Page 7: Choosing appropriate strategies for the different categories
Having identified different categories of branches, it was easier to identify strategies that best suited the types of customers using these branches.
In branches with high percentages of existing customers it is possible to build on existing relationships through staff training and through communications that reassure customers that they have chosen products wisely. Many of these branches can be found in the 'heartland' of the Yorkshire Building Society, and have many long-standing, loyal customers. Today, the main focus of these branches is to continue to grow the business and customer base as well as generate opportunities for cross selling. These branches provide a benchmark towards which other branches can aspire.
The main focus for branches with significant growth potential will be to attract new members through the entire product range.
The main focus for branches with a high market share, but a high percentage of sales in particular product areas will be to:
- generate cross-selling opportunities for the existing loyal customer base
- attract new customers through local marketing and mailing programmes
- develop customer relationships.
To meet its customers' needs in a more sophisticated fashion, Yorkshire Building Society has compiled a Financial Acorn profile based on the catchment area of each of its branches.