The Power of 5
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The Good News:Most everyone who walks in your front door needs more of your products!
Nearly all adults have a need for AT LEAST 5 different product categories …
We call this the Power of5:
- Checking:The “spend” account.
- Access: Waysto get to their money. All electronic,plastic, and co-op tools.
- Savings:The short-term emergency account.
- Loans:Home, auto, credit card…
- Investments:CD, IRA, Trust, Insurance, etc.
The Bad News:Only 43% of consumers who purchased an additional banking product did so withtheir PFI.*
As you look at your 2012 budget, priorities and objectives,ask yourself one question:
Do you have at least 5 products inevery household?
A focus on your existing customer/member base will be morecost effective, will yield better results and will decrease attrition.
* J.D. Power & Associates report
MarketMatch is a full-service marketing consulting firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate MOMENTUM and yield the greatest RESULTS for your bottom line.
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