Like a new building going up around the corner, it won’t stay up if it’s not built on a strong foundation. The same can be said for a bank – on both a literal and metaphorical level. In today’s landscape, a majority of Americans (181.5 million) utilize their primary bank for a checking account and a savings account (113.9 million).
Increasing deposits into these accounts is essential in building on that foundation and creating sustainable, profitable growth strategies. Notice the stark drop between those who have checking versus those who have a savings. Not everyone has a savings account, so how do you best market to those who show little-to-no interest?
Start with Existing Clients for Improved Share of Wallet Growth
Begin by looking at your current accounts that don’t have a savings account. Set up a unique marketing campaign for shared audiences (aka those with a checking but no savings) – that’s a Deposit Growth Marketing Campaign.
Our blog Audience Segment for Share of Wallet Growth dives deep into campaigns like this that can help grow the share of your wallet.
A good way to attract potential savers is through a customized email campaign. Hosting consistent communication and creating chains that show your clients the benefits of expanding their services is a great way to increase your wallet.
A less-formal way you can achieve this same goal, promote your bank’s savings accounts on social media to your followers. Whether it’s through engaging still images, videos or graphics, creating sponsored posts can help create broad reach.
Give your website a push through rotating banners and supportive graphics to encourage audiences toward starting a savings account if they already have a checking.
Efforts like portal messaging, text campaigns, receipt messaging and direct mailers are also strong ways for trying to reach your audience.
Marketing Savings Accounts for New Bank Customers
It’s one thing to attract already-loyal customers to expand their services, it’s a greater challenge attracting new customers to use those same services.
Luckily, there are three basic ways to leverage consumer behavior to capture audiences looking for a savings solution.
We cannot stress enough the usefulness of using SEO to attract new customers. When you target keywords organically, that means you want to be the first website a user lands on when they’re seeking their solution. Yet, the keyword market is an extremely competitive landscape – which can make it tough to stand out.
PPC advertising is where you can pay for an advertisement to be seen at the top of the first page. You pay Google depending on how many people click on your ad. You can utilize PPC in other platforms like Facebook, Twitter, Instagram, etc.
Email Drip Campaign
Once a prospective client gives you their email, an email drip campaign is a very effective strategy. Once you send them the initial content they signed up for, sending the occasional follow-up email (pre-written) to be delivered at specific times can keep your bank top of mind and push them to act.
Digital Content Marketing
No matter how you go about marketing, quality content should be at the core of your plan. In short: Marketing, today, is impossible without great content.
Content marketing helps keep prospective customers on your website. It helps to setup your bank as an authority and helps you generate leads – and there is a variety of campaign styles that can be used to achieve this:
- Social Media – Utilize several platforms (Facebook, Instagram, Pinterest, etc.) to create/share content with your followers and prospects.
- Infographic – These display content, info, and data in a simple graphical medium. Mix simple words with clear statements and images to create effective content.
- Blogs – Blogs allow for a lot of creativity in terms of topic and purpose. You can promote other internal and external content and articles via links, add social share buttons and product information.
- Podcasts – These are everywhere and allow for much creativity as they can be about anything. You determine the content, who’s on it and how long your episodes are.
- Video – Wyzowl reports that 69 percent of consumers say they prefer learning about a brand product/service via video. Video marketing can improve ROI, boot conversations, and build connections with audiences. It’s also easy to share across social platforms.
- Paid Ads – Paid ads can help your brand reach broad audiences and put you where you want to be seen: social media, landing pages, banners and sponsored content.
- Emails – Sending engaging, useful content to members’ inbox, like eBooks, videos or whitepapers, are great ways of getting them to subscribe to get more information from you.
When you make content, be wary that you’re not just producing “stuff” for stuff’s sake. There’s a difference between content marketing and other materials institutions push on customers. Companies will send content all the time – where it falls flat is that it’s typically not very relevant.
For example, when you make content, try to get audience specific by promoting a basic savings account to college students, IRA accounts to graduates, retirement accounts to young professionals, etc. Promote to those who have a “need” for what you’re offering.
Savor the Growth
It’s important to assess your financial institution and see which clients don’t have savings accounts. From there, it’s all about communication, whether it’s through email or a strong push online. For new clients, it takes a little foresight, and maybe some funds, to get their attention. When it comes to creating or sustaining relationships, a little communication goes a long way in building on that foundation.