WHAT IS DISRUPTION?
Suppose there’s a banking merger that affects all or a portion of your market. Because people resist change, many customers of the merging institutions will look for another place to bank. That’s a market disruption.
But it’s not the only kind.
Rumors, bad press, financial instability, product lineup revisions, and more can cause disruptions as customers flee one financial institution for another.
You can recruit more than your share of these transitioning customers using Disruptor Communications.
FIRST, IDENTIFY THE FOOTPRINT
There’s no way to determine who are customers of the troubled or merging institutions, so WordCom uses specialized mapping software to find areas where your market footprint overlaps the competing institution. We can even apply demographic filters to find specific types of prospects based on, for example, age, income, and home ownership.
This same type of mapping allows you to find businesses in the area that might be receptive to your Disruptor Communications.
We can further narrow the list to meet mail quantities for budgeting purposes, although this could limit overall success.
A typical Disruptor Communications addresses the fact there are changes taking place or soon to come at local institutions. Then, the communication promotes the advantages your financial institution offers the prospect. And since individuals of other area institutions will likely receive your message, you may find you’ve attracted many more new customers from all across your market.
THE OFFER IS KEY
There are two important factors that make Disruptor Communications and any marketing successful: a good mailing list and a solid offer.
For best results, consider a meaningful offer on popular deposit products that will motive individuals and overpower the inertia to switch. WordCom can advise you on appropriate offers for Disruptor Communications and for your market.
While it’s often overlooked, an offer can also sway businesses to switch to your institution.
TIMING IS ESSENTIAL
Other competitors in your market may have the same idea and try to reach out to transitioning customers. You want your message to be there first.
That’s why we recommend at least two separate Disruptor Communications mail drops. The first should go out as quickly as possible once the disruption is recognized in the market. If these are merging institutions, the second communications can reach the marketplace near the date of the merger when another group of customers will be motivated to switch.
Because situations vary, WordCom can advise you on all aspects of Disruptor Communications. Your campaign can be more effective when there’s time to thoroughly plan. Contact us for more information.