- By Colleen McNamara
We’ve compiled a list of three elements banks should always consider in their digital marketing strategy. The deciding factors that influence a consumers decision to choose one bank over another are diverse, so having a solid strategy to back up your bank’s promise — and having visibility at a number of key touchpoints — is a foolproof investment.
1. Manage Your Brand’s Digital Identity
A huge number of people claim one of the main deciding factors that determine their bank selection are old-fashioned recommendations from friends and family. But the secondary element that overlays this process the brand’s overall reputation, awareness among consumers, and familiarity. It’s therefore essential that your bank’s value proposition is loud, clear and consistent at various touchpoints throughout the path to purchase. Not only will this set your bank apart from the rest of the pack, but reaffirm the consumer that your brand is the best choice for them. You should also keep in mind the shopping process is short: consumers tend to make up their mind within the 2-month range, proving that the loudness and clarity is key on both digital and traditional marketing channels.
2. Make Sure People Know Where To Find You
Research conduced by Oliver Wyman suggests that one of the biggest drawing factors for banks is location convenience. If locations aren’t digitally visible during the research process, there’s a high chance the consumer will choose another brand. Consider this situation: a busy, on-the-go executive has a spare 30 minutes on her lunch break, and is hoping to squeeze in a visit to the new bank she has been considering. When she searches for the nearest branch, there are no results. In this circumstance, the executive could then search the second choice she had in mind — and pay a visit there instead.
This proves how important it is that your online listing management is rigorous. Bank locations and opening hours need to be accurate and up-to-date, not only during the path to purchase, but also as a way to keep your customers happy: be sure to have your nearest ATM locations easily findable. And, Wyman’s study also revealed that 73% of people still prefer to open their account in-branch, proving that brick-and-mortar banking isn’t going anywhere, anytime soon!
SWIQ Tip: Your brand’s information should be listed on the most important local directories. Use a central platform to control changes and updates to keep on top of it.
3. Market Intelligently to the Millennial Consumer
The Sells Agency conducted research on hundreds of millennials ages 23-29, which revealed that 37% of this prominent demographic changed from the banking institution they used in college to a new one. Most frequently, millennials switched to a new financial institution because of a life circumstance change — such as moving to the same bank as their significant other, or relocating to a new city. While marketing to millennials before they enter college is a no-brainer, ensuring they’re continually satisfied is crucial.
Interestingly, Sells concluded that although 50% of millennials perform almost all banking tasks on a computer and 23% on a smartphone, 82% of respondents said that convenience of branch locations is paramount. While your brand will allure millennials with extensive online banking options, proving that you have plenty of easy-to-find branches they could visit nearby, if they please, is just as important.
SWIQ Tip: Use analytics to inform your marketing strategies that target millennials: what terms are they searching most? What branch locations are most popular with this demographic already? Where could you succeed more? Data-driven campaigns will help you solve the millennial equation.