Due to Bank’s rigid nature and multiple levels in the management hierarchy, it’s often seen banks are slow towards adapting digital marketing strategies compared to other niches. Though financial institutions have realized the importance to focus on digital aspects of marketing, I feel banks are still slow with its implementation. It might be the time/approval stages the proposal needs to pass through or the sensitivity of the niche, banks and financial institutions lack a sound digital marketing strategy. Let’s talk about different ways in which banks can benefit from digital marketing.
Explore new target group:
Banks can not only target their current customers but can create customized campaigns for new target groups based on their location, age and interest. For example, thousands of immigrants come to Quebec every year. The first thing they may do is change their location on social media platforms or check-ins in the city (consumer behaviour assumption). They are very likely to search for how to open a bank account in Quebec or the best banks in Canada etc. Why don’t we give them what they are looking for? We can always raise awareness of newcomers with our blog posts and online article. Not to forget switching banks is not as easy as switching your wireless service provider. So it is always wise to get new customers by exploring new target groups and then trying to get customers from competitors.
Upsell or cross-sell:
Once we acquire customers we can always offer them additional value and create opportunities for upselling and cross-selling. A good way is to get consent for sending emails with offers, promos and other services from banks. Email marketing can be a good tool here as it can be used for targeted and personalized content, build credibility and build excitement.
Remarketing:
This is one of the most powerful online marketing tactics that allows banks to get connected with their target audience even after they are no longer engaged on our website. Remarketing has a high ROI as consumers can see more personalized ads that are more relevant and timely. Remarketing also helps to build top-of-mind awareness. We can relate remarketing with the cell phone theory that claims even when people online are busy or distracted, they subconsciously take in images around them. Later, those surroundings and images seem to be familiar resulting likeliness of people remembering our brand by remarketing to them.
Mobile Experience:
March 21, 2021 report from Statista found that more than 35.7 percent of web traffic in Canada was generated through mobile phones. With banks spending more on their mobile app performance it is very important to make sure the mobile experience is smooth and error-free for websites. Improving a website’s load time, integrating responsive design, being careful with pop-up use and deactivating auto-play videos are important aspects to consider.
Top position of search engine:
Banks can always rank them for long and short-tail search intended keywords. These keywords are discovered through a series of processes that includes identifying a niche, doing keyword research, discovering low-hanging keywords, finding competitors in the niche etc. Example: RBC bank if wants to rank for the term ‘investments opportunities in Canada’ can follow the right SEO strategies complemented by PPC to acquire a top position on search engines. Google has stated brands will double their chances of clicks and conversions if they are showing as both an ad and the number one organic search result for a query.
Overall all banking institutions need a lot of credibility to get new clients and retain existing ones. To do this we do not need to stick with the traditional approach but rather transition our strategies towards digital marketing. Digital marketing is a cost-effective way by which we can increase awareness, generate interest, create desire and finally convert users, motivating them to take action.
