Here’s an example
Here’s an example of how one company connected with its customer and drove profits up. How many of you like Reese’s Peanut Butter Cups? You may enjoy them while driving, playing video games, waiting for a plane, or watching TV. But what’s the problem with doing any of these things and the current packaging? It’s too hard to open with one hand. You have to be dedicated to getting involved with your candy. Enter the smaller Miniatures version. Perhaps easier to handle, but what’s the problem now? After you opened 10 – what do you feel? Enter the Minis – no foil to be ashamed of, flat-bottom bag, easy to put your hand in and take a few out. This line extension by Hershey generated $235 million in the first two years, not by throwing out everything they knew, but by understanding what their customer’s job was – to enjoy a guilt-free, easy-to-consume, candy delight.
Create the right experience
So your job is to create the right set of experiences for the purchase and use of your products and then integrate those customer experiences into your bank’s process. This idea of process integration can be reframed into the focus of what matters most to your customer – or, better stated, what the customer values. In retail banking, the five elements that are considered the most important are: quality, providing access, wealth transference, avoiding hassles, and reducing anxiety. These values can be a combination of emotional, functional, life-changing, and social factors. So, when a customer says “I bank with you because of convenience,” the value of this statement means you are saving them time (functional), making it simple to transact (functional), and you are reducing the effort it takes for them to conduct business (emotional). Of all the needs a consumer has, quality is the most important. Without it, you cannot drive significant revenue. One bank found that even though it was rated high on avoiding hassles and saving time, it did not score well on quality. As a result, the mobile experience and anti-fraud operation were strengthened.
This being said, you job to be done is to connect with your customer regarding what matters most to them, and I’ll add, at the TIME it matters most. Enter the world of automated marketing. Your ability to define a need based on real-time behavior, and then link that behavior to a service or sales opportunity, will be what sets your bank apart as premier provider of quality.
For example, through your research, you have determined you have a segment of millennials who are consistently overdrawing their accounts at the point of sale. Rather than attribute this behavior to the irresponsibility of youth, you instead opt to send an email the day after that provides them with a convenience, hassle-free way to sign up for overdraft protection. In another segment you find customers who have savings balances that average 3X the normal amount and you note which of these households have children, then every 90-days you send them an investment letter talking about heirloom investing. Finally, one of your most profitable customers is celebrating a birthday. You can demonstrate their value and commitment to quality via a call from the Bank’s CEO on the same day a gift from your institution arrives at the household.
That’s where we come in. MARQUIS can automate your marketing today and every day with a product we call TriggerPro. It’s a daily marketing engine that will help you translate the customer’s job to be done into actionable communication that’s designed to connect with them on an emotional level and demonstrate that you are serious about quality service. TriggerPro is daily marketing made easy. Its automated, materials are customized to each brand, and each communication is completely trackable.