Blog

7 Steps to Building a Killer Onboarding Program

Posted by David Acevedo

onboarding-mail-blog

For retail banks, customer acquisition costs are high, and often don’t generate a positive business return. In fact, more than 40% of new customers will churn before costs are recovered, resulting in a negative value for the bank. This puts a lot of pressure on banks to make sure their customers are hooked from the get-go. The customer experience starts with onboarding, and the first 90 days can make or break your customer relationships.

There’s a lot that goes into making your onboarding program as effective as possible. Keep these seven steps in mind to ensure your customers stick around for the long run.

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Topics: Sales & Marketing, Customer Experience

Fueling Marketing Campaigns with CRM Data

Posted by Joyce Colin

CRM-data-fueling-marketing-campaigns

Maintaining a customer base in your CRM is just the first step in using the technology to support your sales and marketing efforts. It’s when you let the CRM data be the driving force behind your campaigns that you realize the most value.

That’s because CRM data can offer significant insight into how your customers and prospects think and act. In a recent report from Econsultancy and IBM Watson Marketing, 66 percent of organizations said CRM data was the best data for better understanding the customer journey. When you tap into this information, it can go a long way in generating business.

Before you kick off your next campaign, take into consideration the following ways you can apply your CRM data.

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Prioritizing People: How Banks & Credit Unions Can Maintain High Employee Satisfaction

Posted by Keith Twisdale

employee-satisfaction

When it comes to talent management, it’s important that banks and credit unions focus not only on attracting and hiring top employees, but also on retaining them. High staff retention helps ensure consistent business operations, low overhead costs, and a positive company culture.

It’s no secret that happy employees are more likely to stay, so what does it look like to make employee satisfaction a top priority at a bank or credit union? Below are three tips for improving employee satisfaction across your organization to realize higher retention rates overall.

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Topics: Goal and Incentive Plans

Facebook Marketing for Banks & Credit Unions: What You Need to Know

Posted by Rebecca Key

facebook-marketing-banks-credit-unions

A lot has changed in social media marketing over the last five years, but Facebook - the original social media king - still remains one of the most effective ways to reach financial customers. In fact, according to The Financial Brand, nine out of 10 financial institutions currently use Facebook as part of their marketing strategy.

Below are three tips to keep in mind as you look to maximize your bank’s Facebook presence:

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Topics: Sales & Marketing

High Interest Rates Signal a Change in Marketing Strategy

Posted by David Acevedo

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When the Federal Reserve recently raised the federal funds rate, and set off a rise in short-term interest rates, it signaled that more increases were on the way. While the impact may be felt differently by an individual bank or credit union, there’s no doubt that financial institutions must prepare for the “new normal” of rising interest rates — especially when it comes to marketing.

A Challenge for Some, an Opportunity for Others

Seeking to temper signs of inflation in the economy, the Fed recently raised the federal funds rate from 1.5 to 1.75 percent. That immediately triggered an increase in the prime rate, which, according to Investopedia, “represents the credit rate that banks extend to their most credit worthy customers.” Borrowing costs for all other consumer credit is pegged against this number.

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Topics: In the News, Sales & Marketing, Customer Segmentation