Closing the awareness gap


first_imgWhen it comes to awareness most marketing professionals think about brand awareness. How well do consumers know about your financial institution? We conduct focus groups, complete market awareness surveys and study a myriad of other data to better understand if people are aware we even exist.But when it comes to awareness, there is more than just a brand awareness gap. There often also exists a gap between your existing customers or members and your products and services. In other words, the vast majority of people using your financial institution probably don’t know half of what you offer.Think about this: what if you didn’t add one single NEW consumer to your bank or credit union this year? But, you got all of your existing members or customers to add just ONE new product or service? What would that do to your bottom line? It would increase significantly.All simply by closing that awareness gap.Many financial institutions are obsessed with adding new consumers. While new people are both the “lifeblood” and “fresh blood” for you to mine the reality is you have quite a large pool of existing people to target. From a return on investment (ROI) standpoint, it is also about seven to 10 times cheaper to get one of your existing consumers to add a product or service than it is for you to acquire a new one. Closing that awareness gap internally is a good use of your marketing funds. continue reading » 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more