By : Alastair Hogben
March 02, 2017 08:00 AM
Retail banking is an increasingly competitive market, with more and more providers vying for the attention of consumers, who are being encouraged by the government and industry regulators to search the marketplace and switch suppliers if they aren't happy.
In this environment, the financial institutions that have the most innovative, impactful and effective marketing strategies will be among the best-placed to not only win new customers, but retain their existing ones.
Here are a few approaches that could help you keep your marketing fresh and ensure that it continues to deliver results.
Utilize every available channel
You have many marketing channels at your disposal, so it's important to make sure you're getting full value from all available methods of engaging with your customers. One such channel is your ATM network. Far from being a simple cash dispenser, ATMs can be enhanced with software such as CxMarketing, which delivers on-screen video, graphics, promotions and discounts to specific groups of customers. Another useful channel for marketing is your branch network, which offers valuable space for high-impact visual marketing and product promotion. Furthermore, branch staff can make a huge contribution to your marketing efforts by providing the personal touch that some customers might feel is lacking in email and digital communications.
Gone are the days of 'one size fits all' marketing - today, customers expect to engage with their bank in a way that feels relevant and tailored to their personal needs. Attempting to save costs by coming up with mass marketing campaigns that are interesting to everyone could provide a result that interests no-one.
Software designed to enhance your customer relationship management can provide a number of personalized benefits to improve the consumer experience and boost brand loyalty, such as wishing people a happy birthday via ATMs or remembering their favorite transaction amount.
A recent report from Docurated asked 72 professionals to identify their biggest digital marketing trends for 2016. Mario Natarelli, managing partner at brand strategy agency MBLM, said businesses should be looking to make their brand "essential" by "striving toward personalization, relevance and anticipation".
Use targeted messaging
Similarly, targeting the right customers can prove hugely important to the overall success of your marketing efforts, particularly when it comes to the messages you are distributing, whether they are being sent via ATMs, emails, websites or mobile devices.
Using a dedicated service for targeted marketing messages will significantly increase your chances of engaging with the right people at the right time, which shows customers that they are recognized and valued by their bank. This approach also opens up valuable opportunities for revenue generation, with customers much more likely to come across products that are of genuine interest.
There are lots of banks out there, all investing in their own marketing campaigns and strategies. That means lots of promotions, adverts and messages jostling for space in the marketplace and frantically trying to attract the attention of consumers.
To succeed, then, it's crucial to look for a new, innovative approach. That might involve creating a unique or imaginative piece of content like an infographic or video - which could take on a life of its own if it gains traction on social media - or coming up with new, eye-catching designs for some of your in-branch advertising.
Using every channel at your disposal to deliver inventive, personalized marketing messages could be critical as you seek to deliver the best experience for your existing customers and win new ones.