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"Marketing and Sales Strategies for Satisfying and Retaining Bank Customers"
Caribbean retail financial institutions have learned that, just like in personal courtships, enticing trinkets and gimmicks are not the best approach for ensuring long-term banking customer relationships. Indeed, best performers know those customers that do not have a long-term incentive to stay with their organization will be easily lured away by a competitor's "product of the week" next week. So, while it is no secret that business development with existing customers is more cost efficient than trying to acquire new customers, implementation of innovative strategies based on this knowledge remains elusive for many industry participants.
Financial services executives intrigued by and concerned with developing deeper customer relationships will delight in the customer-focused marketing and sales strategies contained in this research document. Best practices and performance metrics presented in this research document emphasize the importance of shifting away from new product sales and marketing aimed at acquiring new customers to a focus on customized products, geared to existing customers that have identified specific, personal needs. The utilization of specially trained frontline personnel located within branches or implementation of a mobile sales force are effective methods employed to increase banking customers' assets. This document includes the key findings as a separate PDF.
The Best Practices research team conducted in-depth interviews and surveys with key industry executives at seven participating financial institutions to harvest qualitative insights, process excellence observations and managerial lessons learned.
This study comes from report OP-100, Benchmarks for Excellence in Caribbean Retail Financial Services. Other documents orginating from this report include: