Radius’ Post

Did you know? It can cost up to 7 times more to acquire a new bank customer than it does to keep current customers engaged. Not only is retaining more cost effective, it seriously impacts profitability too. Boosting retention by just 5% can increase profitability by 25% or more.   In our current ultra-competitive financial services landscape, many stakeholders are left wondering: is our bank using the right metrics for customer retention?   This article in The Financial Brand explores this issue and offers tips for gaining a more comprehensive view of customer loyalty and retention as it stands today.   Check it out: https://lnkd.in/gzhGSphN   #CustomerRetention #CLV #BankMarketing

This week on @Finextra, I share my thoughts on building bank loyalty. Customer trust alone isn't enough; engagement and rewards programs can make all the difference, even in tough economic times. Discover how timely offers and personalized rewards influence purchase decisions. #Banks: Stay relevant and connected with your customers using a robust engagement program. Check out the article to learn more: https://lnkd.in/ek2-Gvih #Banking #CustomerEngagement #BrandLoyalty 

In today's challenging economic landscape, retaining customers has never been more difficult. With the cost-of-living crisis, the convenience of online shopping, and ever-evolving consumer needs, today's consumers are more discerning about their spending. Our recent research highlights this shift: 🛍️ 93% of people are actively cutting back on expenses and rethinking their purchasing habits. 🏧 36% are likely or very likely to seek alternative service providers (e.g., utilities, banking, insurance). 🤝Understanding these trends is crucial for businesses striving to maintain customer loyalty in these times. In our recent blog 'Foolproof Customer Retention Strategy: Proven Tactics for Lasting Customer Relationships' our experts share their thoughts on the key to customer retention and loyalty. https://lnkd.in/ezH7Zqjb #CustomerRetention #ConsumerBehavior #MarketTrends #CustomerLoyalty #BHN

Wes Humphrey and I speak to many banks about their efforts to improve customer preference, engagement and retention. We wrote this article to share our learnings on what is needed to improve profitability by focusing deliberately and intelligently on customers. Doing business as it has always been done means ceding your customers to disruptors who recognize that customers are looking for a different experience and are willing and able to provide it to them. It's time to rethink your customer relationship strategy.

Looking to reduce costs within your institution? What's your customer retention strategy?

What Makes a Customer-Centric Approach? Your Roadmap to Success Dear valued business leaders, In today's competitive market, a customer-centric approach is no longer just a nice-to-have; it's a necessity. But what does it mean to be truly customer-centric? Allow us to elaborate: 1. Listening to Customer Needs: The first step in a customer-centric strategy is active listening. Take customer feedback seriously and adapt your offerings accordingly. 2. Personalized Service: Treating each customer as an individual is crucial. Tailor your products, services, and communication to suit their unique needs. 3. Quality Over Quantity: It's not just about making a sale; it's about providing value. High-quality products and services lead to repeat business and customer loyalty. 4. Prompt and Efficient Support: Time is of the essence. Provide timely and effective customer service to address issues and answer queries. 5. Proactive Engagement: Don't just wait for the customer to reach out. Regularly communicate about updates, promotions, or simply to check in on their satisfaction. Being customer-centric means making a commitment to put your customers at the heart of every decision you make. It’s a long-term investment that pays off through increased loyalty and positive word of mouth. YOUR NEXT MOVE: We invite you to engage with us for a free consultation on how Wayne Savings can partner with your business to foster a customer-centric approach. Make the choice today to put your customers first. Best Regards,   Wayne Savings Community Bank #communitybank #banking #customercentric #smallbusiness #businessowners

Exploring the Metrics of Customer Retention in Banking: Share of Wallet vs. Lifetime Value. In today's evolving financial landscape, understanding customer needs is paramount for financial institutions. Learn how these metrics impact retention and profitability. #Banking #CustomerRetention #Metrics #FinancialServices

Numerous businesses, including retail, travel, and banking, use loyalty programs. A reward program has various benefits, such as improved customer retention and brand loyalty. A loyalty program can increase client retention and reward your consumers for their loyalty. This post will teach you how to set up a loyalty program for your company: http://bit.ly/3c3ZVUW #marketing #customerexperience #customerretention #customerengagement #digitalmarketing #marketingstrategy #digitalmarketingagency #ecommercemarketing #referralmarketing #referralprogram #wordofmouthmarketing #loyaltyprogram #loyaltyprograms #customerloyalty #customersatisfaction #growthmarketing

🧠 💭 The importance of NPS for banks and fintechs can't be overstated - it's a competitive differentiator and means your customers trust you. And trust unlocks a lot of tangible benefits, from improved customer retention and acquisition to boosted revenue and ROI. Find out more ➡ https://hubs.la/Q02sdT3S0

In Australia’s dynamic financial market, customer engagement and loyalty programs are crucial to boost retention and drive growth. Are banks doing enough to reward loyal customers? Learn why it’s important to ensure customers feel valued and how this benefits Australian banks. skp.link/5yz #CustomerEngagement #LoyaltyPrograms #AustralianBanking #CustomerRewards #LoyaltyInBanking