We brand A LOT of banks and credit unions. They both have very similar needs, core deposit growth and lending are top on the list. Today, I’d like to focus on the basics that will help increase both.
From a marketing standpoint, it’s of the utmost importance to remember these basics—and it’s worth repeating them regularly:
Increase Trust
The first thing to do is to constantly increase customer/member trust. According to Accenture, most customers/members and small businesses do not trust their financial institutions to be their financial advisors in any capacity. To me, that means a big opportunity is in front of you!
Do Your Research
Rule number one of marketing is research. Understand your audience and determine trends. Additionally, now is always a good time to figure out what strategies your competitors are using.
Knowing your audiences’ demographics and psychographics will allow you to cater to what they want to see. The type of content, graphics, and media channels need to be spot-on to draw in new customers/members and increase products per household for existing clients.
Make Your Online Presence Evident and Purposeful
According to Google, 53% of shoppers do their research online before committing to a brand. Finding a way to differentiate your brand online is easier said than done because of the glut of daily technology advances in digital marketing. If it is not your forte, choose an ad agency that knows the “ins and outs” of online marketing and stays on top of everything for you. Be the orchestrator, not the “Jack of all trades.”
According to Google, over half of shoppers research online before choosing a brand. Stand out with expert ad agency help. Be the orchestrator, not a Jack of all trades.
Be Authentic
This sounds like common sense, but unfortunately, many brands over-promise and under-service. Being authentic about who you are (as a brand) and what your core capabilities are will provide consumers with the transparency they need to make a rational and emotional commitment to your brand.
Don't Forget Traditional Media
It is easy to forget the importance traditional media plays in today's digital world. While digital strategies are mostly short-lived, traditional media allows campaigns to last longer and be more memorable. Additionally, many online conversions are a result of something a consumer saw or heard. So, always develop coordinated campaigns that include both online and offline tactics.
Educate and Don't Sell
People like learning more than they like being told where to put their money—again, common sense, right? Work with your agency to develop content that makes a customer/member feel valued and that helps educate them—especially about banking.
Collaborate with your agency, leverage their expertise, and prioritize marketing goals for your brand. #MarketingStrategy
Marketing your brand and getting results is more challenging than ever. It’s extremely important to remember the basics. As with anything, it’s always the basics that act as your guide to success.
Remember the basics!