The New Era of Customer Acquisition: Personalization, Technology, and Growth

In the last few years, we’ve seen dramatic shifts in consumer behavior. Developments in contactless purchase, digital adoption, and in-person service alternatives can be threatening for the unprepared. But for those with technological understanding and foresight, opportunities for growth are everywhere. In my more than 20 years of banking experience, I’ve taken on the difficulties of trying to break away from traditional marketing models, sending out generic offers and hoping the results justify the expense, or just waiting for customers to come to you just isn’t enough to break out of the pack, much less grow your customer base. Limited budgets and resources and rising consumer expectations make it even more challenging to connect with consumers.

Strategies to acquire clients and expand relationships and engage in omni-channel delivery have tremendous potential to appeal to both consumer and business prospects, but they have to be implemented correctly to have any chance of success. Successful acquisition and retention strategies now depend on automation that identifies and meets the consumer needs and the institution’s objectives throughout the journey.

The three core components of the ARGO Connects strategy for meeting consumer needs are intelligent lead generation, optimizing success with referrals, and personal financial planning.

The most important portion of your acquisition strategy is intelligent lead generation. One size has never fit all, and consumers are now demanding personalization from the marketplace. An understanding of ever-evolving needs and interests has become a critical component of successful engagement, and your website can be your best resource to gather this information. An intelligent lead solution provides insight into consumer needs and desires, detecting and quantifying activity on your website in four steps: detect, quantify, respond, and measure.

Sensors built into your website to detect a visitor’s presence and interests uniquely identify customers, returning prospects, or first-time visitors. They track navigational behavior, time on page, and content engagement and interaction. These digital signals allow you to quantify need and intent. Quantifying consumers’ behavior generates a propensity to purchase or P2P score using a predictive model to increase the probability of acquisition success. The P2P model allows your institution to identify the quality of the opportunity and optimize resources to effectively respond with the appropriate acquisition activity.

Customer engagement technology automatically responds with the right products and service offerings to meet consumer needs. Analytics determine the appropriate mix of automated and human engagement based on quantified knowledge, identified needs, and potential opportunity value. Targeted, personalized, and relevant responses tailored specifically to the customer ensure you stand out in the constant barrage of marketing content competing for consumers’ share of mind.

So, how do you know if your strategy is effective? Well, if you can’t measure the results, you don’t. Tracking key performance metrics across functional areas empowers your institution to identify areas of success and target opportunities for improvement. When you properly measure your results, improved acquisition, increased revenue, and reduced labor costs are sure to follow.

An institution’s ability to achieve high customer acquisition performance requires skilled staff to pursue all sales opportunities. Capturing and routing referrals must be efficient, identify the right staff to pursue potential opportunities through fulfillment, and track outcomes through key performance indicators for management insight. ARGO Connects originates referrals through staff-assisted and digital channels, routes referrals to the appropriate teams or individuals, monitors SLAs and exceptions, provides the ability to classify, manage, reassign, and update, and tracks outcomes through KPIs.

The flood of information consumers willingly provide in their quest for help achieving their personal financial goals generates details a savvy banker can use to tailor offerings and deliver relevant and timely engagement. Analysis, understanding, and segmentation of freely provided consumer data lets you generate personalized plans. With these, you can meet customer needs, encourage behavior change with peer comparisons, and improve financial literacy with a library of relevant content. Personalization makes the client feel truly known and understood.

ARGO Connects does the heavy lifting, bringing customer acquisition, experience, fulfillment, and service and relationship expansion capability into an omni-channel delivery ecosystem that impacts every stage of the customer journey.

Ready to revolutionize your customer acquisition and elevate your market standing? Embrace the future with our cutting-edge, omni-channel strategies tailored to the new era of consumer acquisition. Contact us now to unlock your potential and lead with innovation.