Focus on Retention - Simply the Smart Choice

The premise of Relationship Bank Marketing^SM is that retention is the starting point for all growth. It’s based on an important fact: It’s much easier and more profitable to keep existing households and cross-sell them into additional products and services than it is to find and sell new relationships.

Constantly working to replace the non-stop flow of account holders who leave your financial institution is like starting from square one, day after day after day. And that’s not an easy or inexpensive proposition. With today’s marketplace becoming more competitive, there’s never been a better time to switch your focus to something that can provide both organic and sustained growth.

Focus on the Value of Relationships.

Without a question, the single most important step your institution can take to reduce attrition and increase cross-sell opportunities is to focus on developing and sustaining your current relationships. By building stronger relationships with your account holders, you’ll encourage them to stay and spend more money with your institution.

Another key to making your institution defection-proof is delivering value to your account holders—proving that your products and service provide value in ways that can’t be found anywhere else. Without added value, your account holders will perceive no differential advantage for your institution over your competitors, which will result in higher attrition numbers and lost revenue.

The Relationship Bank Marketing^SM Strategy features:

1. An integrated direct marketing program that adds value and builds long-term relationships with your account holders by communicating with them in a constant, consistent, personalized and relevant way.
2. A marketing program deliberately created so that each communication piece is a “value-focused” touch point between your institution and your account holders.
3. Marketing messages tailored to reach your most important demographic: women. This group opens or influences the opening of 89 percent of all institution products.
4. Program components strategically developed to provide cross-sell opportunities for your institution—providing many opportunities to deepen each of your current relationships.

It’s easy to understand why Relationship Bank Marketing^SM is a good choice for retaining and cross-selling new and existing households. You can count on Stellar Strategic for a turnkey program with the resources, management and insight that can help you implement a successful retention strategy.