Small banks and credit unions who are looking to improve their brand’s value in today’s market climate are faced with a big challenge. Banking is a commodity in our age; most institutions offer the same services at similar rates. Every institution has adopted the platforms that build customer loyalty– being customer-centric, service-oriented, and community-focused. So what can a small financial institution do to set themselves apart from competitors and gain branding traction? Financial marketing experts suggest creating a strategy that involves the following marketing tactics:
- Improved Branding. One of the first things a marketing agency does to make a financial institution stand out to potential customers is rebranding. This involves traditional marketing efforts, such as updating logos, creative advertising, and style guide development, as well as focusing on your bank’s website.
All digital marketing channels will lead to your website and over 75% of potential clients research a financial institution online before they ever step foot on the premises. Your website should offer personalized messaging, strategic graphics, and user experience design (UX design) to present your bank’s mission statement in a way that the potential customers connect with. - Improved Mobile Experience. Of the online-based customer demographic, 80% will access the information from their smartphone. In our market climate, consumers expect a sleek website with an equally functional mobile site. If your mobile site is slow or cumbersome to use, potential customers will lose confidence in the financial services you offer. Your consumer experience design should be heavily extended to the mobile platform.
- Improved Content Marketing. Another tactic a financial marketing agency will likely suggest is to create a constant flow of content on your brand’s various digital channels to attract clientele. Almost 90% of marketing agencies say that content marketing improves brand awareness among consumers. Blogs, infographics, and videos all help give your financial institution’s brand a distinct voice that converts new customers.
Additionally, content marketing offers your financial institution search engine optimization. By creating content with strategic keywords and phrases, you increase the likelihood that your website will be highly ranked in search engine results. For example, having a video on your financial institution’s website makes you over 50 times more likely to end up on the first page of search engine results. - Utilizing Social Media. Each avenue of social media that your brand adopts expands the surface area in which to reach customers. The two-way mode of communication offered by social media gives users the opportunity to engage with your brand and creates loyalty. Over 70% of internet users choose the brands that they do business with based on their association on social media sites like Twitter or Instagram.
Have you ever used a marketing agency to improve your financial institution’s brand value? What marketing tactics did they implement and what did you find was most successful? Please join the conversation below if you have any input!
