While traditional marketing strategies aim to push potential customers towards your bank, a strong inbound marketing strategy helps potential customers pull themselves into your bank. By focusing on content and providing value the user is searching for, you become a source of vital information and a trusted authority. Bank inbound marketing and providing useful content makes customers seek you out as opposed to flooding them with unwanted messaging. Below are four reasons why inbound marketing is critical for banks:
Increase Qualified Prospects
If you’re constantly marketing your brand the same way, you’re only reaching one set of prospects. Inbound marketing, with its focus on valuable content, will reach a much wider set of prospects who are actively searching for the information you’re providing.
Beyond variety, inbound marketing grabs the best type of prospects: ones that are actively searching for financial information online. These prospects are already qualified, and become more qualified as they work their way through your content and subscribe to your offers. In fact, it is reported that inbound leads have a close rate of almost 15%, while traditional outbound leads have a close rate of less than 2%. Bank inbound marketing strategies produce the types of leads you are looking for, as opposed to un-qualified leads that will not produce revenue.
Marketing budget ROI is one of the most important metrics to a bank’s marketing department and upper management. Lowering the cost per acquisition drives profitability and leaves more money in the budget for additional marketing endeavors, creating a cycle of success.
Studies show that the cost per acquisition of an inbound marketing lead is over 60% less than an outbound marketing or traditional lead. If you’re able to save that much money per acquisition by utilizing bank inbound marketing, your marketing budget ROI should increase.
Strengthen Your Brand
Inbound marketing is inherently customer-centric and is not overly sales-y. You’re focused on listening to your customers, finding their pain points, and developing great content to provide them with value.
By using quality content to help solve customers’ problems and provide them with the knowledge they are looking for, you’re automatically perceived as an industry leader and a trusted brand in their mind. Quality content builds brand loyalty and keeps you fresh in potential customer’s mind. You’re more likely to be shared, and linked back to with an inbound strategy -- both of which help improve your SEO as well.
One of the best things about inbound marketing is how easy it is to prove results. Your content and leads can be easily tracked and quantified, letting you know exactly where you are succeeding and where changes need to be made. Bank inbound marketing reporting helps keep the strategy on track and aids in proving marketing ROI to the bank’s upper management.
For more information about inbound marketing strategies and proving marketing ROI, download our free eBook now!