Bank local marketing strategies are often used by community banks to entice the local marketing to engage with their organization and become loyal customers. With so many banking institutions available, bank local marketing strategies need to be executed at the level that works best for people in your specific community. Below are some methods community banks can employ to capitalize on the local marketing trend.
Bundling Products & Offering Discounted Rates
When a bank bundles products together, such as getting a free savings account when opening a checking account, customers are more inclined to bring their business to your bank because they see a value for themselves. Additionally, offering a discounted loan interest rate when signing up for a bank product is also a great way to make members of the community feel valued. Advertising these types of deals through local media channels can help attract the local demographic.
Becoming Active in the Community
One of the best and most effective bank local marketing strategies is becoming active in the community. Banks that get involved in community initiatives such as hosting food drives, donating and volunteering with charities, being present at town events and advertising in local program books will generate community interest in their brand as well as gain the respect of community members. This type of engagement with your local community can be more effective than push marketing and can lead to a greater ROI on your marketing budget.
People are more apt to use a bank where they have the option of handling their transactions online, at their convenience. Community banks with responsive websites that can be viewed and easily navigated on any device will be more valuable to local customers. In addition, having a mobile app that customers can download will also make your bank attractive to customers.
Partnering With Other Businesses
When banks pair up with other businesses within the community to organize fundraisers or events, they will benefit by gaining exposure in the local community. Community banks and their business partners will mutually benefit from organizing a fundraiser or event together; and costs and time spent planning can be split between the organizations.
Employing bank local marketing strategies and becoming an active part of your local community can help increase the ROI of your marketing efforts. For more information about how to prove the marketing ROI of your marketing campaigns, download our free eBook today!