Whether in the world of hedge funds and large returns, or traditional banking options, the most important part of any financial institution is the return.
Without a strong potential for return, clients won't be interested in placing large deposits in your group, and with no return for the bank the whole process becomes a rather fruitless, pointless endeavor.
So how do you bring larger clients into your institution without just offering them returns that destroy your potential for making money?
Win on Value, Not Cost
This is a pretty common strategy in the modern business world - with the access that businesses have to find solutions nationwide and the ability that they have to strategize and learn more about what is available, it's no wonder that competition is so stiff to find buyers and clients.
This means that while many of your competing institutions are offering short term incentives, price breaks, or higher returns, they're cutting their own top-line short by dropping the potential margin. This is not a strategy for long term success.
Just like any other readily-available service or commodity, the real sell comes on value. By creating a unique value in your institution through exceptional customer service, a variety of otherwise unavailable offerings, and a stellar user experience that is tied deeply to transparency and customer service.
Know Your Customer Before They Know You
In the age of the digitally informed consumer, the most important thing you can do is learn who your customers are before they realize that they are going to be your customers.
Advertising, while subjective, often sought to make people who weren't customers become customers. Now, the higher-level education phase mentioned in the previous section is even more important than ever.
Studies show that over 60% of the education and decision making process is done over a lengthy period of time before the first call or direct interaction with your company. This 60% is where several important victories need to occur.
Most importantly, knowing what your customers pains are is crucial - are they seeing lower-than-average returns? Is this reason enough to make them move? What experiences have made your current clients switch from another institution to yours in the past? What made customers leave your institution to go to another?
Providing these answers to would-be clients will cement not only your position as a leader in the industry, but your potential to provide a solution to their problems. The modern, informed client doesn't want a product or a service - they want a solution to their problems, whatever that may be, and often times they are willing to pay top-dollar for just that, if they can have a pain-free experience.