The Internet has drastically changed the banking industry. Consumers look for answers to their financial questions in blog posts and YouTube videos. They pay bills, cash checks, and transfer money with a few taps on a smartphone. They compare rates, read reviews, and solicit advice before ever visiting a bank’s website let alone a branch.
Given all of the changes, how can digital marketing for banks help your bank stay competitive while still adhering to industry regulations?
The good news is that the digital marketing avenues available to most businesses—SEO, PPC, social media, email marketing, display ads, content marketing—are available to banks and financial institutions. (However, keep in mind that digital marketing for banks may face some special restrictions on certain platforms, like Facebook, which requires the use of a special ad category.)
Here are three tips for digital marketing for banks that’ll ensure you stand out from the crowd.
Know your target audience.
Who do you want to reach with digital marketing for banks? Understanding the answer to that question will help you figure out what content to create and which platforms to use.
For example, if you’re targeting individuals who fall into Gen Z, understanding how they prefer to consume information is critical. Most of them prefer to have limited phone or face-to-face interaction with customer service reps. Instead, they opt for more impersonal methods of gathering information. Proof of this is in the fact that after implementing live chat, Wells Fargo saw a double-digit hike in conversions.
Tip: Keep in mind that if you’re going after multiple audiences you’ll want to create personalized content for each target.
Use digital marketing for banks to educate, not sell.
Obviously, the ultimate goal of digital marketing for banks is to sell something—a checking account, mortgage, CD, or credit card. However, most banks and credit unions offer very similar products and services. So how can you stand out?
Answer: By building trust among your potential customers.
And the way to build trust is to educate, especially with younger audiences like millennials. This a great way to not only offer potential customers value but also a way to show off all of your financial wisdom.
Here’s proof that education is the way to go when it comes to digital marketing for banks (source):
- The majority of millennials believe they could benefit from advice on financial topics, with 32% looking for educational content on savings, 30% on budgeting, and 26% on credit cards.
- A study by the Financial Industry Regulatory Authority found “that millennials find educational content quite appealing due to their lack of financial security.”
When it comes to creating and delivering this educational content consider easy to understand mediums, like visuals. Try creating videos, which can be hosted on social media platforms like YouTube as well as your own website. Infographics, especially interactive infographics, are another great way to educate.
Focus on the customer experience at all levels.
Believe it or not, digital marketing for banks happens with every single interaction a customer (or potential customer) has with your institution. This includes interactions that happen with technology rather than a person, such as your bank’s website.
It doesn’t matter how cutting-edge your YouTube videos and display ads are if users can’t access and use your website or mobile app. It doesn’t matter how witty your email marketing campaign is if a customer’s Facebook query goes unanswered for days.
A good user experience will market itself!
Don’t believe it? One study found that 57% of people won’t recommend a business with a poorly designed mobile website.
Another excellent reason to focus on that customer experience is because you can (both directly and indirectly) encourage existing customers to recommend you. And those recommendations have power! According to Moengage, “92% of consumers trust recommendations from others, even people they do not know, over branded content.”
One way that you can indirectly have customers recommend your bank and its services is by using customer success stories in your digital marketing efforts. These success stories can make your bank seem more relatable and exciting while highlighting your services and how they can help everyday people.
By personalizing content, focusing on building trust in the form of educating, and creating a high quality customer experience at every touch point, digital marketing for banks can pack a powerful punch. Want to roll out some of these tactics in your next digital marketing campaign? St. Gregory can help. Contact us today.