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10 Best Marketing Strategies For Banking
10 Best Marketing Strategies For Banking
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 the best
marketing strategies for banking that you need to implement. We even included examples to
make it easier! Would you look at that?
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 Home About ∠ Services ∠ Case Studies ∠ Blog Contact
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.
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.
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.
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.
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.
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.
Example: CenterState uses ebooks, webinars, video and case studies to hook potential
customers while also keeping current ones constantly engaged. Content is key.
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.
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