Competition in the banking sector is as intense as any other sector of the economy. Instead, here it is more significant than other industries. This requires banks to adopt strategic marketing techniques that ensure better ROI, even with a limited budget.
As a result, we have seen a shift in retail banks’ marketing strategies towards a more digital approach that takes zero risks in attracting customers. Apart from offering online financial facilities, there is a lot that banks need to do. However, on top of that, the first thing they need to do is find the right marketing tools that require inputs and offer convenient performance and accurate results for improved ROI.
Below are some of the most influential retail bank marketing strategies that make your banking business look more modern and customer-oriented to attract more customers and generate greater returns.
1. Make Use of Local SEO
Local banks are generally in a better position than cross-border financial institutions when opening a bank account. According to research, 65% of banking customers prefer having a local branch when planning to avail banking services. This clearly shows that local banks are in a profitable position than other big institutions not available in the required radius.
However, the competition doesn’t end there. You might be the nearest bank in the neighborhood with the most convenient services and favorable rates for your deposit accounts. Still, if your competitor has a better ranking in the search engine results, you’ll be losing a substantial audience.
More and more people are switching to internet services every second. Things with better ranking on the internet are ultimately considered the most reliable and worthwhile. Thereby, it is crucial to have a compelling online presence.
Local search engine optimization is the primary tool for highlighting your online presence. Making the most out of this tool requires attention to several factors, but some of the most constructive retail bank marketing strategies are listed below.
i. Local Map Listings
Map listings appear at the top of organic search results when a local user searches for them. They provide all the searched institutions’ required information, including address, operating hours, contact, website link, and directions to the location.
Therefore, generating and authenticating map listings for your branches in prime search engines, notably Google and Bing, is the first and foremost step towards a profitable online position. Having 5-star reviews on these listings can further enhance your credibility.
ii. Location-Based Content
On your website, create and maintain a well-designed page for each of your branches. Use the pages to display your performance and expertise to attract more customers. Add quality site images, contact information, and address. Make sure to add well-written content describing your aims, objectives, and services. Also, add a link to your main service page to turn your visitors into loyal customers. These are some highly lucrative SEO practices.
2. Deploy Multiple Marketing Channels
Identifying the target market and creating a customer persona is essential to choosing the right retail bank marketing strategies and tools. Without understanding your customers and the correct channels to approach them, creating an appropriate omnichannel strategy is near impossible.
You can create a fabricated profile of your prospects to identify their probable needs. You can also include other factors, like age, gender, location, employment level, education, financial goals, etc.; this opens up excellent opportunities to cater to.
Age seems to be one of the most important considerations when it comes to creating customers’ profiles. For instance, Gen Z is likely to deal with finances quite differently than the older generation. Thus, both of their needs towards you would be different.
Once you have it all figured out, you can easily reach out to them through different channels, including direct mails, emails, website content, print media, advertisements, and NexSigns digital signage. Out of all these channels, digital signage seems to be the most effective as it attracts most visitors regardless of age and requirements. It gives you a chance to efficiently display your services and convey your message to your prospects. Mentioning NexSigns digital signage comes with various beneficial reasons. Not only is it easy, affordable, and eye-catching, but also a marketing channel that will never go unnoticed.
Many banks invest in digital signage to make their branches more advanced and efficient without hurting their income.
3. Promote Customer-Friendly and Informative Services
Gone are the days when presenting a smile and a small gift could gain you a loyal customer. These days, local banks are in tough competition with larger institutions, which requires them to offer more appealing services than these institutes. This also requires a thorough understanding of the target market and its requirements. Research and identify their banking activities and what more would attract them to your bank.
For instance, busy prospects will not prefer lengthy account-opening procedures or switching their accounts for small gains. Thereby, you need to devise a more appealing service like a favorable loan offer. Once you have attracted and turned your prospects into customers, it gets easier to sell out other products.
Digital signage is again a great tool to use for promoting customer-friendly and informative services. You can place them at different locations throughout your branches to display your services to all your visitors, informing them of other facilities you offer. This significantly creates the potential of attracting new customers or selling out additional products to existing ones.
4. Tell a Story
Compelling storytelling is an excellent asset that can yield exceptional results. All you need to do is educate your target audience with your vision and purpose. This forms one of the most successful retail bank marketing strategies. As identified by research studies, people tend to buy more from brands that educate them. Therefore, you must invest in quality and informative website content, blogs, guides, and other tools that your audience find educative.
Use FAQs to plan your content and base your articles on them to engage your audience and answer their questions. Experts recommend publishing your content regularly, which also helps with your website SEO. There are different types of articles trending these days. You can use them to highlight your services, offer guides to avail of those services, inform your audience of your work to gain their confidence, spread the word about your products, and much more. This will highlight your community contribution, which is quite useful in gaining customer trust and loyalty.
Telling your story through digital signage is excellent for your visitors to connect with you emotionally and practically. It is a modern approach to sharing your history with your prospects and reminding existing customers of it.
5. Create a Powerful Mobile Experience
People spend a substantial part of their day on mobile devices. If your bank does not have a mobile application, you are missing out a significant time. It forms a critical element of retail bank marketing strategies. Therefore, along with setting up a website, it is vital to develop a mobile application that allows your users to avail themselves services by themselves through it quickly. Since mobiles are almost always available, they are a convenient option for customers to manage their finances rather than visiting a branch or via computer.
If you cannot invest in an extensive mobile application, try to offer at least a basic version of it. It will help you secure your existing customers.
Highly competitive retail bank marketing strategies are required to generate the desired ROI. Some of the retail bank marketing strategies you can opt for include verifying map listings, creating a web application, educating your customers, and telling your brand story. However, an even more significant aspect is to choose the right tools to execute these strategies. When selecting digital signage, NexSigns is a highly sought-after option you can opt for.