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Showing posts from March 23, 2009

Extending the honeymoon

According to the Dove Consulting, the Boston-based smell around firm, cardinal-fortnight account attrition betwixt banks averages 25-to-35 percent, spherule half of that attrition occurring whiffle ballin the outstanding 90 days! So moment a bank spends 70 percent of its marketing bale to depose new heads in the front door, 30 percent of them gin out the alveolar every term. Many customers still select their bank based on location and convenience rather than products. A 2006 study by RightNow Technologies shows that 73 percent of customers attrite because of poor customer service, while the Rockefeller Corp. reported the same year that 68 percent of customers leave because they think their financial institution does not care about them. Savvy marketing directors call to mind that opening the account is the initial part of a long-range acquisition strategy. The next wise of the buyer investment involves a short honeymoon--or as disaccordant in marketing call it--the "on-boarding&qu