Have more pie, and eat it too.

What’s your driver of Share of Wallet?

Checking accounts are the name of the game when it comes to the old financial institution industry. Once you’ve convinced a customer to sign on the dotted line for a checking account, you’ve become their go-to bank. Where does she go when she’s ready to refi her mortgage? What’s his first stop for a 0% credit card offer? Who do they call on for an auto loan? You.

Every industry has a share of wallet driver, and Unbound’s experience across a broad range of categories and industries helps clients identify what these drivers are. For financial institutions, checking accounts aren’t necessarily their most profitable products. Average available funds are typically lower than other interest-earning accounts, and NSF fees are a common source of income. However, when evaluating lifetime value and the common thread among their most valuable customers, checking accounts prove the gold standard.

Amidst the COVID-19 pandemic, 80% of consumers are looking to expand their financial services and products in an effort to ward off uncertainty and anxiety about their futures. Having a strong existing relationship with these consumers is paramount to continuing your company’s growth in a challenging time.

By first identifying a brand’s most valuable customers through sales data and customer transactions, we can trace the journey of the relationship, spot common actions, and ultimately pinpoint what makes that customer the most valuable. From there we develop marketing plans to nurture those customers to stay put, stay loyal and become disciples for your brand. For the big kick finish, we build prospect lists for look-alike audiences that become the foundation for acquisition marketing efforts, informing our messaging, channel strategy and product line up. Boom!

In today’s world, it’s important to pair up historic data with real-time data, just as my colleague, Steve Kuegler wrote about recently. Understanding the customer is just the first step.

Next, we outline the customer journey – going from awareness to consideration, purchase, to experience, loyalty to advocacy. Info on your most valuable customers becomes the foundation for a rich marketing plan, overcoming barriers for each step of the journey while identifying key message points that help hold your customer’s hand along the road.

In addition, along the customer’s path, we introduce cross-sell opportunities with products specifically designed to increase your share of wallet. For example: targeting checking account customers with home equity loan messages as we move into spring and dreams of DIY projects begin to bloom. It’s all about taking the information you know about your customers and mapping out ways to target them in relevant, meaningful ways while growing your brand portfolio and strengthening your brand’s relationship.

Unbound has decades of retail experience targeting customers and driving sales above industry averages. Our work for Havertys is a great example and may spark your interest to learn more about how we can put this experience to work for you.

We’d love to help give you a bird’s eye view at how to increase your share of wallet. Give us a call at 816-589-3333.

Source: Resonate National Consumer Study