From the latest iPhone to a beautiful Bahamian resort to a new line of gourmet ice cream, it’s no secret that some products practically sell themselves.
But the words ‘mortgage’, ‘banking’, and ‘loans’ just don’t have the same ‘je ne sais quoi’ as a spoon diving into creamy chocolate or tropical beaches with pristine waters. While your financial institution may not have the same appeal as an exotic vacation, marketing can be extremely effective if done tactfully. With a portfolio consisting of banking and credit union clients we are here to unveil the art of marketing these not-so-naturally-appealing products and services.
Let’s start with the core essence: the brand. You may be thinking I’m a bank, not a brand. But at the root of it, you’re a sort of retailer and establishing your brand identity is critical. Make sure you develop a brand that has personality and emotional appeal. Your strategy should be cohesive with your mission while transcending all channels of products and services. You may be forced to compete on rates and fees, but you don’t have to sound or look like other banks and credit unions. It should differentiate you from competitors.
There are many ways to go above and beyond on your brand experience. It starts with educating your employees. Don’t just train news hires on computer systems and customer service—provide them with the resources for delivering your brand’s promise. They are the front lines for your brand and they need make sure they are demonstrating and upholding your identity. A solid onboarding program is another way to set the tone. Make your new customers feel appreciated, even after they open an account.
Next, think digital. 77% of Millennials say they are using online banking services every month, with 32% of the US Millennials admitting they would change banks if they could not manage their money on their mobile phones. If you’re not sure where to start with this, begin with assessing your competitors—what are their digital capabilities and how do they compare to each other and you? Then create an experience that will resonate with today’s tech-savvy market. Design and develop a creative, trendy, practical, and responsive website. Seize new advertising tactics, like retargeting and native advertising, to help boost your online presence. Allow for a level of engagement with existing and potential customers through social media. Once you have such strategies in place, providing an opportunity to securely open an account digitally will be where conversions soar. A seamless mode of acquisition is what will ultimately make your digital efforts worthwhile.
Do not forget to meet people where they are. Meet them online, on social media, on their phones—but traditional tactics and PR are not extinct. Disrupt their everyday life, for example by showing up at their work with a fun campaign that will get them personally excited about being a part of the brand. Partner with a local or national social initiative. This will amp up your presence and overall goodwill. You could also encourage customers to share ways you have helped them gain control over their finances and provide fun initiatives to do so. There are plenty of grassroots ways to get people excited about your brand and offerings.
Finally, if you’re not analyzing your results, you’re missing the boat. All of these digital capabilities allow for in depth analysis of successes and failures and where traffic is most profitable. If something is evidently not working for you, stop! Analytics are an easy tool to strategically react. Ultimately, it will save your resources by weeding out the less-lucrative tactics.
Check out how we helped Ohio’s largest credit union, Wright-Patt Credit Union, amp the excitement around their improved online banking launch. If you’re looking for new ways to revamp your own financial brand, give us a shout. We know a thing or two about making money management fun!
