Many financial institutions claim to have the “best” product or service over the competition. But with all of the claims being made in your market, how can a consumer tell what is really “the best?”
One tactic we have found to be successful is to create trial of the point of difference. Creating trial allows the consumer to use the product or experience the service over a defined period of time and then opt in or out, without incurring any fees or charges. This gives consumers the ability to test you out and decide for themselves if you live up to your hype before they make the switch.
You can also make the trial more compelling by adding a guarantee, which would require you to provide an offer to consumers if you don’t deliver on your promise. If communicated correctly, encouraging trial can be faster, cheaper, and more effective than trying to talk someone into switching financial institutions.
However, once you have persuaded a new consumer to give you a try, then it is up to you convert them into customers/members. Therefore, it is important to also include the consumers that are “giving you a try” in an On Boarding Program. Communicating to these customers early and often is the key to conversion and retention.
Jamie
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