Driving Top Customer Loyalty
Recognize, Reward and Retain Your Bank’s Very Best Customers
Attracting and keeping loyal customers is imperative for the success of practically any business. For many of today’s financial institutions, a relatively small percentage of top-tier customers will account for the majority of its profits. The Platinum Customer Program was developed to provide bankers with an imaginative, measurable and sustainable method to build deeper loyalty – and enhance profitability – with the bank’s most sought-after customers.
Platinum Customer Program
The Platinum Customer Program is designed to achieve three important goals:
- Recognize, reward and retain the bank’s most profitable customers
- Deepen the bank’s “wallet share” with top-tier customers
- Attract customers with “move-up”potential
With Platinum Customer status, top-tier customers not only enjoy tangible financial benefits and incentives, they continuously receive VIP treatment.Their Platinum status also invokes a strong emotional tie to the bank.
Platinum Recognizes The Entire Relationship
Because being a Platinum Customer is a status and not an account, the bank can award this special designation to overlay any customer account. Platinum is usually reserved for the top 10% of personal banking customers.To achieve Platinum status, the customer is typically required to have a Personal Checking Account at the bank along with significant deposit and/or loan balances. Each bank determines its own criteria for customers to attain Platinum status.
Personalized Incentives Deepen Loyalty
The Platinum Customer Program is easy to customize and quick to implement. For the cost of treating a top-tier customer to dinner, your bank can reward that same customer with Platinum perks all year long. Each Platinum Customer receives a customized mailer, 2–3 times annually, that includes a personalized benefits card, valuable coupons and the bank’s best offers.Combined with an optional Platinum Training Program, this high touch style of communication will heighten your customers’ appreciation of their Platinum status and deepen their loyalty to your bank.
Personalized Platinum Produces Compelling Results
The power of the Platinum Customer Program is most clearly reflected in its results.The following are highlights from the initial three years of F&M Bank’s GoldCrest Customer program: 
- Deposits by GoldCrest Customers more than doubled, an increase of $111.1 million
- GoldCrest Customers represent 8% of all personal banking customers, but their combined balances grew significantly in the first three years:
- Percentage of Bank Personal Deposits: 25.9% to 45.9%
- Percentage of Bank Personal Loans: 29.0% to 54.4%
- $264 million in combined deposits and loans
- Accounts per customer increased from 4.13 to 4.42
- Download the F&M Bank Case Study for Full Results
Contact BLF Marketing and discover how your bank can benefit by offering a Platinum Customer Program to your top customers.
David Hoke, a partner with BLF Marketing, will be a featured presenter at the 118th Annual Convention of the Kentucky Bankers Association (KBA). 
The American Bankers Association (ABA) Marketing Network has recognized BLF Marketing and its client, Planters Bank of Hopkinsville, Ky., as a Finalist in the 2009 Financial Marketing Awards. 
The March 2009 cover story of ABA Bank Marketing magazine features BLF partners Jeff Bibb and David Hoke addressing SAFETY AND SOUNDNESS communications issues facing today’s community banks. 
The American Bankers Association Marketing Network has recognized BLF Marketing and its client, The Peoples Bank of Winder, Ga., with a top Financial Marketing Award. 
An exhibit catalog chronicling the creativity and skill of Kentucky artist, Tim Lewis, has earned a first place award from the Tennessee Association of Museums (TAM).