4 Key Areas That Can Boost Your Banks Marketing Strategy

Byplusroi

Finding new customers and retaining the ones you already have are critical components of bank marketing strategy. By concentrating your marketing and customer engagement efforts on the following four areas, you can improve customer service while increasing the number of new clients for your banking services.

Acquire New Customers Who Have Moved to Your Area

New mover customer acquisition can provide a steady source of new clients for your bank. When individuals and families move to a new area, whether for a job, school or other reasons, they will typically be interested in having a local bank for their financial needs. Apply a significant portion of your new customer acquisition efforts to letting these new arrivals know about your bank and what you offer. To get the best results, make sure you:

  • Are the first financial institution to contact or send direct mail marketingmaterial to new arrivals
  • Are able to identify persons and families who have moved to your area and have procedures in place to ensure you contact them quickly
  • Are able to compare new mover acquisition results to other techniques you use to measure the effectiveness of your bank marketing strategy

Offer Welcome Packages and Onboarding to New Customers

Take the time to send a sincere welcome letter and thank you card to new customers. Put an onboarding program in place to follow-up with detailed information for new customers about your banking products and services. The more they know about what you offer, the better they’ll be able to use your bank and the more likely they are to purchase additional financial products and services.

Make sure your customer service department’s contact information is prominently displayed and that your customer service representatives are prepared to address frequent new-customer questions and issues. Partner with local retail establishments or complementary service providers to give free gifts and incentives to new clients.

Use Customer Life Events as Cross-Selling Triggers

Respond to significant events in your customers’ lives with cross-selling offers that are appropriate to their new status. If your customer has recently gotten married, had a baby, sent a child off to college, retired, or searched for a credit card or bank loan, use these events as the stepping-off point for offering services and products that can be useful in these situations.

Conduct surveys and send out questionnaires that can help you collect customer data you can act on when needed. Use credit bureau data to identify customers who have sought a bank loan or credit card. Establish a customer database with useful life-event information and make sure the database is kept current.

Use Digital Retargeting to Increase the Number and Effectiveness of Marketing Contacts

Improve your marketing reach by using digital retargeting to display information to customers who have visited your website. Combine a digital message program with direct mail marketing or contacts made in person at your facility. The combination of direct mail and online contact has been shown to significantly increase customer purchases.

Ask for email addresses and phone numbers when customers and prospects visit your site and get permission to make contact with additional offers and information. Contact individuals who have visited your website or who have started and abandoned a sign-up process on your site. Maintain a substantial presence on various social media platforms and ensure that customers can contact your and your representatives through these social media pages.