What Other Industries Can Teach You About Marketing

Monday, December 24 at 01:10 PM
Category: Business Banking

Before we were bankers, many of us were in other industries: retail, hospitality, restaurant, and travel.  We pride ourselves on bringing in the best customer experience and marketing elements from our past lives to banking because we know it’s important to look outside of your industry for best practices and because good ideas are often universally applicable.  Thus we bring you the following marketing ideas to help you expand your business.

1. Redirect some of your marketing budget to a customer experience fund 

One restaurant we know made a big decision to reallocate 50% of their entire year’s marketing budget toward a customer experience fund.  This money was used for things like picking up a table’s entire tab when something went slightly wrong or sending a complimentary bottle of wine to a regular customer’s table.  Customers who benefit from these acts talked about them to their friends and family and, ultimately, became more loyal.  Why did the restaurant decide to try this?  It was a calculated strategy to increase customer loyalty and to generate positive word of mouth.  And it worked.  

What percentage of your current marketing dollars goes toward solidifying current customers’ loyalties?  Maybe you should consider a customer experience fund? 
 
2. Empower your employees to solve the little problems on the spot
 
If you’ve ever had the pleasure of hearing someone from Ritz Carlton speak, you’ve probably heard them mention how they empower every employee – from the manager down to the housekeeping staff – to resolve a guest’s issue on the spot, up to a certain dollar amount.  They do this because they know the benefit of speed when combatting a guest’s discomfort.  The longer the resolution takes, the more upset the customer can become.
 
What does your company’s complaint resolution process look like?  If it takes longer than a moment for an employee to request and get approval for a simple $25 fix, why not empower all of your employees to solve problems up to this amount?  
 
3. Let your personality shine through
 
New ecommerce website sites like Woot.com and DollarShaveClub.com are embracing personality in the sales and delivery processes with effective results, but you don’t have to be a large company to let your personality shine through.  From the barber shop that posted daily quotes in his window – “I intend to live forever. So far, so good” – to the shoe salesman who featured himself in a weekly newspaper ad while wearing a rainbow wig, any businessperson can let their personality come through to break up the noise in the market.  They did these small things because they were in the business of creating a superior experience within their store but they also knew they had to do something to get noticed and get people in the door first.
 
If you deliver the best in-store customer experience because of the personality of you and your staff, does that personality show in your current marketing? This asset needs to be a visible part of your marketing mix.  
 
Implementing Your Ideas
As you think about new marketing ideas to implement in 2013, look to other industries for inspiration.  Watch for great marketing and customer service experiences in your daily life.  Ask your current employees – and especially new hires – to think back on other jobs they had and what things they did to maximize customer experience and retention.  You’ll be surprised at what you can learn and implement in your own business!  
 
The views of this article are for general information use only.  Please contact and speak with a subject expert or your banker when specific advice is needed.  Find articles like this and much more in the online Arvest Biz Center.
 

 

Tags: Arvest Biz, Business Banking
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