One common goal of bank marketers is to increase deposits whether they have one location or multiple branches. The more bank marketing is focused on gaining new clients who will place new deposits in the bank, along with encouraging existing bank members to continue to make deposits, the higher the amount of deposits that will be made throughout the year. One of the most effective ways to grow the number of deposits is aspirational marketing which appeals to the desires of the target audience. The desires can be emotional, social, or psychological in nature and this marketing technique creates a connection and grows brand loyalty.
Prioritize Deposits & Savings
The first step is an obvious one but there are times when bank marketing strategies seem to overlook this important element of a marketing plan. Be sure and prioritize the idea of deposits in your marketing communications plans. While this might seem like a given, it is important to remember that new and existing bank clients will often not think of the simple act of depositing if you do not make the topic top of mind.
You can liken this to a common problem in sales where salespeople don’t ask for the sale. You get a much lower close rate if you do not ask for the sale. The same thing is true for banks, if you don’t ask for the deposit you’ll get a lower number of deposits.
Speak to the Wants & Needs of Your Customers
Aspirational marketing speaks to the wants and desires of the target audience so you need to focus your message on marketing triggers that produce the desired behavior. Discuss the items that make customers want to increase their deposits such as buying a new house, affording to send their kids to college, saving for a new car, or planning for retirement. When you are developing an aspirational marketing strategy, talk to your customers about the items they will be able to afford with the money they save thanks to their deposits.
Use Imagery & Copy to Support Those Aspirations
Marketing slogans and catchy copy are great but they need to be combined with creative images that relate to the things customers actually want. When you are speaking to the wants and needs of your customers (as discussed in the section above), you should show them relevant images that compel them to take the necessary steps to achieve their aspirations and goals.
Now that you know the one thing bank marketers can do to increase deposits, focus your marketing strategy on growing deposits from new and existing clients.
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