How much do you know about your customers? More companies today recognize that capturing wallet share from existing customers is as important as capturing market share with new customer wins. At a large national bank, for example, an enterprise-wide customer strategy has focused on developing long-term relationships as a way to increase wallet share and bank profitability with a focus on customer service.
Although a major player in the industry, the bank had not performed on par with its competitors with regard to customer wallet share. The bank provides a range of financial products including insurance; investment; and personal and commercial banking services, but its main competitors averaged 2.8 products per customer for every 1.2 of the bank's products.
Worse than that, bank leaders recognized that they were operating blindly when it came to marketing to their customers. Too often customers received generic mailings because the bank wasn't able to segment...
