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• W2993901248 abstract "0 Scarred by downturns in commercial real estate and international banking, institutions like Bank of America and First Chicago have rediscovered the joys, security, and consistent-if not spectacular-profits of retail banking. One of their focuses is their most profitable customer segment-the high-balance affluent. Competition for this market is growing more intense. Newly chartered upscale financial institutions such as PrivateBank and Trust, Chicago, are springing up throughout the country, selling their wares to individuals with annual incomes of $150,000 and more. And private banking divisions of super regionals are escalating their advertising efforts in an attempt to increase their share of this lucrative market. Let's take a closer look at why the affluent offer so much potential. More cost efficient. By definition, wealthy customers have ample resources, which means marketing allocations are characterized by higher-than-average cost efficiency. While it may cost $74 to acquire an average savings customer who typically nets the bank an annual income of $230, the same $74 invested in an affluent prospect can result in net income of more than $800 per year, for example through an $80,000 certificate of deposit. Cheaper direct mail. Instead of a hit-and-miss campaign of expensive newspaper, radio, and TV ads, affluent customers and prospects can be reached less expensively through direct mail. If expense is viewed as cost per individual, direct mail can seem expensive. But because there are few very wealthy people, the overall program is usually more efficient. Bank cross-sell pitches are almost guaranteed to be read by affluent people. While most customers typically throw 30% of all junk mail away unopened, the high-balance-customer is attuned to his or her investments and will generally open bank mail out of concern that it contains important information about accounts. Rate blind. In contrast to the average customer, wealthy patrons are not especially rate sensitive. A survey of 4,500 accountholders at a western California community bank was conducted in 1986 by Robert Metzger, professor of management at the Graduate School of Business Administration at the University of Southern California, and Sukhen Dey, assistant professor of computer sciences at Indiana University-Southeast. When Metzger and Dey looked at customers who had more than 10,000 in balances, they found that most of these customers-65%-had no idea what rate they were receiving on their bank investments. Another 15% of respondents stated they were receiving a competitive rate when, in fact, local institutions were paying more. Who to target. How rich customers have to be to participate in an affluent program depends on the bank's market and the span of the program. For example, existing customers may be considered affluent if they have balances of more than $100,000. Or they might have large sums of money in a passbook, a certificate of deposit, or a mortgage or other loan. Prospects can be first identified by proximity to branch, then screened by one or more clues to wealth such as income, age, home value, or luxury car ownership. Three tips on screening prospects for affluent programs: * More millionaires drive Chevrolets than Mercedes Benz', so don't define your market so narrowly that you omit a large segment of the marketplace. * Don't waste your time pitching bank deposits to risktakers who acquired their net worth investing in stocks, securities, commodities, and chancy holdings. * Aim bank services at owners of plumbing, air-conditioning, remodeling, and other small construction companies. These people aren't generally solicited by major banks but typically represent a high percentage of millionaires. Promotions. After direct mail has been used to draw a group of existing customers into an affluent program, the bank can go after friends and relatives. …" @default.
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