When marketing for banks, there are five important things you should know!
1) Narrow Your Audience: Avoid steering your bank marketing campaigns towards an audience that is too broad – wasting your precious marketing dollars on people who won’t even be interested in your promotion. Figure out what demographic you’re trying to reach – moms? Homeowners? College students? Certain income levels? – and tailor your message to them. Then, use a targeted mailing list to make sure your message gets right to their mailbox.
2) Stick with Your Brand: No matter what type of bank marketing you’re doing, make sure it always fits your brand. Direct mail, radio ads, signage, or even your employee dress and attitude – all of it pieces together in your customers’ minds to form an idea of what your bank means to them.
Luckily, you can do something to influence that idea – specifically, you can utilize a brand strategy that supports what you want your bank to be. In your bank marketing pieces, use consistent language and design style, and even train your employees on the language to use when talking about your bank. Consider developing a style guide to ensure your brand strategy is followed.
3) Never Underestimate the Power of “FREE”: When developing your bank marketing strategy, try to fit in as many giveaways, rewards or contests as possible. It’s no secret – people love free stuff, or even the chance to win something free. The prospect of getting free stuff or winning free prizes encourages your target audience to not only spend more time looking at your bank marketing piece, but also to respond to your call to action.
4) Hit Them from Multiple Channels: In today’s world, you have the opportunity to reach your target audience with your bank marketing message from multiple angles. So take it! Whatever bank marketing promotion you have going on, hit them with the traditional methods – direct mail, posters, TV ads – and supplement it with your social media and blog posts, web graphics, email blasts and more. Consider developing landing web pages that are devoted entirely to your promotion, and share the links that will take customers there. The more ways you can reach your audience, the more likely your message will get read.
5) Know Your Competition: Just like you want to narrow your target audience, make sure you define your competition so you are able to focus on outperforming them. It’s unrealistic and overwhelming to consider every other banking institution out there to be your competition. Determine who you’re trying to reach with each of your products and services, and research the likely companies your target audience would turn to – local banks, mortgage providers, regional “big” banks, even dealerships for auto loans. Avoid generalities when comparing yourselves to them – i.e., you’re the “small, local, friendly bank”...when in reality; there are five other “small, local, friendly banks” around the block. Instead, focus on your products and services that offer better deals for potential customers. Maybe you’ll discover a local bank that charges for checking, while you offer free checking. Maybe you’ll see that you offer lower home rates than the big mortgage lender. Narrowing your competition makes your bank marketing efforts more manageable – and successful.