Marketing is a crucial activity that enables businesses to create brand awareness and boost their profits.
Financial institutions like other businesses need to market to potential clients to expand their client base. Here are five marketing tips for banks to gain potential clients.
1. Gamification in FinTech
Today’s consumers deal with apps and digital experiences, which are important for fun bank marketing ideas. Actually, gamification is one of the innovative ways of engaging consumers. This digital banking technology enables you to apply gaming concepts to engage consumers.
Many banks are incorporating gamification to trigger desired behavior like budgeting and saving. In financial services, there are numerous examples of this digital marketing strategy.
For example, Wells Fargo has a Daily Change application that promotes money-saving choices such as preparing lunch at home. Users who accept this challenge rack up savings, which go into a savings bank account.
Another example is Virtual Wallet by PNC. This involves using pop-ups to encourage customers to save towards goal-targeted checking accounts like savings. On the other hand, Emirates NBD has a different kind of gamification that aims to boost deposits. The company introduced a Fitness Account with fitness trackers such as Fitbit.
The bank marketing strategy rewards customers for following several steps every day. For instance, when a customer achieves 12,000 steps, they qualify for up to 2% interest per annum on their savings account.
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2. Educate Instead of Selling
Many local businesses mistake focusing on selling when engaged in digital marketing. However, many professionals look for digital marketing campaigns that provide educational content.
Therefore, a marketer should spend more time planning and producing written content. This means using the latest visual storytelling methods. This ensures content has a premium appeal.
However, this might mean publishing less, your aim should be lower bounce rates, improved CTRs than CMS publishing methods, and higher dwell time. For example, the European Bank of Reconstruction and Development (EBRD) has published detailed reports on achieving sustainable development and energy.
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3. Prioritize Customer Experience
One of the marketing tips for banks to gain potential clients is exceptional customer service. Working with customers and their finances is rewarding but very challenging. The secret is to prioritize the customer experience.
This will not only promote customer retention but also attract a high number of potential customers. Hence, you can begin by giving away money for opening accounts.
There are many other different means of customer engagement, especially with advances in digital marketing. Therefore, make sure you provide advanced customer services from your local bank branch to your social media platforms.
A good example is J.D. Power and Associates’ Top Institutions for Customer Service. The company received good ratings for consistent customer service on the grounds of problem-solving, convenience, channel interactions, and availability of banking services. This means consistency in customer experience is an important marketing strategy.
Moreover, banks that incorporate live chats and chatbots and teach employees how to be attentive listeners are best set to win over the public. Invest in training people, advanced communication tools, and create marketing content that addresses your customers’ needs.
4. Use the Latest Marketing Technologies
There are many tech platforms to choose from. Nevertheless, some solutions will not work for your local branch’s needs. In fact, one consideration is to choose a platform suited for the people using it.
This will mainly fall into gen zs and millennials. These are the largest demographic searching for mobile options that are digitally inclined. These include digital signage, ATMs, mobile apps, online banking, webinars, and search engine optimized mobile content.
J.P. Morgan was the best tech overhaul in 2019. The company tackled all major points, ease of use, data integration, and connectivity. As a matter of fact, one way to stay up to date with the latest generation of users is to go with an automation solution like Podium. This is one of the best communication software. Podium features messaging tools, lead generation capabilities and also keeps track of online reviews.
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5. Keep Their Attention
One of the crucial marketing tips for banks to attract potential clients is getting their attention. Although SEO and digital ad campaigns are important, your marketing efforts mean nothing if there are no conversions. Therefore, to improve your chances of conversion, visitors should remain glued to your content for a long while.
You can accomplish this by creating an immersive and beautiful reading experience. Consequently, many small businesses and marketers generate content that provides a poor reading experience. The web is full of irritating pop-ups and CTAs. Your aim is to go against this trend and come up with engaging and informative content.
In Conclusion
Many banks strive to increase their profits by marketing to potential clients. The main marketing tips banks should use to market to potential clients include gamification and educating instead of selling.
Other tips include using the latest marketing technologies, marketing on LinkedIn, and getting their client’s attention.