Cultivating difficult-to-access markets and customers with limited knowledge of formal financial services requires hard work. The number of customers who actively use financial products is usually small, so any opportunity to improve acquisition benefits your bottom line. Consider these key elements when working to acquire new customers:
Identifying / Entering New Markets. Providers often look to new markets when existing ones are saturated – or when they’re seeking new opportunities. First get to know the segments you want to enter, then tailor offerings to better ensure customer success.
Awareness. Customers may need to learn more about the benefits of a product or service if the value proposition is not clear. On the other hand, customers may see the value but find formal financial services intimidating. Overcome this hurdle by developing a more welcoming environment for customers.
Enrollment. Customers are unlikely to sign up if a value proposition is not strong enough. Think through the customer journey to determine emotional and psychological costs and value. Deep costs may be associated with poor customer service or the stress of locating documents for enrollment.