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Echo Partners Community Bank Blog

    Every customer is a great customer…

    [fa icon="clock-o"]} [fa icon="user"] Howard Lothrop [fa icon="folder-open'] deposit profitability, analytics

    Smiling young man shaking hands with an insurance agent or investment adviser as he sits in a meeting with his wife in her office.jpegEvery customer is a great customer…

    …But they might not be a great customer for your bank.

    Let’s face it. There’s always one bank in your market that pays the highest rates. And there’s one that charges the lowest fees.

    Maybe that’s their strategy, or maybe they’re just insecure and feel like they need to buy business.

    But those banks don’t get all the business, do they?

    They don’t because people bank for all sorts of different reasons unrelated to price. Things like…Convenience…Locations…Service…Expertise…Specialization…Relationships…And so on

    The same is true for banks. Banks target different customers for different reasons.

    That’s the essence of great banking.

    Knowing your own advantages, what you offer, and who your ideal customers are.

    Instead of letting customers view you as a commodity, focus on those customers who resonate with your way of doing business. Customers who value you.

    How do you know if customers value you? Here are 2 quick hints.

    • If they select you for reasons not solely focused on price
    • If they handle their business with you in a way that allows you to make a normal profit.

    Let #DepositProfitability help you find your great customers, fix those that aren’t yet great, and attract more just like them. It’s a win/win.

    Do you want to grow your bank profits with little to no risk? Click Here to  Discover How
    Howard Lothrop

    Written by Howard Lothrop

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