Bank Group Travel Club Pays Dividends after the Trip
As travel has become a popular client-relationship tool, now is the time to start or upgrade your bank's travel club. Bank group travel programs foster the perception of stability, and having a well-executed travel club that adds value to your customers' lives will enhance your bank's image.
In today's world of impersonal online and mobile banking, a bank travel club brings the personal touch of the local bank to your clients. Developing a bank group travel club may be one of the smartest and most profitable business decisions your bank could make.
Benefits of Establishing a Bank Group Travel Club
- Attract new customers while retaining current customers, who view the club as a rewarding additional service provided by the bank.
- Foster community goodwill.
- Create and maintain customer loyalty as clients continue traveling with your bank travel club.
- Generate leads from existing travel club members and by advertising the group travel program on your website.
- Create income for the bank through new accounts, loans, and travel dollars.
- Cross-sell other bank services within the group travel club.
- Travel with your customers and get to know them, increasing customer loyalty and referrals.
- Boost employee morale by rewarding employees with travel.
Group Travel Club Perks and Bonuses Add Value
You may want to add extra-special perks for travel club members. Value-added bonus services are an effective strategy to boost member rolls and customer loyalty, which translates to higher bank profitability.
Popular group travel club features might include...
- Free checking or other account incentives.
- Frequent flyer miles and hotel discounts.
- VIP status with Carol's Travel Service for individual travel needs.
- Travel insurance.
- Discounts on required vaccinations for travel.
- Special members-only events such as financial seminars.
- Credit card registration—members call one number to cancel cards if wallet is lost or stolen.
- Discounts from partner businesses, such as floral services, spas, and auto detailers.
Bank Group Travel Membership
Bank travel clubs use a variety of membership structures, and you can reach a broad market by generalizing your membership approach. Some banks open their clubs to all community members, believing positive word of mouth will bring them new clients and travel club members. Offering several types of group travel will help you target a variety of markets and attract new members.
Examples of market segments are...
- Specific age groups, such as baby boomers or seniors.
- Men or women only.
- Singles or couples only.
- Families with young children.
- Minimum amount on deposit with the bank.
- Corporate accounts.
- New business prospects.
To increase club visibility and membership, you need a policy for nonmember travel with your travel club. This policy may have restrictions—for example, a traveler who is not a bank customer may travel once with the club but then must open an account to travel again.
Bank travel programs grow your customer base, increasing your deposits and boosting your profitability. For more information or to get started, contact Carol's Travel Service today.
