Marketing plays a vital role in attracting new customers, but equally important is the need to focus on retaining existing customers – after all, it’s cheaper and often easier! In this episode, Chris and Dan dive deep into the importance of customer retention and increasing customer stickiness.
We discuss stickiness factors and new ways to think about them – and get into practical strategies for increasing customer stickiness. We also chat about the need for coordination between marketing and retail teams, and the importance of leveraging technology and data to create a retention program, not just a report.
By increasing stickiness, utilizing technology, and coordinating efforts between teams, we can increase customer retention and build long-lasting relationships.
In this episode, we talk about:
- Why retention has become more and more important in the last few years
- Specific factors that lead to customer stickiness in banking – a critical determinant of your institution’s growth
- The interplay between advanced technology, data, and effective customer retention strategies
- Personalized communication strategies and market segmentation techniques that drive customer loyalty
- How to create and deploy feedback loops and customer surveys for smoother customer experiences
Resources Mentioned:
– Bank Marketing Minute Newsletter: bankmarketingminute.com
– Website: The Bank Marketing Show: bankmarketingshow.com
– For a free copy of “The Stickier Customer Playbook”, email: [email protected] with Subject Line “Stickier Customer Playbook”