Are You In A Sticky Relationship?

No worries. Your humble Merrill document-specialist-turned-blogospheriest certainly won’t be delving into “Dear Abby” territory any time soon. Although, holy cow could I write a few compelling chapters in that book.

I’m actually here today to speak about banks and the success or failure of their customer retention and prospect attraction campaigns.

Banks are a hard habit to break….or are they? The respected J.D. Power and Associates Inc. performed a recent survey posing the question to U.S. consumers, “Would you be willing to leave your bank?” Of the 48,000 Americans questioned, 34% said that they would “definitely” not be ripe for a change. Compare that data to the same question asked back in 2007 (at the point where the economy was just starting to come off the rails) and the figure is significantly higher at 47%. The results evoke a scale of emotions ranging from curious surprise to sheer panic, depending on what side of the teller window one is standing.

This got me thinking. There are certain businesses that have been divinely blessed with a stickiness-factor for their customer base. Banks are a good example of this. No one really embraces the idea of switching accounts, learning to navigate a different online banking website, or ordering new checks....especially when you over-ordered last time and still have ten boxes of unused WAMU checks in your bureau. (OK, so I was reeled in by those Stepford-esque mannequins. They seemed so happy.)

Whoever predicted the end of print media a few years back pretty much got spanked. Not only is print back, but more money is being spent on the message, hook, design and printing of marketing campaigns now than in any other time in history. There are better, smarter, more cost efficient, ecology-friendly ways of tackling the challenge. If you’re not reaching out to touch someone, you better believe your competition surely is.

Examine the bank marketing pieces that you receive in the mail or online. What do they say to you? Is there something missing in the message? Are they personalized enough to beat the trash sort? Do they seem generic, trying perhaps to speak to too broad a base of consumers? Are seniors getting materials with images of dreadlocked snowboarders in Tahoe while college grads are seeing photos of baby boomers playing shuffleboard in the Bermuda?

If the banking relationship is getting less sticky - as the numbers clearly indicate is the trend - marketers need to identify the important issues to customers. Service is clearly one of the top concerns. The message needs to be crafted around a thoughtful campaign incorporating the right printed piece that will speak to the audience in a way that they relate and respond to. Here’s an interesting bit. People polled on the service issue made it clear that they would be willing to pay higher fees to get better service. Higher fees for better service? What a concept.

The moral of the story is an enhancement to the "attracting bees with honey" allegory. Sure, honey attracts bees, but there are times when you have to market the honey right (if you also want to go after wasps and yellow jackets, you might have to develop a new approach) and create a trusted relationship with the bees so they know that your brand of honey is for them.

In other words, think out fully who your audience is and understand what they’re looking for. Speak clearly to the message you want to project and don’t try to net all creatures great and small in the same net swoop.

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Tony Anzivino hails from the greatly misunderstood state of New Jersey. He's worked in Financial Shareholder Communications world from the age of 12, starting with Janitorial duties at his Father's firm. He likes biking, hiking and ketchup.