Bank Local: Capitalizing on the "Local" Trend

Posted by Lindsay Borgen on December 29, 2014

In today’s age, large banks are known for dominating the financial market. However, these same large banks lack the personal connection and high-quality service that community banks have to offer. The “local” trend is very popular currently, and like other businesses, banks should be capitalizing on this trend. Incorporating a “bank local” theme into your marketing strategy can help distinguish your bank from the competition, create a palpable personality and increase your marketing budget’s ROI.

Bank Local: Giving Back to the Community

One of the advantages smaller banks have over larger financial institutions is community involvement. Becoming deeply involved in the community you serve through charity events, volunteering, sponsorships and public events will help you gain and keep your target market’s trust. However, just partaking in community involvement isn’t enough. Be sure to showcase your community participation through your social media channels and your website.

Another way to give back to your community is by offering financial literacy classes or seminars. Hosting financial seminars on topics such as saving, mortgages, first-time home buying and retirement will establish your bank as a financial knowledge source in your community.

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Superior Customer Service

A major complaint from customers who use large banking corporations is the lack of personalized customer service. When dealing with an account issue, getting approved for a mortgage or enrolling in a new service, customers want to know there is an actual person helping them. Offering superior customer service in an extremely automated society is a huge selling point for community banks.

Small and Local Businesses

Smaller banks can be integral in funding local businesses that keep the community’s economy thriving. Offering favorable commercial lending rates as well as quality lending products will generate brand awareness throughout the business community you serve. Additionally, networking with the businesses for which you provide commercial funding will also produce goodwill within the community.

Incorporating these “bank local” ideas into your marketing strategy can help increase brand awareness, increase customer retention and in turn, increase your marketing ROI. For more information about bank marketing strategies and proving the ROI of your marketing budget, download our free eBook now!

Marketing ROI for financial Institutions

Topics: Financial Marketing, Bank Marketing, Local Marketing

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