It seems that people love to hate all things banking. Sometimes that’s warranted, but often times not. Many banking products are designed to help consumers – but despite this fact, consumers end up developing a love-hate relationship with their financial services institutions.
Is it possible that marketing can stabilize this ever-listing ship? I’d like to think so.
Good marketers understand that relevance is the key to any successful marketing program. And while there may still be those slick sales guys out there who can sell the proverbial ice to an Eskimo – the fact remains that the only way to achieve a true WIN-WIN is to sell the right products to the right prospects.
Earlier this week during a product demo of REV (SourceLink’s automobile loan refinance direct marketing solution), a bank customer spoke of the success she is having with generating new loans from the program. But the most exciting part of her talk (at least for me) was the part when she discussed receiving a thank you letter from one of the bank’s customers who had recently refinanced her auto loan with the bank. She went on to explain that this particular customer was experiencing some financial hardships due to the recent loss of an income in the household. But the REV-powered targeted marketing program identified this particular consumer as one who could save money by refinancing their auto loan. In this instance, the consumer saved over $100 per month on her auto loan payment. A monumental lifeline of sorts for this particular household. So much of a lifeline, that this bank customer sent a thank you note to the bank!
How many financial service institutions have a department for handling happy consumer correspondence? Not many, I’m guessing. But this kind of utopia is actually achievable when the marketing program is targeted, reaching the right consumer with the right message and offer, at the right time in their lifecycle.
Targeted marketing works. Not just for auto lending, but for virtually any product or service you can... well, imagine! (cue inspirational music by British Invasion superstar)
You may say I’m a dreamer… but I hope someday you will join us (multichannel marketers)… the utopia is real and it’s very much achievable.