All businesses operate with a need to build a value proposition that separates them from the competition, and banks are no different. The challenge for banks remains that so few are truly unique – whether in products and services or sales and marketing. The key is to begin to develop a strategy for customer engagement.
According to Gallup, customers that are engaged with their banking relationship deliver a 23% premium of share of wallet, profitability and revenue growth over the average customer. There are many paths to enhance engagement levels with your desired customers including:
- Conducting competitive assessments to understand the banking environment
- Assessing key market drivers for engaged customers
- Communicating thought leadership programs to show your ability as a leading bank
- Developing case studies to demonstrate your success meeting customer needs
By developing an engagement strategy with our clients, BKM helps banks define their desired customer persona and the banking behaviors of these targeted customers to highlight how they truly deliver at a level above their competitors. Contact us to discuss how we can help your bank further differentiate from your competition.