New Account Growth

Acquiring Customers Doesn’t Have to be so Difficult (or Expensive)

Doug Forinash

2 min read

In the realm of community banks and credit unions, acquiring new customers has long been a challenging and costly endeavor. The statistics tell a sobering tale: the average acquisition cost of a new customer is $500 across financial institutions – let that sink in. Add to this the fact that there's a 15% average customer attrition rate among retail financial institutions per year, and the picture becomes even more daunting. It's clear that community financial institutions are up against substantial hurdles when it comes to customer acquisition
But there's another sobering statistic that often goes unnoticed: most financial institutions only have a 25% share of their customer's wallet. In simpler terms, even your most loyal customers only have $1 deposited at your financial institution for every $4 they actually have. If that's not enough to raise an eyebrow, consider this – 50% of accounts generate losses on average for financial institutions. Acquiring customers is difficult and expensive, but retaining them and maximizing their value can be equally challenging.
So, what's the solution? It's time for community banks and credit unions to rethink their customer acquisition strategies, value their existing customers, and explore new and innovative solutions to overcome these challenges.
That's where Bundlefi comes in. We understand the unique dynamics of community banking, and we're excited to announce our upcoming industry-first digital consumer platform, set to change the way community financial institutions acquire customers.
Our platform is designed to address the pains of customer acquisition, offering a cost-effective, reliable, and efficient solution. It will enable you to connect with potential customers more effectively and maximize the value of every lead.
Here's a sneak peek at how our platform can revolutionize your customer acquisition process:
Streamlined Customer Acquisition: Our platform simplifies the lead-to-customer conversion process and substantially reduces the $500 average customer acquisition cost.
Improved Customer Retention: With insights into customer behaviors and preferences, you'll be better equipped to retain customers and enhance their overall experience.
Cross-Selling Opportunities: Our platform empowers you to cross-sell and upsell, increasing your share of the customer's wallet.
Minimized Losses: By focusing on high-quality leads, you'll reduce losses and generate better returns on your marketing investments.
In an ever-changing industry, it's time for community banks and credit unions to make customer acquisition less daunting and more affordable. By embracing innovative solutions like Bundlefi's upcoming digital consumer platform, you can reshape your approach and unlock your institution's growth potential. Acquiring customers doesn't have to be so difficult (or expensive) when you have the right tools and strategies at your disposal.
Acquiring customers may be a challenge, but with the right approach and innovative solutions, it's a challenge you can conquer. Stay tuned for the launch of our digital consumer platform, and get ready to change the way you acquire customers.

Downloads

Best practices: Turn leads into new accounts

published 2023

Bundlefi full-service marketing agency overview

published 2023

Bundlefi Pay-Per-Lead one-pager

published 2023

Fractional Marketing

published 2023

FAQs

Bundlefi is your trusted partner in revolutionizing the way community financial institutions succeed in the digital age. We understand the unique challenges and opportunities that arise in the financial industry, and we are here to empower your institution with our full-service marketing agency and proprietary lead-gen platform solutions.

Bundlefi acts as an extension of their marketing team, providing a range of services that save time and money, drive new account growth, and highlight their brand. We offer a proprietary consumer platform experience, fully customizable marketing campaigns tailored to your brand, and expertise in targeting the right audience for optimal results.

Bundlefi offers a comprehensive suite of marketing services, including branding, paid search advertising, digital creative services, content marketing, social media advertising, email marketing, and more. We provide a full-service marketing agency experience to help banks and credit unions effectively promote their brand

Bundlefi harnesses the power of Web 3.0 principles to create personalized and immersive experiences for customers. We utilize AI-driven algorithms to analyze data, gain valuable insights, and make data-informed marketing decisions. This enables us to deliver targeted campaigns that drive engagement and conversion rates.

Absolutely! Bundlefi streamlines marketing operations, automates processes, and optimizes workflows to save your institution valuable time and resources. By maximizing efficiency and reducing costs, we help you achieve your marketing objectives while staying within budget.

Yes, Bundlefi is a one-stop shop for all your bank or credit union marketing needs. From strategy development and branding to campaign execution and performance tracking, we provide end-to-end marketing solutions to ensure a cohesive and impactful marketing presence.

The Bundlefi team’s data-driven approach and expertise in the financial industry enable us to craft compelling marketing campaigns that highlight your institution's unique value proposition. We help you differentiate yourself, attract customers, and position your brand as a trusted leader in your market.

Absolutely! The Bundlefi team does not believe in a one size fits all approach and fully understands the importance of customization for effective marketing. We offer fully customizable experiences tailored to your brand, audience, and specific goals. Our platform allows you to personalize campaigns, landing pages, and digital assets to reflect your institution's personality and values, creating a unique and engaging customer experience.

Bundlefi provides comprehensive analytics and conversion tracking capabilities to measure the success of your marketing campaigns. We track key metrics, user behavior, and campaign performance to gain valuable insights. This data allows us to continually optimize your strategies and achieve better results over time.

Getting started with Bundlefi is easy! Book a meeting with a Bundlefi Team Member. We'll guide you through the process, understand your specific needs, and create a tailored marketing solution that aligns with your institution's goals.

Bundlefi recommends Google Ads search campaigns to target users actively searching for financial institutions in your local market. This tactic allows us to advertise to prospects who are most likely to convert and become your next loyal account holder.

Google Retargeting Campaigns are designed to reconnect with users who have previously visited your website. By showing relevant ads across different devices, retargeting helps keep your brand top of mind as prospects explore various institution options before making a decision.

Programmatic Digital Display involves automated bidding on real-time display advertising inventory. Bundlefi targets digital display ads to your prospects' favorite websites, utilizing factors such as household location, search behaviors, visits to competitors, and more to reach the right customer types in the most relevant context.

Advertising through platforms like Facebook and Instagram can generate targeted traffic and warm leads for your website. Bundlefi's strategy is designed to drive more traffic and increase awareness. By targeting users within a specific geographic area and serving ads to users with relevant interests, we help generate brand awareness and increase conversions.

Bundlefi’s team of experts continually optimize campaigns to enhance ad performance. We update ad copy, optimize ad extensions, optimize retargeting campaigns, optimize device bids, expand keywords, evaluate and exclude irrelevant search terms, and optimize keyword bids to improve relevancy and click-through rates.

Bundlefi recommends tracking completed applications, contact form submissions, and phone calls to measure conversions. By implementing a Google Tag Manager code on your site, we can set up tracking for these events and provide insights into your campaign's effectiveness.

Bundlefi understands that markets are crowded and continually changing. We offer various digital marketing solutions that can expand your digital footprint based on your goals and real-time activity. Whether you need top-of-the-funnel leads or want to target specific stages of the sales funnel, we have the expertise to help you achieve your objectives.

Bundlefi understands the importance of being visible in search engine results and has the best team in the industry to do so. We leverage our SEO knowledge to optimize your website for hyper-local keywords and implement other SEO strategies. Our process ensures that when people search for specific terms related to your institution, your website captures organic search traffic, encouraging prospects to take action.