More Solutions for Customer Acquisition

by 10x Marketing - Date: 2008-08-01 - Word Count: 515 Share This!

If you are in banking, it's always time for customer acquisition. But when dismal data takes you by surprise, you may realize that you need to act fast to acquire more customers. Here is what we suggest:


1. Get out of the moment of heat


Recognizing the problem of needing more customers is the first step. Then you need to relax for a moment, and, as much as possible, look at your business objectively. In the larger scheme of things, what is going on? What customer trends have emerged over the past five, ten years? Have you been losing customers on a consistent basis? Can you pinpoint where you may have gone wrong?


2. Break out that Market Research


Hopefully, your company has maintained market research, allowing you quickly to access information about your customers' likes and dislikes. If so, immediately analyze their feedback and the research conclusions, inviting the opinions of your sales employees, too. If market research is limited, or proves unhelpful, consider what market research you might still be able to implement. Remember, your current customer holds the secret to acquiring more customers. What keeps them loyal to you? Find out now.


3. Reduce your stress, this isn't the time to panic


Remember, all businesses go through tough times. Customers may be trickling in now, but soon the flow may turn abundant. Losing some customers is normal, and could actually prove to be a positive thing for you. You could be cutting customers that rarely buy, or cause difficulty. Whatever your challenges are, it won't help any to have a stress attack. So remember to watch your breath and your muscles for indications of tension. Take a breather. If you've been studying the data for hours, take a break and do some exercise or meditation.


4. Check out your competition


Is the grass greener over there? You probably know if a customer is stealing your customers in a big way. But small changeovers are trickier to track. Where are your customers going? Is there a way you can ask them, through more market research? Is the competition offering something that you need to explore?


5. Go for Change


Changing is inevitable. Nothing will improve if changes aren't made. Be selective with what needs changing, though. Tried and true methods should not be rashly abandoned. Calculate your risk methodically.


6. Investigate the system

Is your system customer-friendly? What could be putting them off? Are your managers pleasant, and not just in a passive-aggressive way, but genuinely interested? What does the application processing system feel like? Processing financial information can be stressful for customers--Are they being reassured and made to feel comfortable throughout the process?


7. After you make changes, stick with them

Whatever you do decide to change or implement, be sure to commit to it fully. Customers will sense a divided staff or mixed marketing message, and it will reduce their trust. One strong message is necessary, as far as the true goal of your company, what it has to offer and how it is better than the competition.

Related Tags: application processing system, customer acquisition

About the Author: Amy Brevard is a Freelance Writer for Innuity. Fore more information about customer acquisition or the application processing system go to Zootweb .

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