Financial Marketing: Learn How to Define Your Audience

define-audiences

This is the first blog post in our Ultimate Guide to Financial Marketing Success in 2018 series. Stay tuned for our next blog where we will cover best practices on defining your target audience.

Many financial institutions make the mistake of using a one-size-fits-all marketing approach—sending out one message, via only a few channels, that is supposed to reach and engage all account-holders. The problem with this approach is that your account-holders likely comprise a diverse group: seniors, business people, parents, Millennials, and even students. These groups are at different stages in their lives, with different needs and learning styles, and thus will require different messages and different methods to engage them. So before you can market your audience, you need to know a lot more about who they are.

Here are three tried-and-true ways to gather information on your audience segments:

  1. Demographic data – The good news is that you have already collected a lot of great information on your existing account-holders. Data such as age, gender, zip code, occupation, income range, product and service usage, and education level can help you start to build out your audience segments.
  2. Surveys – Don’t know something? Just ask. Brief surveys and questionnaires can be collected through email, social media, or in-branch visits. As one of your questions, be sure to ask people which channels they prefer to be engaged through, as this will help drive your later marketing efforts.
  3. Interviews – In-person interviews are more time-intensive, but are one of the most valuable ways to collect data. These can be done over the phone, in-branch, or even out in the community.

Defining your audience is just one important step in your overall financial marketing strategy. To learn more about what it takes to create a marketing strategy that incorporates content marketing and financial education, download our free ebook, The Ultimate Guide to Financial Marketing Success in 2018: An Interactive Guidebook for Banks & Credit Unions.