Marketing offers a powerful and effective way to tell your story, connect with customers, and provide solutions to answer concerns and fuel their goals. That said, marketing can also be overwhelming; there’s simply so much to understand and seemingly even more to do.
Today, great marketing for banks and financial institutions goes far beyond even the basics – social media, video, email newsletters, print ads, and websites – and delves deep into your customer base: Who uses your financial products? What products do they use, why do they choose them, and when do they use them? What does the customer journey look like? And, how can you respond to your customer’s varying needs throughout this journey?
In 2018, marketing for financial institutions is personal. You must use data-driven metrics to respond to your customers’ needs and desires. You must leverage your marketing to remain relevant – and to attract new customers, as old bases age and new generations graduate into your financial services.
In order to shore up your current tactics and lay the groundwork for next-generation marketing – in order to maintain your competitive advantage – you must stay at the forefront of digital marketing. And to do that, we’re sharing six marketing ideas for banks and institutions:
- Focus on “Micro Moments”
- Emphasize Emotional Engagement
- Migrate Website & Social Messaging to AI (Chatbots)
- Integrate Video into the Customer Journey
- Customize and Personalize
- Spread the Love to Gen Z
Focus on “Micro Moments”
We all know that life is made up not of the big picture, but of the small moments that add up to the big picture. But, what you may not know is that an incredible 96% of people turn to mobile devices during their times of need, also known as micro moments.
So, how can your bank respond? With content and resources tailored to financially based micro moments, of course. With the help of a savvy SEO and content marketing team, your bank can anticipate everything from the root of your customers’ economic worries to the path of their financial dreams – and create the articles, videos, and other engaging, rich, and helpful content to answer questions and fuel financial and life goals.
Emphasize Emotional Engagement
We’ve touched on worries and dreams, which brings us to the next marketing trend for financial institutions: fostering emotional engagement with your bank. Instead of focusing on the transactional aspect of the typical bank-consumer relationship, shift your thinking to the financial-emotional journey: what experiences, life stages, and other touchpoints in the customer lifecycle ultimately lead people to your bank and your financial products?
Focus on these moments: graduation, marriage, expanding families, savings, remodels, retirement – all the emotional, should-be-exciting moments and life experiences that usher customers through your bank’s doors. From there, build out your marketing campaigns around these touchpoints, to create purpose-driven marketing campaigns, storytelling initiatives, and other engagement.
Migrate Website & Social Messaging to AI (Chatbots)
For bank and financial customers, there are few things more frustrating than having to wait for answers about their money. But now, thanks to artificial intelligence tools (a.k.a. “chatbots”) such as Drift and Intercom, they don’t have to: Today’s live-chat tools can be powered by artificial intelligence – AI so good, by the way, that your customers won’t know they’re chatting with bots – to provide instant and accurate answers to client questions, via your website chat, social media chat, and other sources.
Integrate Video into the Customer Journey
Content marketing has matured into an essential of any marketing plan. If your financial institution has lagged in video creation, this is the year to get on board – fast. After all, video has proven to be the most effective type of content, encouraging customers (and, perhaps even more importantly, potential customers) to spend an average 88% more time on your site than they would, were there no video.
Bottom line: video is more engaging than text since most people are visual and/or auditory learners. Video also fosters emotional connection (see above), integrating image, sound, and other engaging media into educational and inspirational content that parallels the customer journey. Learn more about how to integrate video marketing for banks.
Customize and Personalize
Digital marketing has propelled us out of the one-size-fits-all age and straight into the era of personalization. Your customer expects laser-focused, personalized solutions and, thanks to advanced data analytics, they’re within your power to provide.
Bottom line: Your institution’s customers seek customized solutions for their personal financial needs. And, they want them in real time. With the help of analytics, responsive technologies, customer insights, and other data-driven marketing tools that follow customers through the sales funnel, your bank can (and should) now deliver personalized communications and offers that answer your customer’s needs at a specific point in the customer journey.
Spread the Love to Gen Z
Millennials are still the darlings of the marketing world, but Generation Z is about to roar onto the scene. Born starting in the mid-90s – there are various definitions, ranging from 1993-1997 as a start year – the oldest Gen Z’ers are in their early 20s. What does that mean? They’re getting ready to graduate college, enter the workforce, buy their first new cars, and – soon – get married, purchase their first homes, welcome their first babies, and celebrate other major life milestones.
Generation Z represents an opportunity for your bank. They are researching where to open their first “adult” checking accounts, credit cards, and other lines of credit. In another decade, they will represent one of the largest markets for financial institutions. Learn from your experience with Millennials and get a handle on Gen Z – before your competition does.
Don’t let your digital marketing stay in 2017; leverage these 6 fresh ideas and propel your financial institution into future success.