Do you look out your office door and see dust bunnies and empty chairs?
Does the squeak in your office chair bring a smile to your face because it interrupts the deadening silence that surrounds you?
Do you catch your staff frequently talking to themselves because they have no one else to talk with?
Does your lobby sound like an echo chamber?
If this is happening in your organization you are currently suffering from empty lobby syndrome. This is a serious but common condition that many financial institutions are dealing with on a daily basis.
But all hope is not lost! There are ways to break the silence and reinstate enthusiasm and vibrancy into your halls again.
Tell Me More, Tell Me More
One effective strategy is co-branding. This can help revitalize your lobby and incite activity and foot traffic in a way you never thought was possible. This strategy pairs other retail partners with a financial institution to create a destination. Yes, these types of pairings have been done in the past - but more often than not they miss the mark. The trick is not to have all the retail locations in separate boxes (picture a strip mall), but rather combine all of these retail organizations in one space. This concept blurs the lines so consumers can't tell where one space ends and the other begins - and that is what makes it successful.
Today, financial institutions are no longer destinations for consumers; it's an unfortunate reality that can be creatively addressed by relying on other retail partners to help drive new traffic into their lobbies. Retail partners that have proven to provide consistent traffic are coffee shops, cafes, deli's and mobile phone stores, to name a few. Take advantage of your current and target consumer’s habits and enhance your convenience to them by being available at their routine destinations.
Now, Let's Visualize
Picture this, you look out your office door and you see:
- Working professionals having conversations over a cup of coffee right next to your business lender or personal banker
- Students coming in to get their mocha before and after school
- Community members holding book clubs and meetings in your waiting area
This is all possible by embracing a new way of attracting and engaging your customers and evolving how banking happens with you. If you're interested in learning more about co-branding your financial institution, this guide walks through all the benefits we've seen and provides an example of a co-branded bank/coffee shop that has stood the test of time:
