Adventures in Offer Management
For years, Sam trashed all the mail from his bank – except statements – without even opening it. He got too much of it and it generally was irrelevant to his life.
Lately though, he has started noticing a difference. He got a post card – something he could glance at without having to open it. To his surprise there was a personalized offer for this great refi rate, something he was actually considering doing anyway. “Now they’re talking”, he thinks. “Somebody down there is finally paying attention.” Although the post card had a phone number to call Sam thought to himself “No need for that as the Bank’s just around the corner.”
So Sam heads over to his bank branch, intending to open an account in response. And hits a wall. The branch teller has no idea about the offer. Sam is not happy. But it is a sweet offer so he talks to the manager, fellow named Burtram, who asks him to come back with the actual post card. Sam of course loves this. He’s regretting even bothering to look at that postcard.
Meanwhile, Burtram is bright enough to know a potentially valuable opportunity just walked out the door. He calls up his district manager, Phil, who starts telling him about this great new solution that is not only generating higher offer response rates but will help clear up these channel conflicts.
“Hold a second, would you Phil,” Burtram said. He put the phone down and ran to the door. “Sam, Sam. You must think we’re crazy. Could you come back in, please, I think we can help you.”
Sam shakes his head both ways, and then starts back.
Burtram rushes back to his desk and puts Phil on the speaker phone. “Congrats Phil, here’s your chance to close that offer.”
Marketing to customers and prospects across multiple channels in a coordinated fashion is an essential and complicated endeavor. Not only must offers be competitive, but they must be timely and administered across all customer interactions. This is especially true for in-branch personnel who are often the “face” of the bank and create the best and lasting impression for many customers.
The most effective offer-management solution helps banks deliver consistent product offers across all channels, and creates a strong, professional impression from which future relationships and opportunities can grow. These solutions need to go beyond just campaign management solutions, but also handle real-time interactions with customers as they engage banks in multiple ways in their busy, interconnected lives.
Contact Equifax if you want to learn more about how your bank can deliver strong, effective, and consistent offers across all your channels.
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This post was contributed by: Lee Grice.
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