Marketing tools for banks are not different than those for other industries.
Bank marketing strategies aren't all that different from those used in other industries. John Peskuric, a marketing executive with banking experience from Austin, Texas, says bank marketers need to differentiate a bank's value proposition from other financial services companies, particularly in an environment where larger financial institutions might be harming their own reputations. Remember to research the results of your marketing program to determine what tools are most effective.
Advertising
As much as consumers complain about excessive advertising, such as what's seen on television or billboards, bank customers claim advertising is the main way they find new banks or reason for switching from one bank to another. Advertising that taps into an emotional component, such as the feeling that your current bank doesn't understand a change in your financial circumstances, can be a powerful and persuasive tool.
Promotional Items of Value
A promotional item that has a value to a customer will be more of a draw during economic hardship -- even more so than reduced fees or lower interest rates. J.D. Power reports that offers such as gift cards can strongly influence customers' decisions to change banks, and banks typically use them to entice new customers rather than offering such incentives to current customers to invest in new banking products.
Public Relations
Customer experience and relations, along with bank reputation, rank high among the reasons why banks reel in new customers and prevent customer turnover. Public relations tactics offer excellent opportunities to enhance the customer service experience, as well as publicize positive customer case studies and stories. It can also be used to publicize a bank's financial reputation, acquisitions that might increase branch or ATM presence, and money available for lending.
Collateral Materials
Many bank customers enjoy Internet or mobile banking, but not everyone is comfortable relying solely on technology; many people still like to go to their neighborhood branch, or get their statements in the mail. Collateral materials inside bank branches remain an important part of bank marketing. Banking brochures convey information on account types and features; interest rates and other fees; and branch and ATM locations. Inserts sent with statements promote new services and fulfill other information requirements, such as privacy laws, new services, or promoting the value of paperless or online banking features.
Tags: bank customers, interest rates, other industries