5 Point Strategy to Increase Footfall Conversion in BFSI Industry

Not everyone that walks into your company can be your customer, but everybody that walks in has the potential to be your customer. Be it the retail industry or the financial sector, footfalls and their conversion ratio can provide great insights into customer behaviour, preferences and sector outlook. In spite of higher conversion ratio of the footfalls, the finance industry faces a major challenge when it comes to retaining, acquiring or nurturing its customer base due to the high level of competition in the market and global fluctuations that none seem to have a control over.

Understanding the feet that fall
For finance companies offering financial products such as mutual funds, SIPs, brokerage, insurance and other products and services, the conversion rate of the footfall could hold the key to success. It is important to understand first that people generally do not walk into such an office on a Sunday with their families but instead come with a specific need, a specific objective and an investment or credit plan. Also unlike a retail store, no finance company can offer a product range that can satisfy majority of customers and therefore the one that walks-in will either have to be convinced to buy a product/service or if fortune favours may just find the product that he/she is looking for.

Brand matters
To keep the odds out and to bring in quality for convertible footfall it is important companies have a strong brand presence. In the financial sector, building brand presence can only come after a detailed study of one’s market and there is no better way to study the market than knowing one’s customers. This is where a CRM solution is very effective and provides crucial data on the customer that can not only determine the quality and volume of the footfall but also predict the conversion rate.

Identifying a company’s own domain expertise and ensuring that the brand image reflects this specialization is also an important aspect of brand building. If the customer comes in looking for say binary options experts and finds a specialized mutual fund dealer who advertises as a financial solutions firm, there is a strong chance they will not walk in even when interested in buying a mutual fund. Making the right impression therefore first-up could hold the key.

Flexibility and customization
As mentioned earlier, the customer that walks in does so with a plan, a pre-conceived idea about what they want. Financial products/services offering a higher degree of flexibility and customisation therefore have a better chance of being popular. So how does one design such products and services? The key to that lies in the reports and analytics generated by the CRM solution that allows companies to determine their margins even after stretching a particular product/service. 

With the help of special offers, discounts and multiple benefits that make the opportunity a ‘great deal’ for the customer, companies have a higher chance of acquiring new customers compared to having rigid products that ask the customer to change his/her spending patterns.

Relationship management
Above all the strategizing and the image building is the point of contact that a company offers to its clients/prospective customers. Developing a customer relationship policy that focuses on being customer centric can be advantageous not just to the customer support team but also provide valuable insight to the pre-sales, sales and after-sales teams.

Effective use of a CRM solution
Financial Services CRM ensures optimal customer experience through real-time updates, instant alerts, assignment rules, multi-level escalations, SLA management and much more. It also allows users to understand their leads and customers better with multi-system integration to highlight past purchases and interactions, thereby allowing a better analysis of the product or service the person is most likely to buy. An effective CRM implementation also facilitates access to customer profile information from multiple social networks to increase rapport building and provide a crucial competitive advantage.

Another important tool for understanding constantly changing customer needs and analyzing competitors is social CRM - financial services companies can search by keywords for tweets related to products, services and competitors. Comments and feedback related to their own products can be captured instantly as leads or cases through the CRM system to facilitate instant follow-ups. Reports and dashboards can be created to facilitate redesigning strategies and co-creating products based on a careful study of these social activities/ comments related to leads and customers.

CRM solutions can also help organisations gain access to information about customers that can help in designing new products. While no one can convert the entire footfall, with a wider product/service range, good reputation and secure holistic approach, financial services companies can surely expect a higher than average conversion ratio. A financial services CRM solution provides all of this in a nutshell and the real-time information can be used by a firm to formulate strategies related to acquiring, retaining and managing customer data.

With real time information made available at various customer touch points by using CRM solutions, companies can stay more relevant than ever to the latest industry trends. This not only adds depth to customer servicing for finance companies but also allows greater flexibility and depth at the time of a sales pitch for users. If a salesperson can understand and educate the lead and then sell the product, it will promote customer loyalty and advocacy leading to higher ROI.