Marketing methods for banks that want to attract small business owners have changed. In order to reach and do business with this target market, banks now need to utilize digital marketing strategies. Gone are the days when you could rely on strictly print advertising to reliably drive the number of new business checking accounts up. In today's market, companies need to go where their target customers are: online. Most business owners are spending time online, whether for business or personal reasons, and savvy banks are utilizing digital marketing to reach them.
Digital advertising – such as social media, email marketing, SEO, AdWords and banner ads – are a virtual requirement for today’s banks and financial institutions. And, tracking and proving ROI is essential to any digital marketing campaign. If you aren’t able to accurately quantify the results of your marketing, it is impossible to make good decision about future marketing expenditures. So the question is – how are successful bank and financial institution marketing executives proving ROI?
Getting potential customers to join any brand can be quite a difficult task, and this is no exception for banks and other financial institutions. However, with the right customer acquisition strategies, a bank can be able to increase its customer base and retain it for the long-run. Today, there is a wide range of modern and digital customer acquisition strategies that are more effective compared to traditional acquisition strategies.
A strategy defining the goals of a financial institution website is an important value creation tool that is beneficial to its stakeholders. Financial institution website designs are most effective when they identify your company brand and unique voice while reflecting a responsive relationship with your customer base. Research and consultation in the areas of employees, sales, web editing, management, and marketing, is necessary to create the most well-informed design decisions.
If you want to market your bank to potential clients as successfully as possible, there are a few things that you need to do. Proving marketing ROI is one of them, and it is extremely important. You should use all of the necessary and available tools in order to determine and analyze ROI, so that you can continually optimize your marketing campaigns for success. Additionally, proving marketing ROI to C-suite and board members will help justify and even expand your bank’s marketing budget, ultimately leading to more new customer acquisition. The following are strategies and equations you can use to prove your bank’s marketing ROI.