QUESTION: We will be launching online banking in about 60 days. I would appreciate any ideas you might have for making our customers aware of it, promoting it outside the bank, getting people to try it.
ANSWER: Here are a few points to remember that the past 2 years has taught those who
have launched online banking:
Learn how many people in your market area actually have an Internet Service Provider contract. Don't assume "everyone" is connected, especially in non-urban areas. About 5 million homes are connected.
Compare what your online service is offering, as compared to other bank online services. If you are a "me-too" product, don't expect many signups.
Billboards and radio advertising are best to launch with, followed by mail to customers. BUT the amount of advertising money you should spend depends a lot on answers to the first two questions.
Train all employees on questions customers will ask about online banking.
Don't spend more than $10,000 to buy online banking service.
If you want a lot of people to try it, offer them powerful incentives, like FREE use for 6 months. There is a big hurdle in front of people trying and converting their account to online banking. You must make it powerful.
Target your promotions to those customers who are the best quality, easiest to convert. (If you don't know who these are, call me.)
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