For a bank, getting customers are pretty difficult these days; launching great bank account offers is a plausible way to get new customers, but having great programs alone is not enough; you need to get your hands dirty and be active.
Since what you are offering are pretty much similar with your competitors, your bet way in soaring above the competition is by adding value to your conventional banking products. One of the most effective ways to add value is via rewards.
Image by IK’s World Trip / Flickr
If you are involved with any banking institutions here are some ways banks can attract more customers to give you an idea or two:
1. Offering unique – even quirky – rewards
Giving new customers rewards are quite common (and still effective, somehow.) However, sometimes banks need to spice up their offers. Offering something unique that has never been offered by other banks will surely make a bank stands out above the rest. For example, Hanmi Bank has given customers a bag of rice (!) for opening a checking account (source: MyBankTracker.com) The sky is the limit!
2. Ask customers for referrals – and reward them
Customers are banks’ best evangelists. If a bank’s service is top-notch, chances are customers will likely to tell their friends and colleagues about it. How about encouraging your customers to get you referrals by giving them rewards – shopping vouchers, etc. ?
A good partnership is always crucial for any type of businesses – including banks. Partnering with, say, an education institution can allow you tap onto a strong customer base (students, teachers, etc.) How about cross-selling with a, say, department store to give customers special discounts if they have an account with your bank?
4. Use social media
Just like many traditional industry, banks are slow to adopt social media. According to The New York Times, banks are slow to embrace social media. Given the success of others in social media arena, banks should embrace social media more.
5. Go back to the basics
This is probably the best way to attract customers to your bank: Build a relationship in a good, old fashion way. Help customers with their needs – nurture and care them well. No advertising budget to spend; just focus your efforts in serving your customers. Local customers are indispensable, indeed.
So, there you go – some of the most effective ways for banks to attract more customers. Of course, there are many other (creative) ways a bank can do to get new customers; so if you have any please share with us by leaving your comments below.