What do the most successful financial institutions do to drive increased brand awareness, brand equity, customer loyalty, and revenue? It's actually quite simple.
These organizations invest in the right kinds of bank marketing strategies.
In recent years, we've seen plenty of powerful examples of bank marketing done right. From banking cafes to simple handheld applications, major financial organizations have made serious investments in marketing innovations. As a result, many of these brands have unlocked a ton of marketing success.
So what does your financial institution need to do to achieve the same results?
5 Powerful Bank Marketing Strategies to Try Right Now
Start by following these five powerful bank marketing strategies:
1. Loyalty Programs
In recent years, loyalty programs have emerged as one of the key marketing tools utilized by the global banking industry. These types of programs are designed to encourage repeat customers. Moreover, loyalty programs produce huge cost savings.
"There is an increased pressure on costs due to new regulatory trends in the last five years," reports MarketWatch. "Loyalty programs are being viewed as an important revenue-driving tool and have been proven to reduce customer acquisition costs."
Here's how to start a banking loyalty program:
- Decide what kind of rewards you want to offer.
- Decide what actions customers need to take to join the loyalty program.
- Make the loyalty program appealing to your customers.
- Build and distribute marketing collateral.
- Launch and monitor loyalty program.
2. Digital Applications
"In the 21st century, bank office is a buzzing hive – waiting lines, annoyed managers, and endless paperwork. Nowadays we are used to having a small bank office close to our residence, but do we really need those anymore?" asks Alexei Rezvanov, managing director at M2H Agency.
Rezvanov makes a good point – modern banking requires an online application. In fact, a banking app can be a powerful marketing tool.
"Some banks consider it an additional paid service, scaring clients away from reducing bank's operating expenses," continues Rezvanov. "An easy-to-use banking app, however, can be a tremendously efficient tool of increasing loyalty among the younger generations and tech-savvy crowd of advanced consumers."
What is marketing personalization? Personalization print and digital assets can come in many forms – like a mailer or packaged address to the customer by name or an advertisement that references a customer's most recent purchase. According to recent reports, personalization in marketing leads to a 19% sales lift.
Here's how to start personalizing bank marketing:
- Start gathering data about your customers.
- Generate customer personas based on reported data.
- Start mapping out your marketing campaigns.
- Create personalized content based on data and personas.
- Monitor personalization efforts and adjust as necessary.
What is "localization" exactly? This phrase refers to the corporate brand's ability to adapt enterprise-level material for use in different local areas. When content is localized, the company's core values are communicated in a more relevant way through changes in messaging that are made to add a more localized flavor.
For many distributed brands, creative localization is a shared effort between corporate and local entities. In this scenario, brand management solutions can positively influence corporate-local alignment and created hyper-relevant and localized bank marketing campaigns.
5. Community Events
Finally, sponsoring or hosting a community event is one of the most powerful bank marketing strategies. It's a great way to encourage foot traffic and increase brand awareness. Popular community events include:
- Arts/crafts festivals
- Annual fairs
- Community garage sales
- Job fairs
- Community BBQs
CampaignDrive Powers Bank Marketing
There's a reason why more financial institutions partner with CampaignDrive. As an industry-leading brand management solution, we've partnered with recognized brands from around the world.
CampaignDrive empowers corporate leaders to scale national brands across ever-increasing and diverse locations with ease. Manage location-specific legal, apply regional pricing, and currencies, and stay relevant in local markets, all while remaining true to the brand, and actively promoting the brand across the distributed network. This cloud-based tool enables corporate leaders to secure the brand's integrity, reduce production costs, and deliver expert local marketing campaigns.
To get started, we recommend launching a free preview.