Auditing Bank Communications: Leading Financial Marketing/Advertising Agency Explains How & Why
Holmes Publications
August 07, 2009
www.austin-williams.com
In today´s competitive financial services marketplace, a bank´s "routine" customer communications should be anything but.
Even "mundane" communications such as CD maturity notices and compliance disclosures hold brand marketing potential, says Austin & Williams, a financial marketing and advertising agency based on Long Island whose client roster includes major financial powerhouses, community banks and credit unions.
So where does your bank´s customer communications fall short? Find out by conducting a communications audit. Here´s how:
• Form an audit team representing different areas of the bank. Include a top senior manager, marketing manager, as well as representatives from customer service, corporate communications and compliance. You also may want to include an experienced direct marketing professional or agency such as Austin & Williams.
• Identify and gather all customer communications for review. Include it all – notices of loan decisions, CD maturity notices, non-sufficient funds notices, general statement stuffers, new customer welcome materials, switch kits, privacy notices, cross-sell pieces: If you send it, include it.
• Evaluate each piece for its effectiveness. Consider the purpose of each piece. Is it designed to alert the customer to a problem? Motivate him to take action? Cross sell a product or service? Assist with a transaction or respond to a specific customer request? Next, consider its objective. What do you want this piece to achieve? This can range from increasing deposits to showing appreciation to a customer or reinforcing your bank´s brand image.
• Revise the writing as necessary. Often, a review will reveal the need to rewrite some communications to eliminate industry jargon and "legalese" and replace it with wording that is more friendly, engaging and benefits-focused.
• Monitor the results of your efforts. Ideally, each piece also should include a "call to action" – something for your customer to do – either call, go online or visit a branch. Incorporating a unique phone extension, URL or coupon with your mailing so you can evaluate the effectiveness of a particular letter or mailing – and revise it again if necessary.
Remember, you can´t tell your customers you value them too many times – or in too many ways. A communications audit can help you see where you may be falling short – and the steps you need to take to build and maintain better, stronger and more profitable relationships with your customers.
See how some other financial institutions use their customer communications to create more loyal customers. Or contact Austin & Williams to see how we can help your financial institution do the same.
In today´s competitive financial services marketplace, a bank´s "routine" customer communications should be anything but.
Even "mundane" communications such as CD maturity notices and compliance disclosures hold brand marketing potential, says Austin & Williams, a financial marketing and advertising agency based on Long Island whose client roster includes major financial powerhouses, community banks and credit unions.
So where does your bank´s customer communications fall short? Find out by conducting a communications audit. Here´s how:
• Form an audit team representing different areas of the bank. Include a top senior manager, marketing manager, as well as representatives from customer service, corporate communications and compliance. You also may want to include an experienced direct marketing professional or agency such as Austin & Williams.
• Identify and gather all customer communications for review. Include it all – notices of loan decisions, CD maturity notices, non-sufficient funds notices, general statement stuffers, new customer welcome materials, switch kits, privacy notices, cross-sell pieces: If you send it, include it.
• Evaluate each piece for its effectiveness. Consider the purpose of each piece. Is it designed to alert the customer to a problem? Motivate him to take action? Cross sell a product or service? Assist with a transaction or respond to a specific customer request? Next, consider its objective. What do you want this piece to achieve? This can range from increasing deposits to showing appreciation to a customer or reinforcing your bank´s brand image.
• Revise the writing as necessary. Often, a review will reveal the need to rewrite some communications to eliminate industry jargon and "legalese" and replace it with wording that is more friendly, engaging and benefits-focused.
• Monitor the results of your efforts. Ideally, each piece also should include a "call to action" – something for your customer to do – either call, go online or visit a branch. Incorporating a unique phone extension, URL or coupon with your mailing so you can evaluate the effectiveness of a particular letter or mailing – and revise it again if necessary.
Remember, you can´t tell your customers you value them too many times – or in too many ways. A communications audit can help you see where you may be falling short – and the steps you need to take to build and maintain better, stronger and more profitable relationships with your customers.
See how some other financial institutions use their customer communications to create more loyal customers. Or contact Austin & Williams to see how we can help your financial institution do the same.
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