Digital Marketing for Banks (#1-6)
Digital engagement and cross-selling have become critical requirements for banks in a hyper competitive environment, one that is characterized by high consumer expectations in their retail digital experiences. In addition to staying competitive in your industry, you can count on the following benefits for your FI:
- Increased customer / member loyalty
- More revenue and higher profits
- Building stronger, long-term relationships with customers
1) Email Marketing
With 76% of Americans utilizing email services (according to a statistic by Keap), banks can reach their customers and provide them with relevant content that serves them. By emailing current customers, banks are targeting an audience that is already engaged and interested. An added benefit of email marketing is that customers can easily forward and share the information disclosed in the emails, boosting referrals and reach organically.
2) Personalized In-App Digital Banking Ads
Long gone are the days when you publish an advertising campaign and simply hope that the right people see it at the right time! That is not only ineffective but inefficient as well. Targeted advertising gets your message in front of the right people based on their demographics, cutting the advertising noise that people are bombarded with on a daily basis. According to AdRoll, targeted advertising campaigns lead to:
- Heightened brand awareness
- Streamlined marketing efforts
- Higher marketing ROI
- Better brand perception
3) Social Media Advertising
Social media has proven itself to be an essential marketing tool in the 21st century. It is not only a great approach to selling products and services, but it is also an excellent method in sharing material that can enrich your customers with useful information. Creating useful content will also increase the likelihood that customers will share your posts, leading to an amplification in your brand’s online reach!
4) Display and Retargeted Ads
Retargeting is defined as marketing to those who have previously seen your bank’s marketing efforts. By retargeting those customers, you show your ads to those who have seen them previously, staying on the top of the users’ minds and bringing them back to the site to learn more.
One effective approach to retargeting is to tell a story in a series of campaigns. This allows banks to create a series of advertisements in short, concise messages that can be easy to read and serve purpose in succession.
5) Website Content and SEO
Search Engine Optimization (SEO) can be a powerful tool in a bank marketing strategy, especially with bringing in new customers in an organic way. It is a cost-effective approach that reaches more consumers online through valuable content marketing. SEO works by delivering great content to your prospective customers – this in turn will be noticed by search engines, like Google, and your page will be ranked higher on search results pages!
6) SMS Text Marketing
SMS messaging has one of the highest response rates of any banking digital marketing channel. It offers engaging content in a format that most smartphone users are highly familiar with and inclined to respond quickly.
Traditional Marketing for Banks (#7-9)
There are so many different bank marketing solutions that will not only work to preserve the bank’s current customer base, but also bring in new customers and money for the bank. The goal of traditional marketing channels is to show customers a bank’s commitment to customer service as well as showcasing their product offerings.
7) Networking & Chamber of Commerce
Banks can show that they are community-minded by joining the local chamber of commerce. The chamber is an excellent way for employees of the bank to network with other businesses in the community to build relationships that can lead to business for both personal and commercial banking. It is also a great way to show a bank’s commitment to the community!
8) Local TV and Radio
Marketing to a specific geographic region can be done via advertisements on local television channels. While these commercials will not allow for targeting a specific group of people based on demographics such as age or income, it will allow banks to reach an audience in certain demographic regions and can be visually pleasing.
Like television commercials on local channels, radio advertisements aim to reach an audience determined by the area in which they reside. They can be more cost effective than television advertising and have less production time.
9) Billboards and Out-of-Home Ads
Billboard advertising can be effective if the advertisements are strategically placed in the right area with a good flow of traffic. It is imperative that billboard advertisements have great, eye-catching graphics and short, concise verbiage to catch the reader’s eyes and enable them to be able to read them as they drive by.