Digital Marketing Opportunities for Community Banks (#1-5)
Successful digital marketing campaigns effectively reach account holders, resulting in lead generation. The key benefits of digital marketing vs. traditional marketing are:
- A more precisely defined audience
- Accessibility of data to build customer personas
- Effective way to reach younger generations
- Improved marketing cost efficiency
- Greater budget flexibility
- Easier A/B testing (Source: Banks.com)
1) Email Marketing
Email marketing is an affordable way to engage a target audience in order to create and expand brand recognition. Financial institutions can build stronger customer relationships with relevant content that serves their customers by customizing emails using data insights that are relevant to them. Customer or member data gathered from website engagement and internal information can be used to generate more relevant content and offers that go beyond marketing to dually serve as good customer service!
2) Display and Retargeted Advertising
Retargeting, which serves a message to a group of users who have previously visited the site, is being utilized by banks to engage their customers. Using retargeting, customers will be reminded of the bank, and its services, and bring themselves back to the site to learn more.
3) Social Media Presence
Social media has been growing rapidly since its introduction. Not only is it a great channel for selling, but it is also instrumental in growing connections and relationships with prospective customers. Social media makes it easy to receive real-time feedback, allowing banks to make swift adjustments about messaging or tactics. It is also a very cost-effective method to provide customer service. Banks save more than 70% of costs in comparison with the traditional phone call approach to customer service. (Source: FinTech Futures)
4) Personalized In-App Ads
Nurturing loyalty with customers is crucial for any bank. By creating targeted, personal communications across all channels, banks can develop confidence and loyalty between themselves and their customers. Messages that are meaningful and targeted increase user engagement by showing them content that pertains to them. This facilitates tailored customer experiences while building stronger relationships and loyalty. (Source: Marketing Evolution)
5) SMS Text Marketing
SMS messaging has one of the highest response rates of any marketing channel. It offers engaging content in a format that most smartphone users are highly familiar with and inclined to respond to quickly.
Traditional Community Bank Marketing Channels (#6-7)
While we’ve focused on the importance of digital marketing for community banks, there are still many viable traditional marketing channels that local banks can leverage in order to reach customers.
6) Local TV, Radio, and Billboards
Since community banks are geared to a particular geographic region, they can reach their local audience via TV, radio, and billboards. This allows them to focus on a defined geographical region where their customers reside.
7) Partnering with Relevant Businesses in the Community
Co-branding and partnering with local businesses help community banks attain a wider reach in their community. By joining efforts with trusted, local businesses who have the same values as the bank’s customers, they can showcase their commitment to small businesses which in turn gives them a better standing in their community.