Winning With Wallet Share: The Power of Customer Engagement in Financial Services
The financial services industry understands that capturing the attention of customers requires offering something of value. For the purpose of increasing wallet share, rewards programs were created to create a positive engagement with your customers. However, getting a customer’s attention and offering multiple rewards isn’t enough to sustain lasting relationships.
Customer engagement is essentially the prelude to your customers’ experience with your brand. If the engagement is positive, then the experience is rated high. If not, then customers will disengage and discontinue the relationship. Therefore, the quality of the engagement will dictate the level of the customer experience. What’s the wallet share building lesson here? When it comes to engaging with your customers, you must make a positive connection.
To elicit a positive experience out of your customer relationships, you must understand your customers and their buying habits. If you don’t understand your customers’ changing needs, you can’t offer the type of rewards that they really want. How do you focus on positive customer engagement? Here are three recommendations to follow for the financial services industry:
- Ensure that systems continuously create, measure, and improve engagement processes. A static rewards program won’t engage your customers. You need to know what they like, where they shop, and their interests..
- Understand that engagement opportunities are everywhere. Your customers are mobile, on your website, in your branch, out shopping, and online getting social. You have to think about where you can capture their attention to improve their interaction.
- Stay focused on your customers’ interests. Create relevant offers that are specific to the segments that you’re marketing. You can’t engage need unless customers care about the rewards or recognition you’re offering.
Not everyone engages in the same way. So it’s important that you focus on what truly matters to your individual or target segment to increase your chances to better connect with your customers. The more customers feel recognized, the more they will want to engage with you. Get there with the right application of technology and analytics and win the wallet share race!