No matter how you slice it, these are challenging economic times for your bank or credit union brand. According to CNBC, the economy shrank 0.3% in the first quarter. Whether your executive team is using the “R” word or not, the reality is there are headwinds (and not tailwinds) when it comes to macroeconomics. The most accurate word to describe today’s economy is uncertainty.
While it seems counterintuitive, you can grow your organization during an economic downturn. But growth doesn’t happen by osmosis. It takes intentionality.
Rather than panicking or pausing…now is the time for proactivity.
One of the best ways to grow your institution in an uncertain economy is with something you already have: your existing consumers. Those who already “purchased” from you in the past are some of your strongest tools. From a marketing perspective, they already showed they know you, like you and trust you.
Here are four ways to grow your bank or credit union brand with existing consumers:
1. Mine your data.
You have tons of data on your consumers…but are you accessing it and using it? You know more about your consumers than Amazon (seriously). You know how much they make, when they get paid and where they shop. You know their credit score, their age and often their family members.
But as consumer experience expert Jay Baer says, “we are surrounded by data, but starved for insights.” Find the insights! Sample reports to pull include:
- Those who have a checking account but no auto loan
- Consumers with high savings balances but no checking
- Those with only two products per household
- Consumers who aren’t using your mobile or digital services
2. Make specific offers.
It’s not enough just to have data. You need to use it. As Mark Twain once said: “Data is like garbage. You’d better know what you are going to do with it before you collect it.” Once you have those key lists, offer those folks deals. Make specific, personalized offers that resonate with your consumers’ pain points.
The more customized the offers, the more likely you’ll have success. According to a trends report, 41% of consumers said they wished financial institutions provided more personalized offers or information to help them achieve their financial goals. Now is the time to stop “spraying and praying” general marketing messages to everyone and make more one-on-one offers.
3. Connect with the right messages.
With today’s economic stress, your bank and credit union brand communication must pivot. Show empathy and concern with your messaging…and don’t hit them with every possible message you have. As Donald Miller says, “If you confuse, you lose.”
Resonant messages include:
- “Keep your money and investments safe”
- “We have a plan”
- “We are here to help”
- “Lower your stress with an easy loan”
- “XYZ product saves you money”
4. Train your staff.
Now more than ever, your employees must know how to connect with consumers. Because now more than ever, your consumers need your products. But your staff can’t just push products in a “salesy” way. They must connect and build relationships.
During a recent training session with a client, we taught employees how to connect with stressed out consumers. The material included information about mindset, key messages, empathy, service and connection. Your employees will not attain these skills by osmosis; you must train them.
Your organization can still thrive (even in a rough environment). If you want the end of 2025 to reflect growth, then start with your existing consumers. And book a free consultation now for help along the way.
