If you ignore customers, they’ll likely go away, maybe through apathy or lured by the marketing messages of your competitors. But research proves that the more accounts and services a customer has with a financial institution, the higher likelihood that those accounts remain open.
WHAT COMES AFTER ONBOARDING
A structured Onboarding program welcomes new customers and, if run correctly, makes cross-sell offers to those new customers. It’s a crucial time when loyalty and retention are strengthened. (Find out more about the Onboarding strategy.)
While Onboarding reaches all new customers equally, WordCom’s proven Matrix Cross-Sell Program begins with analysis of new customers—AND YOUR ENTIRE CUSTOMER BASE—to discover which accountholders are most likely to need or prefer other products and services your institution offers.
Matrix Cross-Sell is an ongoing program that continues to promote new account openings among all your current accountholders.
HOW IT SUCCEEDS
After in-depth analysis, this turn-key program offers your institution professional support in these three important categories:
• Message: Positive communication that expresses thanks for the customer’s business and offers to help with a specific product, selected because it’s the individual’s most likely next product need.
• Timing: Matrix Cross-Sell marketing can be carried out quarterly, but is most successful when produced and mailed monthly. But that doesn’t mean customers see a message each month. Customer household records are flagged to limit the number of touches over the year.
• Mailing Package: Every customer message consists of a personalized letter signed by the local branch manager and a personalized lift note insert. Contents are mailed in a stamped window envelope.
The highly personalized message is prepared specifically to make a strong impact on the customer. Not only is the sales message delivered, but there’s an impression of “customer care.”
IMPROVED BUSINESS AND RETENTION
A Matrix Cross-Sell Program that selects potential new accountholders based on their data profiles can bring successful results of 2% to 6% in new account openings. Typically, that adds millions in new deposits and a Return On Investment of 200% or more.