Answer:
This is a very broad question. It may be necessary to get back to the basics. Offer competitive products, which means low fees and high rates of interest being paid. Advertise these products, and deliver them with excellent customer service.
That is certainly easier said than done. Using coffee as an example, are you selling the convenience store pot of coffee, the Starbucks cup, or the MacDonald's mug sold in large quantity to a diverse market? Each has a place and in some cases you sell the sizzle more than the steak.
You also decide who your market is. Are you after large CD deposits, or more accounts in volume that produce more fee income? Your products need to be designed for your bank's long term goals. You market to the audience that you want. The local paper may be read by one group of customers while a local magazine, country club newsletter or church bulletin are read by others. Target your ads to the market that desires your product.
Offer incentives. These may be temporary interest rate hikes, lowered fees, referral fees paid to consumers or cross-selling bonuses paid to employees.
Start with a plan on what you want and the timeframe. Establish steps along the way. Define your market, products, and then deliver. Again, it sounds simple. If it was, everyone would do it. The truth is that the other guy doing it is after your customer. Examine what he is doing, and what you can do better.
First published on BankersOnline.com 7/05/10
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