- 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, having a solid strategy to back up your bank’s promise — and having visibility at a number of key touchpoints — is a foolproof investment.
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 straightforward 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 this will reaffirm to 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 being loud and clear is key on both digital and traditional marketing channels.
SWIQ Tip: Solicit reviews from your happy clients! An excellent online review management strategy can have a significant impact on how people perceive your bank’s branches. Responding to your customers’ comments and needs shows you care. Added bonus? Reviews have a positive impact on SEO.
Research conducted 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 option. 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 to keep your customers happy: be sure your nearest ATM locations are easily found. 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.
Market Intelligently to the Millennial Consumer
The Sells Agency conducted research with hundreds of millennials age 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 — 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 lure 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.
Book a demo now to find out how SweetIQ can help your financial institution’s local marketing.