|
|
Riding herd on attrition: here's one approach to maintaining your grip on customers in the 'top-tier,' 'mature' and business banking' segments.(customer retention)(Cover Story)
- Article from:
-
Bank Marketing
- Article date:
-
May 1, 2005
- Author:
- Bernstal, Janet Bigham
|
Copyright informationCOPYRIGHT 2005 Bank Marketing Assn. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Three thoughts on the topic of customer retention: (1) Customer loyalty adds value. (2) Measuring and managing customer loyalty can give your institution a competitive edge. (3) The advancement of data mining tools has made targeting quality customer groups easier than ever.
"Its marketing 101," says Jeffrey v. Bibb of Clarksville, Tenn., founding partner of BLF Marketing which specializes in working with community banks with up to about $2 billion in assets. "Who's your best customer?" he asks. The answer: "Your existing customer." Bibb helps his clients find the best existing customers by targeting the "upper tier."
There are three key initiatives that the company ...