Is your bank’s marketing strategy feeling stale and tired? It’s time to get back in the game!
As a financial marketer we know you’re a very busy bee; internal promotions, community outreach, website, social media, PR, onboarding, advertising, the list goes on. Just keeping your head above water can sometimes be a real struggle, and before you know it, your financial institution’s marketing has gone stale. Even banks and credit unions with bigger marketing teams can run into this dilemma. Get your FI back in the game with these 6 tips:
- Make time for analytics – Every FI we’ve talked with has intentions of making better use of their Google Analytics account, but they never seem to get around to it. Move analytics to the top of your todo list and make each of your marketing campaigns demonstrate their worth. Even traditional marketing campaigns can become measurable with the help of a few digital tactics.
- Make decisions based on data – Once you’ve got a handle on data analytics, use that data to inform your marketing investments. Stop funding initiatives that cannot demonstrate a return and instead opt for more measurable efforts. Instead of traditional radio advertising, try Pandora. Instead of generic billboards, try online display ads. Instead of phonebook advertising, try online search ads. You’ll find these channels are substantially more measurable, cost-effective, and flexible.
- Make mistakes – Don’t be afraid to try something new. So long as it’s measurable, put a marketing strategy together and test the impact of a new campaign. Doing the same old thing will not change your results or help you get a leg up on local competitors. Try zillow ads, run a social media contest, or start creating video content. If you’re short on new ideas, attend a bank marketing conference.
- Make a move on your competitors – There’s only so many new movers and high school graduates in need of a new bank; start aggressively targeting your competitors to earn new business for your FI. Pay per click ads are an excellent means of effectively targeting competitors.
- Make your website worth visiting (on any device) – Think of your website as a standalone branch that never closes. Since 50% of consumers report searching exclusively online for financial services, make sure your site is responsive for mobile devices and tablets, ADA compliant, and optimized for search engines so people find it before they find a competitor.
- Make your brand less about you – Maybe your executive team likes your brand just the way it is, but what do your actual customers think? What about your consumer and business prospects? Try conducting surveys to get the cold, hard truth about your logo, branch experience, onboarding process, and more. And one more thing, stop cranking out press releases about new hires, and instead start writing content that offers actual value to your customers!
Final Thoughts on #MBMGA (that’s make bank marketing great again obviously!)
As marketers, we all want to succeed in making a real impact for our organizations. The truth is, successful marketing is hard. It’s hard because we’re all so busy, and it’s increasingly difficult to step outside of the daily whirlwind to try something new. But remember, a “set it, and forget it” marketing strategy is exactly why we don’t win anymore!