When it comes to financial marketing, it can often feel like everyone has their own idea of the kind of work it takes to do it the “right way.” The truth is the execution of a financial marketing strategy is a fluid process. The approach can be based on many factors such as what your customers/members are looking for, what the demographic is and what services you’re trying to push – to name a few. Despite that, there are a few you always want to make sure you’re incorporating into your process as you build/foster a connection with your audience. Below, we’ve compiled a list of essential marketing tips to keep in mind throughout all your future marketing endeavors.
Focus on Storytelling
Instead of just presenting facts and figures, tell compelling stories that resonate with your audience. Share success stories of customers who achieved their financial goals with your institution's help. This human touch can create a stronger emotional connection with your brand. A good way to make sure you’re achieving this tip effectively is to reference the three tiers of branding.
Often, when it comes to storytelling, marketers are encouraged to “think outside the box.” Depending on your approach, that can lead to missing the goal of marketing: appealing to your audience. Epicosity’s first step is actively listening to what the client needs. “Not every situation calls for out-of-the-box thinking,” Epicosity Creative Director Scott Wiechmann says. “Often times clients know what they want. So, instead of risking giving them something way off the mark, build a smarter box.” Building that smarter box allows you to make something that your team and your customers can appreciate.
Leverage Your Locality
If you are a community bank or credit union, you have an arsenal at your disposal to get the most out of your local relationships with your customers/members. You have the opportunity to set yourself apart from the larger, government-owned financial institutions through several means:
- Getting the Most of Your Community Sponsorship – Collaborate with local organizations that complement your services. An example would be nonprofits that specialize in financial education.
- Reward Users for Engagement – Implement loyalty programs or referral programs that reward customers for their engagement. Encourage them to refer friends and family or participate in financial literacy webinars. This not only fosters customer loyalty but also helps in word-of-mouth marketing.
These are only a couple of ways to leverage your locality. Find more ways backed by eye-opening insights when you read our blog.
Reach out to Your Customers / Members
In today’s competitive and fast-paced world, relationships can be just a click away. When asked if they would use an online-only bank or credit union, 44% of millennials nationwide said “yes” – followed by Gen X (39%) and Gen Z (38%). That’s 4 out of 10 people. “Today’s competitive advantage is listening,” Episocity Insights Director Katie Hagen said. “It's not just about transactions; it's about connections. Not only will you get valuable feedback, you'll also be making sure the people who have already chosen you feel valued and heard."
*
*Data collected from October 2023 United States Consumer Study, Resonate AI-Powered Data & Intelligence
Asking customers to take a survey is a strong way to gauge feedback. Identify your most loyal and satisfied customers and ask for their input. Use effective platforms like SurveyMonkey, Google Forms or HubSpot to conduct surveys to understand why they chose your institution and what improvements they'd like to see. Their insights can guide your marketing and service strategies.
Regularly reach out to your customers/members to understand their needs and preferences. Collect feedback through surveys or hold focus groups to gain valuable insights. Tailor your services and marketing efforts based on this feedback. An effective way to reach and engage with customers is by developing an email strategy. Email is cost effective, reliable and can be customized to his specific demographics.
Use Social Media
Leverage the power of social media platforms to connect with your audience. Share informative content, financial tips, and engage in conversations. Social media can humanize your brand and foster community engagement. “On social media, think of frequency as a trusty companion when used wisely,” says Social Media Coordinator Cooper Chwialkowski. “Posting just for the sake of it doesn't always cut it. Instead, focus on sharing content that truly connects with your community and stays relevant to the times – that's how you give your platform a real boost.”
Produce informative and educational content that addresses common financial questions and concerns. Blogs, videos, webinars, and infographics can position your institution as a trusted source of financial information. When it comes to optimizing your social media posts, we recommend five effective strategies.
Focus on Advanced Ad Targeting
Utilize the power of advanced ad targeting methods and techniques to reach desired specific target audiences:
- Geotargeting – With geotargeting, you can reach potential customers in your immediate vicinity. Use location-based advertising to promote your branch services, special offers or financial products to people in the area. This targeted approach can boost foot traffic and conversions.
- Retargeting – You can Implement retargeting ads to re-engage users who have visited your website but did not take any action. Remind them of your services and offers, increasing the chances of conversion.
- Audience Look-a-likes – This method helps deliver ads to people who look and act just like your target audience. Combining your selected audience data with machine learning algorithms results in a user-behavioral pattern.
Financial marketing doesn't have to be dry and formulaic. These creative marketing ideas for banks and financial institutions can help inject a fresh perspective into your campaigns, foster deeper connections with your audience and achieve higher levels of success.
Embrace innovation and watch your financial institution thrive in the competitive landscape. Want more ideas that’ll push your FI’s creative marketing above and beyond? Here’s a tip: contact Epicosity. Our team specializes in elevating your brand, and its marketing efforts, to the next level.
By building credible content and utilizing successful content strategies, you will build trust between your institution and your customer/member base. After execution, plan to measure your campaign success rate in case you need to adjust or pivot your strategy at any point.
To start your journey of building trustworthy content for your customer/member base, you need a partner you can trust just as equally if not more. Epicosity is that partner. We are your full-service growth partner, dedicated to providing you insights and elevating your FI’s marketing efforts.
COMMENTS