In the future, banking will be more competitive than ever. You need to get ahead of your competitors with these 6 banking marketing strategies. These strategies work for both traditional banks and neo-banks!

The key to success in any industry is a solid marketing strategy. In the banking sector, this means being creative and innovative, without forgetting about security and reliability. The following 6 strategies will help you beat the competition in 2022:

• Demographic targeting
• Technology adoption
• Digital applications with your financial services
• Customer value
• Work with clients
• Hyperpersonalization

1. Target different demographics

Most banks are trying to attract a limited audience. Money in the niche, right? Whether you’re a new neobank or an umbrella licensed broker, I’m sure you’re targeting a specific audience like Generation Z, Millennials, or Baby Boomers.

On the contrary, you need to target not only one segment with one specific marketing that will seem “no” to another segment. Marketing results are really limited if you limit yourself to one segment. The target audience is definitely the key factor, but you shouldn’t limit yourself. It’s the same if you’re writing an article for a blog. A blog post may be interesting to millennials and not interesting to baby boomers. Yes, this is true, but in reality, family members may be happy to share a post with other family members. This is where segments share content.

One size does not fit all. Your bank’s marketing strategies can be more successful if you target local, specific, and smaller demographics. For example, if you can identify that your bank offers services that are especially valuable to Gen Z students graduating from high school and moving on to universities and colleges, you can create a strong marketing campaign targeted at them. Similarly, if your financial services are better suited to middle-income baby boomers who want to start a retirement savings program, you can create a strong marketing campaign for one specific financial product. Even targeting a local audience will help you create more specific offers and marketing to make it easier for you to stand out from the competition.

2. Implement new technologies

New technologies are everywhere and consumer engagement is part of your added value. New technologies can start with making sure that all marketing channels are properly covered by the marketing strategy.

Your colleagues have a LinkedIn account. What do they post on their LinkedIn accounts? Do they have a corporate photo? Do they have a corporate biography?

The creation of marketing brochures and manuals is the backbone of any financial institution’s marketing efforts. A digital marketing agency can help you set the basic colors, wording, but you need to make sure your colleagues are using them effectively.

New clients will view the profiles of their bankers. Therefore, you can also suggest and create contacts for your bankers to promote them on social networks. This is what we call influencer marketing or micro-influencer marketing. Each colleague can become part of an effective marketing strategy.

As you can see, we are not talking about chatbots or artificial intelligence here. Obviously, artificial intelligence and a chatbot can be used for FAQs or FAQs. But financial institutions are not only about creating a robot for any kind of service… it is about creating human relationships.

3. Digital Applications and Financial Services

Today, it is estimated that 60% of the world’s population has an active social media account. New customers are less interested in visiting physical banks and are looking for digital services.

In your digital banking portal, you can add third-party cookies to improve content targeting for each individual customer.

The digital marketing strategy will include text and video content. Younger generations prefer videos and engaging content. Wealthier or older clients will seek expert advice. Content creation is key, perhaps more important than buying ads on Google. Good content will get you to the top of the search engines. SEO encourages local business and local search, so you need to make sure your content has a local flavor: “Your bank accounts are in your area…”. SEO works by optimizing your website for the search engine you want to rank on, be it Google, Bing, Amazon, or YouTube.

4. Returning value to customers with dedicated financial services

Many companies forget about return service to their customers. With email marketing automation, you can not only share news about new services, but also offer tailor-made products to target the right customers.

Happy customers should be featured in your social media ads and you should put them at the center of your marketing campaigns. Social media platforms have targeting tools so you can easily match your consumer reviews with potential customers.

For financial institutions that work with mass retail clients, it is also necessary to keep an eye on online reviews. Customers can share their opinion on Facebook, Linkedin, Twitter, so make sure your marketing team is looking into financial service reviews here as well. Consumers are your marketing troop. They will replace the budget with digital advertising.

5. Focus on customer service

Customer engagement is critical as a digital marketing strategy for banks, simply because many banks focus on digital and social media marketing. You can create trading seminars, textbooks to explain tax wrappers, invent local bank meetings. You must create content that your consumers will store and reuse. It’s not about sales, it’s about building relationships with existing customers through quality content.

6. Integrating personalization marketing strategy with big data

First, ask customers more questions. If you can’t or don’t feel like asking questions, try using a big data approach.

Recommendations

-Get automatic reminders to rebalance your securities or portfolio.

-Unleash the sales pipeline with an engagement level reminder

Risk control with intelligent data discovery

• Finding trends in unstructured data or trading – transaction logs.
• Identification of trading patterns to automatically assess customer suitability.

Marketing campaign and monitoring

• Empower your sales with customer-specific financial products.
• Track churn and dead deals to analyze blind spots in the sales/marketing process and correct inefficiencies.

A digital marketing agency will tell you – put customer relationships first!

Effective marketing strategies start with content creation. Most clients will be interested in your documents. Customers are eager to learn more, just like anyone else. New clients will be looking for micro-influencers. These micro-influencers can be anyone in your company.

The bank’s brand is built with the content you generate. Whether you offer investment banking services, savings accounts, interest rate comparison tools, it’s all about the content and the ability to target audiences wherever they are.

The financial services sector is like any other sector: modern marketing is all about the experience. You need to keep the feel of the local bank in your digital tools to make sure the customer gets a different experience from you.