17% of bank customers switch at least one of their accounts to another institution because of a merger, according to a Deloitte Center for Banking Solutions study. An additional 31% remain at risk – saying they were at least somewhat likely to switch within the next 12 months. When your competitor is going through a merger, it can create uncertainty and confusion among their customers, which presents an opportunity for you to attract those customers to your bank. Here are some marketing strategies you can use to take advantage of this situation:
17% of bank customers switch at least one of their accounts to another institution because of a merger, according to a Deloitte Center for Banking Solutions study. An additional 31% remain at risk – saying they were at least somewhat likely to switch within the next 12 months. When your competitor is going through a merger, it can create uncertainty and confusion among their customers, which presents an opportunity for you to attract those customers to your bank. Here are some marketing strategies you can use to take advantage of this situation:
Highlight Your Stability & Reliability
Use your marketing messages to emphasize your bank’s stability and reliability. This will reassure potential customers that their money is safe with you and that they can trust your bank.
Offer Incentives
Offer promotions or incentives to customers who switch to your bank. This could include cash bonuses, free checking, or waived fees for a certain period of time.
Create Targeted Ads
Use targeted advertising to reach customers who are most likely to be affected by your competitor’s merger. Target customers in the same geographic area group as your competitor’s customers and match the demographic profiles for the type of customers your institution attracts.
Leverage Multiple Channels
Use direct mail, display advertising, paid search and social media to share your bank’s message and promote your offers. Be sure to monitor social media for any comments or questions from potential customers.
Offer Incentives
Incentives are a powerful tool for acquiring new customers. This can include sign-up bonuses, cashback rewards, or low-interest rate promotions. Make sure that your incentives are tailored to your target market and that they’re competitive with what your competitors are offering.
Provide Exceptional Customer Service
Ensure that your bank provides exceptional customer service to all customers, but especially those who are considering switching from your competitor. This can help build trust and increase the likelihood that they will choose your bank.
Overall, it’s important to be sensitive to the fact that your competitor’s merger may be causing stress or uncertainty for their customers. Be respectful in your marketing efforts and focus on providing value and building trust with potential customers.
If your competition is going through a merger or acquisition, Syntropy Group can help! We have a long track record of helping banks and credit unions achieve predictable, sustainable growth. Email us at growth@syntropygroup.com to see how we can help you make the most of your marketing efforts.