Help Your Struggling Branch
What do you do if you have an underperforming branch and your corporate marketing efforts aren’t helping? Short of closing the branch, you can test different products and offers.
If you use direct mail marketing promotions, you should regularly test elements of your campaigns to see if any changes will boost results. Typically, you test one element at a time, rather than wholesale changes. You want to be able to point to the specific change that made a difference in responses instead of guessing which of multiple elements might have influenced prospects.
Here’s how testing methods might help that problem branch.
First, of course, assure yourself that the lackluster performance isn’t due to training or management issues at the particular office.
If you’re already mailing across all markets, then test something different in the problem market. For example…
- If your lead account isn’t named “free,” but it is free, add that eye-catching word to your components
- If you’re promoting a relationship account instead of a no-strings account, switch focus
- Instead of a generic “we have checking” message, focus your promotion on a specific popular account
Or, make a change to your offer…
- Add a premium if you’re not using one
- Upgrade to a higher category premium in your test market
- Switch to a premium instead of cash, or vice versa
- Try something entirely new, like an uncomplicated step-up offer
You can also test a new message. For example, use a special promotion in your underperforming market like you would for a grand opening. You could schedule an event, like a customer appreciation day or a tailgate party, to draw more prospects to your targeted branch.
If you think the problem with the underperforming branch is caused by the competition, then promote benefits and features that make your financial institution stand out. Promote your free nationwide ATMs, for example.
If you’re not using direct mail marketing, or using it only occasionally, then consider a special mail campaign for your underperforming branch.
Don’t hesitate to attempt something different. Remember, your focus is on improving the business for your underperforming office. Make prospects in that market aware of your branch.
Then if your tests are successful, see if the element you tested will improve acquisition rates in your other markets.
Boost awareness of your branch by using billboards in the selected market.