Finection is a fintech marketing agency that specializes in creating market awareness for banks and other B2B-related companies in the finance sector, such as EMIs, and payment institutions.
Many banks have already recognized the value of engaging our services to build the right digital banking marketing strategy. We are available for consultation and will be happy to assist your company in setting up the best online marketing strategies for banks looking to gain more market exposure.
Banks today need to extend their reach into a new customer dynamic. To keep up with the trends driving the competitive edges for more recent players in the market, it is necessary to shift the dynamics of online marketing strategies for banks. These should move the traditional focus on websites, printed and online media adverts and email marketing over to a complete digital banking marketing strategy. It must focus on the new competitive landscape that involves an audience engaged with the whole spectrum of digital access. They must include social media, online channels and direct presentations via podcasts and video marketing, employing a digital marketing strategy for banks.
There are many aspects of how to go about constructing a digital marketing strategy for banks that mirror the standard fields of online marketing for other sectors. But the significant differences between the end result of online marketing for retail and a rewarding digital marketing strategy for banks comes down to differentiating how the end-user measures the success of their interaction.
Common aspects of digital marketing across all sectors
Digital marketing plays the same function for all commercial activities. It has to attract the attention and interest of existing customers and potential users of the company’s services in order to generate new business. In this respect, there is no difference between ordinary marketing strategies, such as press or TV advertising of the bank and a digital banking marketing strategy. As Marshall McLuhan said- “the medium is the message.”
All digital marketing uses the dozens of digital marketing channels and platforms available to choose from. Advanced tools built to create a presence on the internet, like Search Engine Optimization (SEO), Pay-Per-Click adverts, blogs and webinars go hand-in-hand with social media and email marketing.
The shared objectives for all digital marketing plans should be to construct a defined roadmap that contains these seven milestones:
- Identify the current strengths and weaknesses in your own marketing strategy, and define some key objectives in the short, medium and longer terms. Avoid intangible goals. Set goals inside the online bank marketing plan that represent a benchmark of progress and that can be measured, including timeframes and numbers.
- Do the equivalent of a “Know your customer” analysis to identify with great precision the customers that have to be retained or recruited.
- Audience segmentation provides information about which types of digital marketing strategies for banks will produce the best rewards
- Know the competition by performing a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis. Without this knowledge, setting marketing strategies that differentiate your bank from the rest of the market is difficult. It will make the online bank marketing plans less effective
- Key performance indicators (KPIs) should be set at the very beginning. They need to be read and analyzed throughout the life of the online bank marketing plan, so any necessary changes or upgrades can be implemented.
Finally, don’t hesitate to utilize expert outside marketing resources such as digital marketing agencies like Finection that can produce quicker results at lower costs.
What digital marketing strategy for banks differs from other marketing strategies?
Banks operate in dynamic and highly competitive markets. Customer loyalty is no longer a decisive factor when it comes to banking. Customer awareness of the bank’s services is the key to success. Any bank that relies on its past success or reputation will quickly be overtaken by the opposition, who constantly remind the public of its presence and services.
Any online bank marketing plan must be built on most of the features of general digital marketing for banks, with several additional aspects that are generated by the fundamental nature of banking service. The primary differences between a digital marketing strategy for banks are:
- Banking is a service that delivers intangible results
- The general market produces tangible outcomes. For example, a search on the web for products of any kind is meant to culminate in a transaction that will physically deliver some product.
- The banking sector offers immaterial and abstract end results.
What are the marketing strategies used in banks?
The whole banking sector is highly competitive, and all banks offer the same key services and facilities. What are the marketing strategies used in banks? The most effective marketing strategy that up-and-coming banks have used are the ones that identify the particular services that the bank can do differently, or at lower costs, than the competition. Advertising these strengths with a robust online marketing plan for banks that can highlight the advantages over the competition and the unique resources you can put at your customer’s disposal is what will lift your bank above the crowd.
Another key step is to keep closely aware of any market trends that you can take advantage of. Building new technology into your digital marketing strategy before your competitors have will give your bank an edge over some segment of the audience.
Brand awareness campaigns are a central need in a good digital marketing strategy for banks. Using targeted marketing by investing in Pay-Per-Click ads and Google Adwords may require a larger budget allocation. Still, in the longer run, they will be cost-effective. It can yield a positive ROI, allowing you to align online marketing strategies for banks onto more cost-effective channels, such as content marketing and SEO. They may need longer to yield results, but they involve a lower acquisition cost.
A digital marketing strategy for banks must highlight when new services are being introduced into the bank’s portfolio. These include cryptocurrencies, wallets and blockchain integration, unified payments interface (UPI) through intelligent devices and all the other forms of electronic payments and settlements systems.
FAQ
What are the best online marketing strategies in a bank?
- Extending the bank’s presence to attract new business
- Provide facilities for self-service for bank account users on multiple access points, including mobiles and hand-held devices, POS terminals and desktops
- Use social media to raise brand awareness for the bank
- Make full use of data automation and artificial intelligence to detect and alert to market changes
What are the five types of marketing strategies?
For all digital marketing, emphasis must be on the “five Ps”:
- Product
- Price
- Promotion
- Personalization
- Place
Which marketing method does a bank use to increase brand loyalty?
- Promote customer loyalty through reward programs, tracking visits and offering bonuses for repeat visits
- Create a web presence that serves as a positive drawcard. An easy-to-use banking app is an efficient tool to increase loyalty
- Personalize the user experience by creating an interface that reflects data about your customers
- Localization is essential in the case of banks that are spread over language and currency borders
- Offer customers the broadest range of services that match the competition, plus some unique features that will draw attention.
