In the past, bank marketing campaigns used to primarily revolve around awarding a toaster or some other appliance to new account holders. Of course, this type of giveaway happened before modern financial marketing regulations gave banks the opportunity to be more competitive with offers such as earning interest on checking accounts and using a print marketing campaign to get attention. In turn, this created more competition to the point that marketing is not as easy a task anymore.
Here are five strategies used by financial institutions to elevate their marketing reach.
1. Banks are Using Segmentation to Deliver the Right Message
While customer segmentation might sound like a strategy that excludes some customers, it actually allows marketers to add value to their organization and many marketing professionals make it a top priority.
At a basic level, understanding customer segments gives marketers the ability to acquire a greater number of new customers at a lower cost (which gets the attention of all C-suite executives). The first step is to analyze your own customers in order to understand their age and level of wealth so you can better target their interests.
2. Leverage Your Data Analytics to Better Understand Your Targets
Segment your customers based on their age, assets, and preferences when it comes to wealth management and investment risks. Analyze the possible demands for financial services and products and the type of revenue you are earning from each segment. Answering these questions gives marketers a clearer focus on which members of the public to reach out to in a targeted acquisition program.
Once your focus is established, data and analytics helps you gain greater insights into your target customers. The more insights you have, the greater relevance your message will have in motivating someone to take advantage of an offer after reaching them with targeted media messages.
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3. Predictive Data Modeling and Lookalike Audiences Benefit Banks
Predictive data modeling and analytics is a vital component of future bank marketing plans. Two or more datasets (such as buyers and non-buyers) are examined in order to expose patterns that exist between them. These data relationships help forecast both existing customer and prospect behaviors and purchasing patterns. The incorporation of this information elevates your print marketing and makes it more effective.
4. Marketing Campaigns for Banks Should Coordinate Across Multiple Channels
Omni-channel marketing campaigns get good results through multi-channel marketing campaigns that focus on multiple methods of distribution including email, social media, postal, text messages, print ads, and phone calls. Keep in mind you might need a specific message for each method so make sure your message is correctly tailored to each marketing method. Omni-channel marketing focuses on delivering the right message to the right person via the right channel at the right time.
5. Banks Should Tell Stories Throughout Print Marketing
Print marketing is still a viable method of sharing stories while also making your bank seem inviting and approachable. Telling stories about the success of customers helps your prospects see how your bank helps people solve problems (just like the problems they are facing). In turn, they will be able to see themselves as your customer.
When planning print marketing campaigns for banks, consider two main success story categories: typical scenarios and “extraordinary” success. Keep in mind most prospects view their own situation as extraordinary so set realistic expectations when planning your campaign.
Ready to plan your next financial marketing strategy? Let us help you determine which strategy listed above is the best option for your bank.
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