Marketing directors in community banks often have their work cut out for them. Aside from dealing with mountains of tasks, they also have to deal with lack of employees to help them with jobs and often not enough funding to go along with that. What’s more is the amount of responsibilities are surrounded by the never ending flow of projects that come through their doors day in and day out.
However, despite the busy schedule, it's a good idea to always take a step back and ask yourself this question, “Did I cover all the basics?” Building from the basics may seem like quite a chore for some, but it is one of the most efficient ways to build up. Of course, always have search engine optimization (SEO), social media marketing, and even mobile optimization in mind, but you have nothing if you don’t build a good foundation.
To help you get started, we’ve provided a few changes in marketing programs community banks should implement that will help you keep up with your priorities as well as improve and optimize performance and cost-efficiency.
Tip # 1: Make use of Cross-Selling or Marketing
The customer base is one of the most important driving factors for community banks. Here, not only will they be able to provide a steady flow of finance but they are gold mines for opportunities. Unfortunately, despite people knowing the importance of this, there are banks that still allow almost half of their clientele to purchase products elsewhere. The tragedy of all? Banks barely communicate with their clients. Some even say that they only hear from their bank once a year. This is where the marketer comes in. Their job is to set up scheduled but multi-step cross selling/marketing programs that would enable them to have a variety of marketing media available such as print and email. It must also be targeted for specific users like senior citizens, debit card users, or credit card users, just to name some. In order for this to be realized, one must not work on any project until you have come up with an aggressive but effective program and have implemented it.
Tip # 2: Onboarding and Offboarding
Always expect that in the first year of a banking relationship, customers will be extremely interested in offers being presented to them. This is important because it is through this that you will know what their financial needs are and it will help strengths your bank’s relationship with them. Send them personal emails every so often. Send reminders to ease them to electronic bank usage and so on. On the other side of the coin is off-boarding, a program that studies on why customers leave. To be able to improve your services better, it is best to know what made your customers leave. Where they disappointed with your bank’s service? Do they hate your interest rate? Does your competitors have better offers? Knowing the reasons why will not just enable you to improve but fix any weak points in your current system.
Tip # 3: Referrals and Marketing
Referrals have been one of the best ways to get clients and the best source for that is your current customers. However, this can only happen when you’ve pleased them with your services, especially in resolving any difficulties that they may encounter in their time with your bank. Never back down in asking for customer feedback as well as urging them to help spread the word. Speaking of spreading the word, marketing should not be forgotten and one of the most effective ways are through social media and content marketing.
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