Every financial marketing strategy is the same, right? Wrong! Some financial institutions stick to tried, true, and sometimes tired marketing strategies. Others break new ground, embrace edgy ideas, and find improved ways of connecting with account-holders and prospects in the digital age. Is your financial institution ready for change? Here are five ways to build a breakout financial marketing strategy.
- Partner up.
Cooperative marketing can help you reach new audiences with tailored offerings. Partner with a pediatrician’s office to market family investments or college savings plans, for example, or have realtors help you spread the word about your mortgage rates. You can even offer special rates or opportunities to employees at these partner organizations. With these added referrals, you’ll soon be building a powerful base of brand ambassadors—which is a force to be reckoned with in the age of social media. Even better, your partners will be able to supply you with product-specific leads with a real interest in your services and your institution.
- Share your knowledge.
Most of us are in need of financial education. It’s rare for schools and colleges—even a lot of business schools—to cover even financial basics like credit scores, borrowing, and investing. Sharing your financial expertise not only offers a real value to the knowledge-starved populace, but it also helps you understand which topics and services matter the most to your learners. If no one’s interested in your mortgage webinar, maybe there’s not much market there at the moment—but if everyone’s swarming to your workshop on savings, it might be time to target your community with savings account offers. And the best part of teaching is that, while it can be done in person, there are apps and platforms that make it easier and less expensive to reach a massive audience.
- Embrace analytics.
Banks are sitting on—pardon the pun—a wealth of data. Some of it plays a part in security, but financial institutions rarely do very much with their data. Financial institutions that want to compete in the coming years need to bring onboard data-savvy digital marketers and give them the tools they need to make the most of their data and their marketing. Imagine—all of the transactional, endpoint, and behavioral data at your fingertips combined with the info from email campaigns, landing pages, social media, and more. From a marketing standpoint, banks should—and could—be unstoppable.
- Invest in your app.
Financial institutions are no longer just competing with each other—they’re up against shiny new fintech startups with easy-to-use apps for making payments, saving, borrowing, and more. If your institution has a mobile app that looks a little last decade, has limited functionality, or provides a poor experience, you’re due for an upgrade. And if your bank has no mobile app, it’s beyond time to get cracking. Mobility is no longer a nice-to-have, it’s a must-have. And, if you’re thinking that this falls in the realm of development rather than marketing, you’re not wrong—but image is everything and, if yours is falling short, it’s time to bring both teams together to ensure you’re meeting your account-holders’ expectations in the digital age.
There’s no surefire way to guarantee success, but if traditional marketing isn’t creating the engagement you need, these and other breakout strategies might help your institution out of its rut. If you’d like to learn more about financial marketing strategies, download The Ultimate Guide to Financial Digital Marketing here!