If you are a in insurance or if you are a lender or offer mortgages or are a bank you are well aware of the competition in the financial market. Especially today, companies are wondering what other businesses can offer clients as well as what they cannot.
With everything going on right now, are you aware of consumer trends and how consumers choose financial services today? Investing in a little research and development of <a title=Customer acquisition at Zoot! rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=http://www.zootweb.com/additional_information/customer_acquisition.html>customer acquisition</a>  and retention will put your financial services ahead of everyone else.

Most people will tell you the secret of <a title=Customer acquisition at Zoot! rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=http://www.zootweb.com/additional_information/customer_acquisition.html>customer acquisition</a> is relationships.
And those people are right. Think about what makes you come back to a company? Honest, hardworking and helpful people right? Insurance is a hard business to sell, not only because so many people sell insurance, but it’s a gamble for customers. If you think about it, when people buy insurance, they are gambling against themselves. Will they get in an accident? Will their house burn down? How can one company, besides those companies that sell mandatory insurance- like car insurance- make other insurance really exciting? Likely, you won’t have to be over the top with exciting details because with home and car insurance- it’s absolutely necessary to have it so if your company is one of the thousands selling mandatory auto insurance- how can you be sure to consistently get new customer acquisition and retain those customers over everyone else?  Read more

If you are a lender, in insurance, offer mortgages or are a bank you are well aware of the competition in the market, what other businesses can offer clients as well as what they cant. But do you know what the market wants right now? Are you aware of consumer trends and how consumers choose financial services? Investing in a little research and development of customer acquisition and retention will put your financial services ahead of everyone else.

Most people will tell you the secret of customer acquisition is relationships.

And those people are right. Think about what makes you come back to a company? Honest, hardworking and helpful people right? Right. Insurance is a hard business to sell, not only because so many people sell insurance, but it’s a gamble for people. When people buy insurance, they are gambling against themselves. Will they get in an accident? Will their house burn down? How can one company, besides those companies that sell mandatory insurance- like car insurance- make other insurance really exciting? But- if your company is one of the thousands selling mandatory auto insurance- how can you be sure to consistently get new customer acquisition and retain those customers over everyone else?  Read more

Cross-selling Financial Services: Profit through Retention

The industry assumption that simply improving multiple product holdings will boost retention rates no longer holds. Changing needs of consumers as well as ongoing technological advancements mean that providers must reassess their cross-sell strategies in order to drive profit through a more holistic approach to retention. ( http://www.bharatbook.com/detail.asp?id=130029&rt=Cross-selling-Financial-Services-Profit-through-Retention.html )

Scope

* Using data from our global FSCI survey, this report evaluates the drivers of customer retention
* The report discusses trends and developments in consumer needs and providers” capabilities and how these can drive a successful strategy
* The report provides concrete actions for providers to create a holistic approach to customer engagement in order to boost retention levels

Highlights

In assessing the impact that multiple product holdings have on a consumers” likelihood to change their primary bank, It has found that contrary to industry assumptions a direct and simplistic link between product holding and intention to stay with a bank cannot be made.

While it is understandable that those who believe that economic conditions have worsened are more likely to now shop around more for their FS products, it is those who believe that economic conditions in their country have actually improved who are the most likely to shop around more now.  Read more