9 common mistakes in customer acquisition strategies. (retail banking): An article from: Bank Marketing
Book Details
Author(s)Philip D. White
PublisherBank Marketing Assn.
ISBN / ASINB00092WUK2
ISBN-13978B00092WUK3
AvailabilityAvailable for download now
Sales Rank12,394,299
MarketplaceUnited States 🇺🇸
Description
This digital document is an article from Bank Marketing, published by Bank Marketing Assn. on June 1, 1994. The length of the article is 2759 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: Understanding a bank's customer base and its needs is fundamental to further expansion of this base. Retail banks that seek to increase their customer base do so by using customer acquisition programs. However, there are many pitfalls involved in such programs, including defining 'new' customers to include only those who have recently moved to the community. Instead, 'new' customers should include all those who are not yet current bank customers. Another mistake is underestimating the potential returns from new accounts. In addition, failing to tailor promotional messages to attract new customers and not using a variety of new products are costly mistakes. Other practices to avoid in implementing a customer acquisition campaign include not offering price appeals or premiums, not monitoring new customers costs, not training employees in handling new customers and not making a long-term commitment to these new customers.
Citation Details
Title: 9 common mistakes in customer acquisition strategies. (retail banking)
Author: Philip D. White
Publication:Bank Marketing (Magazine/Journal)
Date: June 1, 1994
Publisher: Bank Marketing Assn.
Volume: v26 Issue: n6 Page: p32(4)
Distributed by Thomson Gale
From the supplier: Understanding a bank's customer base and its needs is fundamental to further expansion of this base. Retail banks that seek to increase their customer base do so by using customer acquisition programs. However, there are many pitfalls involved in such programs, including defining 'new' customers to include only those who have recently moved to the community. Instead, 'new' customers should include all those who are not yet current bank customers. Another mistake is underestimating the potential returns from new accounts. In addition, failing to tailor promotional messages to attract new customers and not using a variety of new products are costly mistakes. Other practices to avoid in implementing a customer acquisition campaign include not offering price appeals or premiums, not monitoring new customers costs, not training employees in handling new customers and not making a long-term commitment to these new customers.
Citation Details
Title: 9 common mistakes in customer acquisition strategies. (retail banking)
Author: Philip D. White
Publication:Bank Marketing (Magazine/Journal)
Date: June 1, 1994
Publisher: Bank Marketing Assn.
Volume: v26 Issue: n6 Page: p32(4)
Distributed by Thomson Gale
