The time has come to adopt a generation-savvy approach to onboarding, and leave outdated, product-centric onboarding behind. Wouldn’t it seem silly if the auto industry promoted their new car deals to four-year-olds? Or what if a millennial were invited to a retirement village grand opening? It won’t happen because it would be absurd. Companies know they have to target products and services to the people most likely to be interested. So, why is it that many community banks and credit unions engage in generic, product-driven cross-selling activities? Maybe it seems easier to send an email blast with a checklist of everything they offer. Or maybe they simply don’t understand their customers or their interests. Often, this is because when they opened an account they didn’t capture the data to take onboarding communications from generic to generational.
Generic onboarding is “old school” and treats everyone the same. Whether the customer is a new parent starting a savings fund for his 18-month-old, a recent college grad starting her career or a retiree moving to a beachside home, the onboarding communications are all the same.
Contrast that with a generational onboarding process, which recognizes that people are in different places in their lives, are pursuing different objectives, and have different technology skill levels. A robust onboarding system will collect information based on new customers’ life stages, goals and preferred communication channels, so product and service recommendations can fit their specific interests.
A quality onboarding process allows a customer’s key information to be factored into decisions about which products, promotions, and educational materials should be targeted to him. For example, the recent college grad might receive email offers about car loans or tips on sound money management. A promotion for the beach-bound retiree might involve direct mail about a HELOC loan to help with home renovations, or about ways to minimize taxes.
Armed with information from your business analytics solution, your generational onboarding process will let you avoid sending home loan offers to teenagers or, worse, promoting your auto-loan sale to a customer who just financed his car with you. Instead, specific, personalized messages that are pinpointed to each customer’s need or interest will avoid training them to ignore all of your messages. It’s the simplest way we know to increase wallet share while also improving your customers’ perception of your brand.
Interested in learning more about developing a generation-savvy onboarding program? Book some time with a Doxim expert, who will share some tips and tricks on getting started.