With a slow-growing economy and strong competition, keeping customers and increasing their share of wallet is a big deal in traditional banks these days. While thorough onboarding, excellent customer service and transparency in fees all play a role in retaining, cross-selling and up-selling clients, you might be surprised to learn how important good communication is in achieving the same. “Communication has the most significant impact on increasing share of investable assets” at any given bank, according to a recent J.D. Power study.
A coordinated, three-part digital signage solution can improve that communication and help banks sell additional products. Think of the typical sales funnel: drive awareness, create demand and close the sale. Digital signage can help convert customers and increase share of wallet more efficiently. Here’s how.
Phase 1: Drive awareness about your products. As we all know, customers do most of their banking outside the branch, so taking advantage of each visit is more important than ever. Dynamic and engaging content on video walls and digital signage can create general awareness about products and offers.
But with hundreds of products in your arsenal, it’s difficult to know how to target the right customer with the right product at the right time. Implementing iBeacons into your branch ecosystem is a more personalized approach. Customer profiles can trigger messages crafted for that profile, which means they stand a better chance of being relevant and leading to a sale (and not registering as creepy).
Phase 2: Create demand. Use kiosks and mobile tie-ins to digital signage to help customers further learn about products. If video walls and signage drive awareness, kiosks, tablets and mobile devices can provide a deeper dive into products to increase demand and conversions.
For example, customers can evaluate products by using a kiosk to view simple side-by-side comparisons. For more in-depth analysis, personal data may help determine the right product fit, so giving your customers the ability to move their experience to their mobile phone is critical.
Phase 3: Close the sale. Digital signage does more than impact customers. Closing the sale falls heavily on branch associates, and digital can play a supporting role.
Sales assist tablets allow employees to communicate more personally and effectively with customers, and sales assist tools that show dynamic representations of product benefits can help drive demand. Imagine the impact of using full motion graphics to show customers what their monthly investment will look like in 25 years versus handing them a piece of paper with bulleted benefits.
In addition, employee-facing digital signage can provide continuing education, ongoing training and discussion points to use with customers to persuade them to make a change sooner, rather than later, in the products and services they use.
It also can serve as a reminder about how to talk with different customers. “Representatives need to be flexible in their communications and modify their messages and levels of explanation to address the specific needs of customers,” the J.D. Power report says. This awareness may be generational – millennials might want different products than boomers – but such generalizations also might be dangerous. How well are your employees trained to identify customer needs and provide relevant information, fast?
A final word about content
It’s important to develop a content plan and programming strategy as a part of your media strategy – the “why” behind your digital signage solution. If you know you want to use your digital solution to cross- and up-sell products, then you already have one of your objectives in place.
When it comes to content itself, are you updating it often enough? The banking-centric blog, The Financial Brand, did a survey in 2013 to find out how retail bankers were using digital signage. First, it found that 60% of banks already had digital screens. However, it also found that two-thirds of banks were refreshing content only every other month. If content never changes, people stop looking and screens become wallpaper.
Sound strategy. Great content. And the human touch. Put them together and that’s how your digital signage will help your bank survive and thrive in a competitive market.
Is it time for a reset of your bank’s digital signage network? Download our white paper to learn more about getting the most out of your solution.