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The Little-Known Marketing Strategy for Gaining Market Share Quickly

Every so often one of your major competitors hands you a golden marketing opportunity on a sterling silver platter.

Are you taking advantage of it?

Unfortunately, most community banks and credit unions sit back and do nothing when such a rare opportunity presents itself.  There are several reasons for inaction which will be listed below.

The golden marketing opportunity is the ability to quickly acquire a large number of new checking account customers using a little-known marketing strategy – a disruptor marketing campaign.

The original disruptor marketing campaign was created for only one purpose and with one goal in mind.  The purpose is  to enable community banks and credit unions to react with lightning speed to draconian product, pricing, and branching decisions made by the bigger banks in the market.

The goal is to quickly grow market share by grabbing as many new checking customers as possible from the bigger bank.

For example, what will your bank or credit union do upon learning that one of the predatory mega-banks with branches in your market is dropping free checking or testing a new $3 monthly debit card fee?

An immediate decision must be made by senior management – sit back and do nothing or quickly launch a disruptor marketing campaign to grab as many of the bank’s disgruntled checking customers as possible.

One thing is certain during these situations – a large number of checking account customers will be looking to move their checking account to a different bank or credit union.

Normally, approximately 22% of banking customers are searching for a new place to bank.  This percentage increases dramatically when an event causes “disruption” in the marketplace.

Using survey data, Michael Moebs, CEO of Moebs Services estimates that four million customers left the 30 largest banks in 2010 because of fee changes.  He’s expecting an additional 11 million to leave their current bank in 2011.

This unusual amount of customer churn is a golden opportunity to quickly grow market share for any community bank or credit union willing to make a major adjustment in its current marketing strategy by funding and launching a disruptor marketing campaign.

The good news for the handful of community banks and credit unions willing to embrace a disruptor marketing strategy is that most competitors will sit back and do nothing.

Why?

Here are a few reasons:

  • There’s no money in the marketing budget to launch an unplanned marketing campaign.
  • The long, internal approval process for such an unusual, untested strategy ensures that the window of opportunity would be missed.
  • It would take too long to create such a campaign and get the message to the competitor’s disgruntled customers.
  • Senior management doesn’t want to appear predatory by aggressively pursuing other banks’ customers.
  • Our branches couldn’t handle the volume of prospects coming in the door to open a new checking account.
  • We don’t have a competitive offer to present to these disgruntled customers.

In reality, there are no valid excuses for missing out on such an unusual marketing opportunity – unless of course, you are that rare bank or credit union that doesn’t need any more checking customers.

Frankly, I wasn’t aware of any bank or credit union with zero checking account attrition.

Fortunately, there is one direct response marketing company serving banks and credit unions that has already developed a turnkey disruptor marketing campaign that can be quickly implemented when the opportunity arises.  More information is available here.

If you’re still not sure about the value of using a disruptor marketing strategy in your market areas, you might want to read ACTON Marketing’s September issue of its free online newsletter.  The entire issue covers the disruptor marketing strategy and presents the seven elements of a successful disruptor marketing campaign.  You can read the September issue here.

Electing to use a turnkey disruptor marketing campaign that can be quickly customized for your specific market situation is one of the smartest marketing decisions you can make.

After all, there are no other marketing strategies available that will deliver as many new checking customers as quickly as a cost-effective disruptor campaign.  Unless, of course, you wish to test a $500 cash bonus – paid at opening – for new checking accounts at your bank or credit union.

At a minimum, isn’t it worth testing a disruptor campaign?

Tagsa disruptor marketing campaignACTON MarketingCEO of Moebs Serviceschecking accountchecking account attritionchecking account customersCommunity bankscredit unionscustomer churndisruptor marketing strategydropping free checkingfree checkinggolden marketing opportunitymarketing budgetmega-banksMichael Moebsquickly grow market sharesenior managementsterling silver plattertesting a new $3 monthly debit card feeturnkey disruptor marketing campaignwindow of opportunity

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