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Financial institution marketing is an ever-evolving practice, both in keeping-up with emerging technologies and managing a regulatory heavy climate. What can the savvy CMO do to ensure that his/her brand remains up-to-speed? Here, BIGEYE shares 4 Essential Tips for Financial Institution Marketing.
4 Essential Tips for Financial Institution Marketing
4 Essential Tips for Financial
It’s often diﬃcult to ﬁgure out the most “essential”
strategies for bank marketing success. These
tried-and-tested outreach methodologies can create
sizable success within your ﬁnancial institution…
Highly eﬀective tips to help you to
help increase your bank or other
ﬁnancial service’s ROI:
The ﬁrst step to success in the ﬁnancial realm is prioritization. A Strategy
Prioritization Matrix can help you to determine the most strategic projects to
help your business get the most “bang for its buck.” Create the matrix by
listing the impact on the X axis (high or low) and the ease of implementation
on the Y axis (hard or easy). Then, within the matrix, classify potential projects
in one of four buckets: Quick Wins (High Impact, Low Eﬀort), Must Haves
(High Impact, High Eﬀort), Low-Hanging Fruit (Low Impact, Low Eﬀort) and
Money Pits (Low Impact, High Eﬀort).
Your matrix might look something like this:
This will help clarify those areas requiring the greatest focus.
Implement a “New Mover”
Customer Acquisition Strategy
Prospective clients that may be relocating to your area will likely be in search
of a local bank. Depending on a potential customer’s degree of wealth, he or
she may also need other ﬁnancial planning services such as estate planning or
wealth management. Creating a strategy to deliver your message into
prospect’s inbox will assist in the growth of your audience.
It’s important to have a strategy in place to ensure that yours is the ﬁrst ﬁnancial
services company to reach these potential clients, including the development
of eﬃcient on-boarding processes. For many ﬁnancial service providers, these
outreach eﬀorts can prove to be “Quick Win,” as outlined in the previous
“Retargeting is often the most eﬀective and eﬃcient acquisition strategy on a
cost-per-account basis. It’s also a good way to capitalize on a person’s
interest, as retargeting is only triggered after a person visits your site or clicks
on your content.”
In many ways, digital retargeting can successfully work in tandem with direct
mail eﬀorts, as one banking business achieved a lift of 40% after pairing digital
retargeting eﬀorts with a direct mail campaign.
According to Wagner dos Santos,
BIGEYE’s senior director of marketing and strategic planning…
Collect Insights for
Through surveys and new account processing, you can grab signiﬁcant
information about your customers that you can then use for future marketing
and outreach eﬀorts. And, through iteration, you can continue evolving your
campaigns and strategies for optimal growth.
Need more ideas for eﬀective ways to reach potential audiences with your
bank or ﬁnancial services marketing? Contact us at our Orlando ad agency,
and we can help you tailor your customer acquisition strategies to help
generate the most ROI for your business.