Marketing Goal
To improve retention and account profitability by up-selling existing checking customers into the next-most-likely checking product.
Target Market
After a successful new checking acquisition program has brought a significant number of free or basic checking customers into the bank, the segment should be analyzed for the potential to move them up to a more complete (and profitable) product.
Program
- The Message: This is a positive communication, with an expression of appreciation for their business and an offer to help expand their relationship by opening a higher-level checking account with a variety of extra benefits.
- Timing: An offering like this should be done several times during the year. Customer household records are flagged to limit the number of total touches over the year.
- Mailing Package: These customer mailings would consist of a personalized letter signed by the local branch manager, a personalized reply coupon and a reply envelope, all mailed in a window envelope with a stamp.
Results
A structured Checking Up-Sell Program to selected checking customers can bring in substantial new deposits and a positive Return on Investment. Plus, placing someone in the correct product can decrease their possibility of attrition and help to expand their relationship.