In the world of digital marketing, analytics reign supreme. Whether it’s calculating page views, clicks, bounce rate or SEO-trending keywords, running and marketing a business hinges largely on your ability to collect, interpret and leverage analytics to understand customer needs and identify opportunities. Retail banking is no different.
Branches Still Matter
The ability to mine data is key for measuring both where your bank is succeeding and where it stands to improve. This is especially crucial for setting opportunity-based sales goals, aligning resources, and maximizing performance for individual branches. Branches are no small investment – requiring millions in capital and significant operating costs every year – but they’re an invaluable part of how a bank grows.
Despite the widespread availability of convenient alternative banking options – such as online banking, mobile banking apps and live chatting with bank representatives – 95 percent of transaction accounts are sold in-person at a branch, which are then the starting points for 70 percent of all bank-customer relationships. For the wide majority of your customers, brick-and-mortar branches are a cornerstone of their banking experience, making investments there all the more pivotal.
Setting Goals, Optimizing Results
The relationships between banks and customers aren’t static. Customer expectations are always evolving, and it’s important that banks evolve in tandem to make sure those expectations are met and exceeded. Hand-in-hand with meeting customer expectations is setting proper goals and benchmarks for branches and other remote channels, like ATMs, so you can accurately gauge what’s working (and why) or what isn’t working (and why).
With marketing analytics, you can use peer benchmarks that take into account uncontrollable branch factors, such as market attractiveness and competition from sales performance to better align goals with opportunity and maximize sales results. Aligning goals with opportunity drives higher buy-in from the sales team and puts the focus on real growth areas.
It’s important to establish realistic sales goals for branch teams, because it not only drives an increase in sales – allowing you to better gauge true sales opportunities in a branch’s given market – it also helps you avoid problematic inefficiencies. Reaching achievable sales goals maximizes productivity and performance, while failing to meet unachievable sales goals will lock you into a spiral of missed opportunities.