The majority of consumers use social media and online services to find products or services and make purchases online, and the banking industry is no exception. Becoming digitally savvy has become a necessity for banks. It makes sense, because there is no better or more effective way for them to improve establish or elevate their presence than by developing an online marketing strategy.
Digital marketing strategies enable banks to not only transition to our new digital culture, but to remain powerful industry leaders. However, creating a winning strategy is something that many struggle with.
In this article, I’ll present 6 key tips to consider when developing a digital marketing strategy for your bank.
1. Engage Experts
When it comes to digital marketing strategy, many banks are content with a website and some social media accounts. But this is not enough. In order to create a strong online presence, you need to bring in the experts.
This means hiring an SEO agency or tapping into social media influencers with a loyal following online. By providing helpful and valuable content (e.g., blog posts, videos), influencers can help you promote your brand to their respective audiences. By hiring an SEO agency, you can improve search engine visibility, which increases the likelihood of your brand being discovered online.
Apart from that, translation services can also contribute to the success of your digital marketing strategy in other countries. If you want to build a global presence and attract audiences who speak other languages, you need to have your site translated by fluent professionals. It’s always better to work with a professional translation service that has key insights into cultural differences and industry nuances. For example, lifestyle, fashion, and retail translations will differ significantly from translation services needed for banking. But don’t limit yourself to translating your website only; develop an international content calendar and create content that resonates with your target audiences. This way, you can position yourself as an industry leader and bring in new customers across the globe.
2. Connect with Your Customers
To successfully market your brand online, you need to get to know your target audience well and be able to identify their needs and concerns, as well as their preferences, when it comes to communication and engagement.
In addition, you need to know precisely what they want from you. The best way to do that is by conducting some market research. You might consider creating a focus group: these provide insights that can help you develop a strategy that addresses your customers’ pain points, promotes a sense of trust, and encourages interaction with the brand.
Remember to choose participants who have previously interacted with the bank and have experience using online services.
3. Diversify Your Communication Channels
When taking a digital marketing strategy development approach, many banks limit themselves to one communication channel, such as an online website or app. Though it’s crucial to establish an online presence, it is also vital to diversify your marketing strategy by using multiple communication channels. This way, you can ensure that your message reaches all of your target audience and that they receive information on time.
The right mix of channels to use depends on the type of services you provide and the audience. For example, banks with a younger target audience can benefit from an active social media presence. They can also benefit from investing in a mobile app and using push notifications for alerts and updates. On the other hand, if you’re targeting consumers in the 35-50 age range, emails might be more beneficial than social media posts.
Whatever strategy you implement, make sure you are constantly testing and measuring the results of each channel. Then use the collected data to improve your overall strategy.
4. Offer an Exceptional User Experience
In today’s digital environment, there is no such thing as customer loyalty anymore. Customers expect excellent experiences at every touchpoint that are completely consistent with those they receive offline.
So, if you want to win over your customers online, make sure you offer them a seamless and exceptional user experience across all channels. First, you’ll need to make your website easy to navigate and engaging for customers. It takes time and effort and requires constant testing and measuring of results in order to improve customer satisfaction levels. Secondly, the website needs to stand out from the crowd when it comes to usability and design. Unfortunately, many banks fail to meet these requirements. They take an average approach or simply copy other companies’ web features without understanding their role in user experience. These days, that’s just not good enough.
It’s essential to keep in mind that people visit your website for answers: frequently asked questions, helpful articles, videos, and more. So, once users arrive on your site, it should be easy for them to find what they are looking for and get back to their day as quickly as possible.
5. Personalize Offers
It should come as no surprise that consumers feel more loyal to brands that provide personalized offers, making promos still one of the most effective tools for increasing conversions.
If you are not already doing so, start segmenting your email list based on individuals’ actions on your website and previous interactions with the brand (e.g., signing up for an account). In addition, create segments based on purchase history, demographics (e.g., location), behavior (e.g., frequency of visits), etc. Then, send relevant offers that match their needs and interests to each segment to increase conversion rates and build a customer base that trusts your bank.
6. Automate Marketing Activities
Using marketing automation tools can also boost a bank’s’ conversion rates by improving analytics capabilities and providing real-time insights into customer behavior on the website and when using apps. These tools enable you to personalize your messages based on a customer’s location, language, or browser settings, helping you connect with customers across different countries. This way, banks can deliver targeted offers that are likely to increase conversion rates and encourage customer return visits.
Just like any other business, banks need to evolve and adapt to changing market dynamics if they want to remain relevant in today’s digital environment. This is why creating an effective digital marketing strategy is essential for them. However, many traditional banks struggle with this process because they think about digital marketing strategy development regardless of current marketing trends and limit themselves to one communication channel. To connect with your customers and keep up with the competition, you need to diversify your marketing strategy by using multiple communication channels and offering an exceptional user experience across them. In addition, consider incorporating personalized offers to increase conversions rates and build a customer base that trusts your bank. By taking these steps, you will be able to establish a brand with a trustworthy online presence.
If you’re looking for more tips on transforming your marketing campaigns and creating winning digital marketing strategies, subscribe to the TopRight blog! Or connect with me on Twitter and on LinkedIn. Also, check out our latest webinar. You can learn more about how to bring simplicity, clarity, and alignment to your brand’s story, strategy, and systems in our best selling book: Marketing, Interrupted.