assessment. It’s often hard to see where the messaging we love has gone wrong. Bring in an outside voice to point out pitfalls and recommend new strategies.
Do you need an outside opinion on your messaging? Our On The Mark Strategies marketing wizards will help you clarify your message and attract new members. Register for a marketing assessment today!