Yes Bank Demonstrates Basic Marketing Failure

Recently I found a smart, modern bank demonstrate prompt customer service totally lacking in imagination and they lost good business because of that. Here is what happened and what they could have done:

I had a decent sized fixed deposit with Yes Bank which matured recently. The bank promptly issued a cheque for the maturity amount and sent to my registered address. I was happy to receive the cheque without having to remember the maturity date, fill up forms and then follow up on the payment. However this lacked basic marketing. If only they would have called me once to ask me if I wanted to reinvest my money with them, I would have gladly agreed as that meant no loss of interest and zero work on my part.

Are you spending all your time hunting for new prospects without bothering to do anything to retain your existing clients? Think about it. You can get more business from your existing customers much more easily.