Marketing Goal
Retain and expand your share of wallet among your top customers (who provide not some but ALL of your profit) by communicating with this critical audience.
Target Market
WordCom recommends mailing to the top 5% to 20% of your customers, depending on your asset size and budget availability. Customers could be selected by profitability, deposit or loan volumes, and/or number of accounts and targeted with different messages based on the value of the customer
Program
- The Message: This is a warm and positive communication to your Best Customers, focusing on the strength and success of your institution and the customer’s role in making that happen. It is an expression of appreciation for their business — with no perceived ulterior sales motivation.
- Timing: This should be done at least one time during the year in order to maintain and solidify the relationship. The two best times to conduct this mailing are either between Thanksgiving and the year-end or in January, after the New Year has started.
- Mailing Package: This upscale mailing would consist of a personalized outer envelope with a stamp and a letter signed by the President or localized to branch manager. Different segments can receive different packages and the top tier should receive a gift.
Results
While no immediate sales are intended for this effort, the tangible results should include: improved retention of core deposits, goodwill among the group of Best Customers, an important communication about the institution’s future success, and increased business in the future.