When it comes to customer loyalty, all banking institutions face the challenge of ensuring they increase their visibility across all customer types. Banks also need to deliver on new accounts and keep their existing customer relationships. In the business world, it is often said that it costs more to acquire a new customer than it costs to keep one and this is also true for the banking industry. If your bank is looking for ways to keep existing customers by reducing customer attrition, you might want to use an integrated digital marketing strategy.
In this article, we will share specific ways you can use an integrated marketing strategy (including online marketing and communication efforts) to meet those goals. An integrated marketing campaign helps you keep customers for a longer period of time as shown below.
Bank marketers have been told to communicate with the public often and do it with consistency. Unfortunately, many banks don’t follow that simple advice. The act of staying visible with your customers keeps you top of mind. In addition, you need to keep your message consistent as marketing efforts brand your business and produce better outcomes and results.
The use of multiple channels to grow the customer journey gives customers the flexibility to interact with the bank on their terms. They will have multiple options to interact with the bank, perform transactions, and communicate and connect across all platforms for a stronger and more powerful customer relationship.
The gathering of feedback online can be both an active and passive task. Customer feedback allows you to use that data to properly and accurately update your messaging and the customer banking experience. Feedback and customer interactions can spotlight processes that are in need of improvement, help inform new product and service offerings, and even lead to the development of new content for consumers.
Getting your customers talking and taking action ties them to your brand. You can invite them to customer appreciation events and encourage them to enter contests so they grow their conversation and interactions with you. In addition, moving consumers online builds trust in your brand while strengthening the relationship between your institution and those who choose to bank with you.
The banking industry is often the home of new technologies and innovations in all aspects of the business. Whether the advances are related to regulations, updated security features, customer behavior, or changes in the way we communicate as a culture, banks are often at the center of new technology applications.
While older systems such as free checking were innovative at the time, some of the most recent updates in banking technology in the last few years include the increasing use of apps and payment integrations.
What does the future hold for banks in their efforts to reduce customer attrition? The answer is not known at the moment but we do know your bank will need to be part of the latest changes in order to satisfy the needs of your current customers and keep them with you in the future.
Integrated marketing reaches customers on multiple platforms. Contact us about how to properly plan and execute an integrated digital marketing campaign for your bank.
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