• Dean posted an update in the group Group logo of Experiential Customer Environments Experiential Customer Environments 4 years, 1 month ago

    Ever realize how theme parks make such great environments? You spend money just to be there like it’s an exclusive club. I think banks can do the same and make it feel like you really are a part of something special, like by net worth or income maybe. You can make the bank nicer with artwork and furniture to make it seem upscale. Maybe that can help bring in high net worth clients.

    • I believe that this works because theme parks play on the concept of selling an experience and activities that go along with it. On the other hand, banks and financial institutions sell products and services directly associated with their trade – money. These are things that are maintained over long periods of time, and thus cannot necessarily be influenced by something physical like a place of operations. While I am sure it would be helpful in the sales process to renovate a bank or business, I don’t believe that it would affect the performance too heavily in the long run. Rather, it would give quite a bit of ambiance that would help increase sales on site. As we transition to more online channels, though, we won’t see physical locations have a major impact.

      • Obviously I replied to the wrong post, but anyways, I don’t really think that it’s worth the investment. It’s a big charge just to make things a little nicer and maybe bring in new people. Personally, I wouldn’t see it as worth the expense or risk of implementation.

        • There are always situations where it may be more expensive to actually implement a new concept. However, if you can weigh out the costs and benefits then you can evaluate whether or not it is worth the risk. In this case, I agree that there is quite a bit on the line in terms of money that probably would not be worth it in most cases. I still believe that there are some businesses, such as smaller banks and those in communities with sparse services, that would benefit from having a more appealing physical presence. Credit unions are a niche group that is able to capitalize on those who prefer their offerings over traditional banks; boutique banks can utilize nicer amenities to attract customers as well.

    • While I do agree that this is a novel way to attract customers, I must concur with James and point out that this is a strategy that has a great deal of upfront investment that may not generate a sufficient return. Physical presence for a business, while an important representation of the culture and face of the company, is an aspect of traditional marketing that is losing ground to digital methodologies. I believe that the services themselves and their portrayal will have the most impact on the customers’ perception of a business and its ability to fulfill needs.

      • Dean replied 4 years ago

        So are you saying that it wouldn’t ever work for businesses to grow by making their stores more attractive? I was thinking it would be the same as a regular remodel.

        • There is potential that this will have a positive impact upon the business, but that impact is marginal compared to other methods that can be used. For the banking industry, it may be more worthwhile to invest in talent, personnel, and services. However, a traditional remodel can be effective, it just may have limited success.

    • Aaron replied 4 years ago

      Great idea, and while we’re at it we might as well hand them free products and services as well. Really, who would spend all that money to build up a nice bank when your customers don’t even come in the doors? The issue isn’t making the place nicer so that people come in – it’s about giving them a reason for them to be there in the first place. If you think it will work, by all means push the idea. Realistically, it is not worth the risk.

      • Dean replied 4 years ago

        Same as what I said above, I don’t get how it wouldn’t work. People would go see places that are new or interesting because it will catch their eye. I was thinking it would be the same sort of deal and people would come to the bank looking to see what’s new, then being sold on new products.