When was the last time you changed how you market your bank? Think about it. When was the last time you sat down and really thought about what your business needs to do to land new customers and keep your current ones? If the memory is hazy, chances are, that means it was way too long ago.
There’s no better time than the present. So, get a hold of these 10 best marketing strategies for banking that you need to implement. We even included examples to make it easier! Would you look at that?
1. Market Cooperatively with Partners
Bank marketing strategy number one – find partners to work with because teamwork makes the dream work. Whether a hospital or real estate agency, the whole idea is to align yourself with other businesses that can help you bring in new customers.
Examples: Fifth Third Bancorp has partnered with hospitals in Chicago and Cincinnati to offer savings funds for newborns born on May 3.
Now, check out this page on the website of Ridgewood Savings Bank, the largest mutual savings bank in New York state. It solicits Realtors® to contact the bank and lists the reasons why such a partnership is beneficial for everyone involved.
There’s strength in numbers, after all, especially when it comes to marketing strategies for banking.
2. Tap into New Markets
Cooperative marketing can help your bank build new relationships and it can also help you find new markets, like homebuyers who need to take out loans or the parents of young children who are looking to start bank accounts.
Example: Bank of America developed its Keep the Change® program so customers can save money with each transaction they make. The program enabled the bank to tap into a digitally savvy set of consumers who didn’t necessarily want to take elaborate steps to fatten their savings accounts.
In general, your bank should be focusing on Generation Z as the biggest up and coming market. Kids are the future, you know.
3. Set Yourself Apart from Competitors (in a Good Way!)
The grass isn’t always greener on the other side, but sometimes it is helpful to check out what’s going on over on your neighbor’s lawn. What are your competitors doing? How can your bank stand out from others?
Say that you’re a local bank in New Jersey, and one of your top competitors in the tristate area came out with a new mobile app. It got panned for offering features that customers didn’t care about while leaving out critical features that customers did want. You don’t want to be them, and you definitely don’t want to make those same mistakes.
Example: Commonwealth Bank of Australia has a mobile app that outperforms and outsmarts all of its rival apps when it comes to transfers and ease of use.
4. Research, Don’t Assume
You know what they say about assuming, and if you don’t, look it up. We have to be polite here. Instead of assuming that you know who your main customers are and how they spend their time, put in the research to find out. For instance, what segment of your customers are actually on Facebook versus other social media platforms?
Example: Remember that Generation Z we talked about? A lot of banks get it wrong by assuming that this new generation is just like its millennial counterparts, focused on all things digital. However, many members of this generation, about one-third, actually show a strong preference for traditional, face-to-face banking. The more you research, the more you know.
5. Get on the Right Social Media Platforms
Maybe you’ve doubled down on the Facebook marketing, but not much is happening. There could be a whole load of potential issues at play, but we’ll focus on one for the time being: is Facebook even the right platform for the posts you’re making and the audience you want to reach?
Example: The Bank of Ireland started using Snapchat in 2016 to connect with younger customers. If it had relied on, say, Facebook, then many of these connections simply wouldn’t have been made.
Your mom may be on Facebook, but the younger generations aren’t. Again, it all goes back to that little thing we like to call research when it comes to creating a social media strategy.
6. Educate and Teach
A lot of your customers genuinely want to learn about banking, and you’re the expert. There’s a lot your bank can teach customers, both online and offline, about personal finance, saving for emergencies, how to finance and run a small business and so much more.
Example: Queensborough National Bank & Trust Co. offers what they call the iQ University program to help community members with investing, credit, budgeting, home ownership, estate planning and other financial literacy topics.
By helping potential and current clients better understand banking, you’ll earn their trust and prove that you know what you’re doing.
7. Get Involved with the Community
Sponsor a local baseball team, fundraise for animal rescue shelters, help build houses or host free classes at the library on budgeting. Your community needs you just as much as you need them and many groups are happy to give your bank a shout-out in exchange for your assistance. It’s a win-win for everyone.
Examples: Several local banks are involved in the sponsoring of Woodbridge (NJ) Little League baseball and softball. They can get a nice little write-up on the teams’ website and take advantage of various other advertising and marketing opportunities that this sponsorship offers.
Similarly, The Bank of Fincastle hosts a fall run and contributes to important community endeavors, like feeding people in need.
You’ll even feel good about the work you’re doing, too. That’s always a plus.
8. Offer a Good In-Person Experience
One part of marketing that often gets overlooked is marketing to your current customers. Sure, you need to be actively reeling in new customers to keep your bank growing, but you can’t forget about your OGs. Fun fact: it’s cheaper to retain existing customers than it is to keep searching for new ones.
You may have the digital aspect of customer experience covered, but what about the in-person experience? Are your personnel trained to cultivate relationships with the people who come into your bank on a consistent basis?
Example: Pioneer Bank promotes in-person visits as a good way to combat fraud. Advisory services can be another great incentive for customers to visit a bank and experience all that you have to offer them face-to-face.
9. Offer Robust Content Marketing
Does your bank website have a hub that features blog posts, infographics, Q and As and other rich, useful content? If not, you’re missing out on a big marketing opportunity. Here’s a piece of advice – missing out on any big marketing opportunity is not a good thing.
10. Market with Videos
Not only should you be marketing with content, but that content should also include videos. It’s important for your bank to show stories about the people it serves and the communities in which it operates. Tap into this resource and make the most of the power that “show, don’t tell” holds.
Example: The Bank of Elk River created an award-winning video that showed how the bank helped a family buy its home. It was a tear-jerker.
You did it. You sat down and read this list of the 10 best marketing strategies for banking and now you realize that it’s about time you stepped up your game.
What’s next? Well, implementing a comprehensive marketing plan yourself may not be the most time-effective, cheap or wise solution. So, who do you call? Some may say Ghostbusters, but we say a digital marketing agency. For a fraction of the cost that it would require to bring new employees onboard, a digital marketing agency can get the banking marketing ball rolling for you. They can help you strategically plan and put these 10 best marketing strategies for banking into effect. Let them handle some of the hard work while you do what you do best – banking.