People love money but they hate dealing with financial institutions. Go figure. So how should financial marketing respond to this dilemma?
Well, the old-school approach was to make your financial institution seem trustworthy and substantial by employing serious-faced people in drab suits and surrounding your vault with tall, stone pillars and plenty of shiny granite. That’s right. Make your financial institution look like a funeral parlor and somehow people will beat a path to your door. If that approach ever worked, it doesn’t work today. So let’s rethink this thing.
1) Develop Bank Advertising People Enjoy
Take a page out of the car industry’s marketing manual. Just because they are marketing one of the biggest-ticket items in the household budget, auto companies do not content themselves with serving up boring commercials. So why is bank advertising so bland? Just because you want to advertise your new mobile app doesn’t mean the commercial can’t be built around an engaging story line. The cuter and funnier the commercial, the more memorable your new banking app will be. Create outdoor boards and bus shelters that people talk about. After all, your financial institution can’t afford to do forgettable advertising.
2) Make Your ATMs Work Harder
Your bank or credit union has ATMs all over town, right? Why not make them part of your financial marketing department? The technology exists for you to run commercials, banner ads and more on these ubiquitous little droids. Why not use it? Every transaction can be a marketing opportunity.
3) Receipts Can Be Billboards
Most of your customers have a love-hate relationship with banking receipts. They may help with record-keeping but they also turn your wallet into a trash bin. So make these paper receipts useful. Why not use this little slip of paper to host giveaways, sponsor causes or advertise local events? You can do it. I know you can.
4) Tellers are People, Too
Make your bank employees appear more human by featuring them on social media. Tell us about their hobbies, their families and where they come from. Showcase a different branch every month. This is a win-win. It connects with the customer and it makes the employees feel more valuable.
5) Develop Strategic Alliances
Want to sell more mortgages? Then partner with area realtors. Feature their open houses in your credit union’s newsletter. Want to sell more car loans? Strike an alliance with local dealerships. Offer to co-op your logo and theirs on those little plastic key fobs.
6) Send your Brand to College
Want to know where your future customers are? Easy. They’re in college. The beer marketers totally understand this. It’s time that financial marketing folks did the same. Create a strong presence on college campuses. Many of these students are opening their first checking account or applying for their first debit card.
7) Let’s get Digital
Push the envelope. Make sure your website is mobile friendly and responsive. Offer customer rewards for those who write reviews on Yelp. Invest in expandable rich media banners and YouTube pre-rolls that play your TV commercials. Surround your prospects at every touch point with fully integrated marketing.
Financial marketing doesn’t have to be all gray flannel and mothballs. Take it up a notch. If you are in need of a branding agency to help your financial marketing work smarter, call us toll-free at 866.642.7559.