The In-Store Branch approach to marketing and selling is a micromarketing effort. While any amount of outside, or macromarketing, is potentially beneficial, it is often far more prudent and effective to focus marketing efforts and expenditures within the walls, and parking lot, of the retail store.
The lobby of the In-Store Branch is the store. The retailer draws people into the in-store branch’s “lobby.” There is great power in enabling the in-store team to focus on this specific target market. Thousands of potential customers are brought through the lobby of the In-Store Branch each week. There is little need for expensive outside advertising. The target market of the In-Store Branch is anyone who shops the store on a regular basis. The entire store becomes the lobby of your branch. That being the case, there are key methods that can be used to reach that customer base. These methods are referred to as In-Store Business Development.
The most important practice of an In-Store Branch is business development. Building personal connections with shoppers, understanding their financial needs and inviting them to open an account with your financial institution are the fundamentals of business development. Without it, growth is limited. The In-Store Branch has numerous opportunities to conduct business development daily.
Our goal is to have regular and consistent positive interactions with shoppers, and employees within the store. Every positive interaction is moving them one step closer to becoming our newest customer.
Examples of In-Store Business Development
It is essential to identify the various locations within the store where you can create regular and consistent positive interactions, as well as finding ways to draw attention to your branch inside the retail store. Examples of In-Store Business Development are:
- Getting to know department teams – attending daily/weekly meetings
- Floral Department – Use in-store floral department for floral deliveries
- Use a white board for promotional messages or a daily trivia question
- Birthday or Membership Anniversary Cards – spend time each week writing cards for your member(s) on their birthday or membership anniversary
- In-Store signs, banners, cabinet graphics, etc.
- Display Tables and Mobile Check Writers
- Branch Activity
- Register to Win
- Promotional Items
- Behind the teller line: Positive interactions with current and potential customers in and out of the branch
- Front of the branch: See You Out Front Time
- Café/ Dining Area
- Retail Stores Front Door
- Retail Employee Lounge
- Bagging Groceries
- Aisle Walks
- Good Morning and Afternoon Patrols
- Branch Promotions
- Public Address Announcements (PAs)
In-Store Signs, Banners, Cabinet Graphics, Etc.
Key areas for the placement of In-Store signs, are high traffic areas where shoppers have a tendency to pause. Since the branch is located in a high traffic area, the best utilization of where to place In-Store signs, banners or table displays is at the branch. The goal is to draw attention to the financial institution that is located inside the retail store. Cabinet graphics, neon boards, and marketing message boards are typically the types of signage used.
Examples of Branch Activities to Involve Shoppers
Drawing shoppers into your branch allows for conversations that lead to personal connections. Branch activities should fit within the branch’s promotional theme and be short in duration. This allows the shopper to participate and return to their shopping. In-Store associates should utilize the time to step out from behind the teller line and actively interact with participants in an effort to build relationships. Examples of popular activities are:
- Kids Coloring Contest
- Miniature Putting Green
- Beanbag Toss
- Meet and Greets
- Guess the Number of Jelly Beans in the Jar
- Balloons
- Decorating Cookies and Edible Treats
- Karaoke
- Face Painting
Register to Win
Registrations for giveaways can be very successful for the In-Store Branch. The following objectives should be kept in mind:
- Raise awareness of the financial institution
- Involve as many shoppers and potential customers/members as possible
- Generate goodwill
- Produce customer/member database
- May provide valuable selling leads
The entry form should have blanks for their name, address, phone number/email address. If it is a guessing challenge be sure and include an area to include the dollar amount guessed and/or the number of items guessed. There should also be a place for customers to indicate if they have an interest in any of the financial institution’s products. If the customer indicated an interest in a product of the financial institution, have plans to follow up quickly.
Once the registration is completed and the giveaway presented, compile the information provided by interested shoppers into a database. This information is valuable to your In-Store Branch as it is statistical information regarding your target market. Make this information work for you:
- Phone or send a personal, handwritten thank you to each participant, and invite them to visit the In-Store Branch on their next shopping trip. Remember, no overt sales pitch should be made at this time.
- Generate a mail merge to each shopper prior to the unveiling of an upcoming promotion. Highlight the specifics of the promotion and invite them to visit your In-Store Branch to take advantage of the event.
- Remember, following any promotion, positive contact should be made with all, not just the winner.
- Utilize social media to share winners. Make sure gain permission to utilize their name and picture.
There are numerous methods for conducting giveaways, but a few useful hints are as follows:
- Encourage registration for prizes person-to-person, through signs, and over the PA system, if allowed.
- Have registration forms available in another part of the store. For example, if you are giving away a dozen roses, have registration forms available in the floral department. However, the only “drop off” box should be at the In-Store Branch.
- Prizes do not have to be exceptionally expensive. The object is to generate awareness and goodwill. A relatively inexpensive, “nice” prize can accomplish this. Also, your retailer may be willing to donate the prize based on store policy and the relationship he or she has with the In-Store Branch. Utilize items from the store as your giveaway. This promotes the store and is also a great way to show your retail manager that you are a supporter of the retail store.
- Allow the registration to be open to anyone (minimum age limit may be used) and they may enter multiple times. This allows a returning store shopper another reason to stop by your branch on a regular basis.
Giveaway Ideas
Here are a few simple examples of giveaways offered by Members of the FSI Family:
- Superbowl Party Kit complete with cooler, 2-liters, chips, dip, and team pennant for Superbowl Sunday
- A floral arrangement for Valentine’s Day
- A jazz CD for a “Dancing With the Stars” promotional theme
- Barbecue packs for Independence Day and Labor Day
- A savings bond for a 007 James Bond promotional theme
- A backpack filled with school supplies for back to school
- Trick or Treat bags for Halloween
- An Easter basket filled with chocolate
- Turkeys for Thanksgiving
- Christmas stocking filled with toys and candy for Christmas
- Car care kit
- Gift basket for Mother’s Day
- Pet grooming basket for a pet lover’s promotion
Promotional Items
Distributing your financial institution’s promotional items/giveaways is also a means to creating an awareness that you are located inside the retail store. Keep in mind that promotional items can be a great tool to share with someone whom you have had a positive conversation. Please be careful and not just pass these items out without having a positive conversation. When you do this, the promotional item becomes a crutch and the team doesn’t generate a conversation. Remember, you are hoping to make a personal connection with the shopper. As you conduct aisle walks you may create conversation, which allows you to invite the shopper back to the branch to receive the promotional item. Once they return to the branch you are then able to continue the conversation. At the branch it is appropriate to initiate the conversation about your financial institution and the products and services offered.
Behind the Teller Line
Build personal connections with those who approach your branch by offering immediate eye contact and a genuine greeting to anyone passing in front of the branch. Offer stellar customer service whether they are currently a customer/member of the financial institution. Invite them to return and inquire if you may provide assistance or answer questions. Always be prepared to share a quick introduction about your financial institution. Also, serving current customers/members offers an opportunity to express your appreciation for their patronage, which empowers them to refer friends and family. You also have an opportunity to educate others about products that might improve their financial experience.
Front of the Branch: See You Out Front Time
Utilizing the area directly in front of your branch generates interest, allows you to welcome shoppers to the store, and to extend an invitation to gain more information about your financial institution. You are on the shoppers’ turf when standing in front of your branch and become more approachable. Often times the shopper will see you standing in front of the branch and their automatic response is to look up at the sign to see what company you work for. When you notice this, it provides a great opportunity to ask them if they are familiar with the financial institution. Always be prepared to share a short 20 second commercial about your financial institution.
Café/Dining Area
Taking advantage of a café/dining area located near the store’s deli area or the seating area in the store’s magazine and book aisle are prime opportunities to meet and connect with shoppers. When applicable, request approval to place table tents on café/dining tables.
Retail Store’s Front Door
Greet shoppers as they enter the store. Become the face of your retail environment. Assist shoppers with acquiring shopping carts, introduce yourself and the financial institution you represent. Extend an offer to assist them during their shopping experience, and invite them to visit you at the branch.
Retail Employee Lounge, If Allowed
Connecting with the retail employees provides the opportunity to win them over as customers/members. It also provides opportunities to highlight the branch product and service offerings which empowers them to market on your behalf. With permission, interacting with the retail employees on their turf shows that you are a great partner with the retail store. At a minimum the retail employees become comfortable with you and are much more likely to inquire about financial product and service offerings.
Bagging Groceries, If Allowed
Take advantage of a captive audience; build relationships with shoppers by bagging their groceries. With permission from your retail store manager, take the opportunity to provide a service to shoppers while conversing with them in an effort to build personal connections. The overall goal is to make them aware your financial institution is located inside the store.
Aisles of the Store (Aisle Walks)
Aisle walks are an effective avenue for making personal connections with shoppers. The goal is to make a positive interaction with shoppers and employees. It is not the desired location to discuss your financial institution products and services. Walking through the store allows you to engage with those shoppers needing assistance, or those with whom you feel a connection. Rather we walk around the store and engage with those shoppers needing assistance or those with whom you feel a connection. After making a connection, you may create a brief conversation with them to strengthen your personal connection.
When approaching shoppers, you can establish a connection from a variety of things. You may choose to create your conversation from one of the following:
- Their attire—a colorful shirt, a ball cap or hat, a military insignia, slogan, or a unique piece of jewelry.
- The current weather—rain, snow, or extreme heat.
- Children, significant other, or friends shopping with them.
Locate those areas within the store where you feel most comfortable (e.g., pet aisle, bakery, electronics, greeting cards, home improvement, children products, etc.). The shoppers that frequent these areas will likely share your common interests. With a positive conversation and a polite introduction, invite them back to the In-Store Branch. At a minimum, you have created a positive connection and if they see you again they will remember you were nice to them. Remember you are the face of your financial institution.
Our goal is not to sell in the aisles, rather educate the shoppers that we are friendly and have a branch located inside the retail store. Invite them back to the branch for balloons, stickers, lollipops, etc. You can also invite them to register for a giveaway or participate in a branch activity. This allows them to come by the branch prior to leaving the store. If they return to the branch, this is an excellent opportunity to provide them with a promotional item as a thank you.
The fact that the In-Store Branch is located in a retail environment provides an opportunity to provide a service to shoppers while building personal connections. Personal connections are instrumental in converting shoppers to customers/members of your financial institution. Offering assistance in locating a store product is a valuable practice to building conversations and connecting with shoppers. Shoppers will more likely view you and the financial institution you represent as friendly and supportive.
In order to effectively connect with the shopper, consider the following:
- Know your retail store layout and familiarize yourself with products on the shelves.
- Escort the shipper to the appropriate aisle and section, making full use of the opportunity to converse.
There will be situations when the shopper does not accept your assistance. This should not be taken personally as it is not a reflection of you or your financial institution. Remember, the shopper will return on another day and perhaps with a different frame of mind. The key is to not give up on building a personal connection with them on their next shopping trip. Always provide a friendly smile and offer good customer service.
Simple follow-ups still pack an impressive punch in the minds of customers. In order to create a more impressive second conversation, remember customers’ names and/or personal information that will display your memory of the first interaction. Every additional conversation you have with an individual moves them one step closer to feeling like a friend. And we make customers by first making friends!
Good Morning and Afternoon Patrols: The Power of “Good Morning”
The opportunity for personal contact with customers is one of the most effective selling tools of an In-Store Branch. Actual face-to-face conversation remains the most effective awareness and interest raising marketing effort available. However, these face-to-face contacts should be appropriate, upbeat, and should leave a positive image in the shopper’s mind. The development of goodwill with customers is one of the most significant functions of In-Store personal contact. In-Store personal selling does not mean an associate has a “sales pitch” to deliver. With the unending sales pitches being made to customers on a daily basis, most are quite aware of when they are being “sold.” Their natural defenses go up, and many begin looking for the “angle” or “catch” to the sales pitch. The In-Store Branch has the advantage of knowing that customers will be back in the store in the near future. Often, one of the most effective In-Store personal selling approaches is simply being out in the store, wishing shoppers “Good Morning” or “Good Afternoon.”