It’s easy to be lulled into a false sense of security when the market is repeatedly closing above expectations—but forecasters continue to predict looming market correction in the future. In a recent article for Bank Director, Rob Heiser recommends four strategies for positioning your bank for growth when the market slows down:
- Really Know Your Customer. Take advantage of consumer data in order to analyze your customers and tailor a relationship with them that will be meaningful and long-lasting.
- Get From Data to Message Faster—Much Faster. Learning to communicate proactively and more quickly with your customers will help keep you from losing market and wallet share.
- Meet Your Customers Where They Are. Discover the channels on which your customers most interact, and meet them there. For example, many consumers these days do their banking exclusively via smartphone—so you’ll not reach them through your desktop website.
- Measure your Effectiveness, and Don’t be Afraid to Make Changes. Constantly evaluate your methods for effectiveness and act quickly to change strategies as soon as you see a lack of efficacy in what you are doing.
For more details, read the article in full at Bank Director.