Welcome and cross-sell new customers during the critical first 90 days of their relationship with the bank. Establish an ongoing program to ensure contact is made and improve retention rates with this group.
WordCom would receive a monthly file of all new customers of the institution and complete all selections necessary to offer these customers the most appropriate product(s).
We recommend a three-touch, personalized mailing program to all new customers during the important first 90 days.
- The Messages: These are warm and positive communications to your new customers:
- Mailing #1: Primarily a Welcome Mailing, focusing on appreciating their new relationship and mentioning ancillary products of interest (Direct Deposit, Internet Banking, etc.).
- Mailing #2: Specific cross-sell offer.
- Mailing #3: Another specific cross-sell offer.
- Timing: The sequential mailings become part of a professionally-managed “rolling calendar” of mailings, where each month one group is getting their first “touch,” another group is getting their second, and a third group is getting their last cross-sell approach.
- 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.
There are three objectives at play: to welcome new customers to the bank and establish a long-term relationship, cross-sell them additional products within the first 90 days and prevent attrition of these new accounts. A modest program communicating to 500 new customers per month could produce a response rate of 5% to 10% in new accounts, an additional 7% of accounts “saved,” over $5 million in deposits and $200,000 in revenue.