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Products & Services Customer Service Customer Relationship Management

Marketing and Sales Strategies for Satisfying and Retaining Bank Customers

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ID: 4868


Metrics, Graphics, Summary Matrix

Pages/Slides: 16

Published: Pre-2019

Delivery Format: Online PDF Document


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"Marketing and Sales Strategies for Satisfying and Retaining Bank Customers"

Study Overview:

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.

Key Topics:

  • Adopting Marketing and Sales Strategy That Focuses on Customers, Not Products
  • Utilize Staff to Deliver Personal Sales Opportunities

Sample Best Practices:
  • Build relationships around your most significant products to raise customer-switching costs and make it easier to cross sell to them to increase wallet-share.
*One organization ran a quiet customer call campaign offering to pay part of the fees for those who switched mortgages to their institution.
  • Clearly define market positioning both internally and externally to ensure consistent communication with the market and in-branch customers.
*One organization markets itself as a friendly company that care about relationships with individual customers. To support the campaign, the company provides training and incentives to its CSRs to get them to greet their customers with specific and outwardly enthusiastic language like “excellent” and “wonderful”, and urges staff to fully understand customer needs in order to cross-sell.
  • Train tellers and other frontline staff to identify sales opportunities with existing customers and make referrals to sales.
*According to a financial services manager, “…the most significant impact is made by the people…all of them. Customers will not make a decision based on the collateral or brochures. The most significant marketing is people in the branch.”


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:

Industries Profiled:
Financial Services; Retail; Banking

Companies Profiled:
Barbados National Bank Inc.; Scotiabank; Royal Bank of Canada; RBTT Bank; City of Bridgetown Co-Op Credit Union; Butterfield Bank; Barbados Public Workers' Co-operative Credit Union Ltd.

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