With the ubiquity of the internet, consumers can access banks from any device and location. With this in mind, it’s crucial for banks to stay ahead of the game and find innovative ways to market their services.
Here are some of the most creative strategies banks have used to do just that.
Targeting Local Audiences
When it comes to marketing for banks, being local is key. Local marketing tactics can help brands build top of funnel health and connect with consumers on a more personal level.
A great way to do this is by offering products and services tailored to the needs of your local audience. For example, if you’re located in a school district, you can offer mortgage loans to help students move into their first homes. You can also sponsor local events and organizations like 5ks, farmer’s markets, and town festivals.
You can even partner with local businesses to deliver financial services. For instance, if your bank is near a car dealership, you can work with them to offer financing for electric vehicles (EV). Providing specialized loans and other services for local needs can help your brand stand out as a trustworthy community ally. It can also boost customer loyalty and make them less likely to switch to another bank that offers new digital offerings. You may also want to consider doing SEO, noted Roger from JetRank, the right seo company can help you target local audiences.
Creating a Culture of Innovation
Many traditional banks struggle to develop innovative marketing ideas due to their rigid systems and strict regulations. They often focus on keeping up with regulatory changes and ensuring their services are up-to-date, rather than looking for new ways to connect with customers and deliver solutions that meet unmet needs.
To change this, banks need to cultivate a culture of innovation by giving employees the freedom to pursue creative ideas and encourage collaboration. This starts with leadership. It’s important for execs to show that all ideas are valued, not just the most profitable ones. It also helps to have a clear communication strategy that eliminates inhibitors and promotes collaboration.
Another way to foster a culture of innovation is through digital out-of-home (DOOH) advertising, which allows banks to target audiences in relevant locations and times of day. For example, banks can use DOOH to promote money-saving tools, credit card rewards programs and financial planning services. They can even feature client testimonials to help build trust and credibility!
Creating a Seamless Customer Experience
When it comes to banking, customers expect personalized solutions that align with their specific needs. Using data analytics and responsive technologies, banks can deliver targeted communications that respond to customer behavior and answer their questions in real time.
For example, integrating AI chatbots as an alternative to traditional tellers can provide answers to common queries while adding an element of fun to the process. Similarly, providing a digital learning portal that helps users navigate your platform and their finances adds a new dimension to customer service.
Banks can also create partnerships that offer value to their client base, such as partnering with car dealerships or real estate agencies to help people quickly and easily get loan approval. Additionally, offering a rewards program that encourages consistent use of a checking account can increase retention and create a positive brand image. Lastly, implementing digital signage that features fun news, tips, expert opinions, and financial advice can increase brand awareness.
Investing in Technology
When it comes to innovative marketing for banks, using technology to streamline customer service is essential. Digital banking allows customers to bank from any location, without having to visit a physical branch or change their schedule around operating hours. This convenience increases customer satisfaction and loyalty.
Another benefit of digital banking is the ability to reduce costs by automating many processes that are time-consuming, costly and prone to human error. These cost savings can be passed on to customers in the form of lower fees and higher interest rates on savings accounts.
To drive adoption of digital services, banks can offer rewards and incentives to encourage usage. For example, a randomized double deposit on check or bill payments is a simple but effective way to reward customer behavior and increase brand engagement. Digital marketing campaigns leveraging personalised media and interactive video on social platforms can also boost reach and impact. For instance, NatWest and Royal Bank of Scotland ran a campaign on TikTok that displayed ads in the form of custom user-generated content that was targeted to students within their personalised feeds.