With so many advertising channels available, determining the most effective strategy for your marketing dollars can present challenges. Traditional bank advertising has proven highly effective for many years. But with advances in digital marketing and the popularity of the internet, it’s critical to analyze the role of various strategies in maximizing marketing ROI for financial institutions.
Traditional marketing encompasses proven methods for establishing your bank’s brand presence such as television spots, print advertisements, radio spots, billboards, flyers and more. It is likely that your current bank advertising strategy utilizes these types of mediums. Traditional advertising is great for brand awareness and for keeping your bank at top of mind for potential customers.
However, many of your potential customers are consuming a majority of their information online and traditional strategies alone can mean missed opportunity. Additionally, it is difficult to prove the ROI on traditional campaigns due to their lack of trackability. This is where digital marketing can help improve your measurement, reach and results of your marketing campaigns.
In recent years, the landscape for bank advertising has changed significantly due to the rise of digital marketing technologies. Blogging, social media, search engine optimization and other digital strategies now take center stage when targeting specific demographics and tracking results and ROI. These new digital technologies allow banks to reach beyond the previous goal of just establishing and promoting a brand — they provide methods for personal engagement with current and prospective customers.
In today’s age, promoting your brand, products and services relies heavily on content marketing — creating compelling, engaging information that your target markets are searching for. Blogging is the perfect space to create and promote your relevant content. Conducting keyword research based on your target demographics and creating blog posts that provide users with the information they are searching for will pull potential customers into your brand instead of overwhelming them with messaging they do not want.
Once your blog is established as a “hub” for engaging and relevant content, use social media to spread the word and promote social sharing among your followers. The bar for engaging users on social media is much higher than with traditional media. Rather than transmitting a message that users passively view, your social media strategy must convince users to engage voluntarily with you by following you, “liking” content and sharing it with others.
Search Engine Optimization (SEO)
Search engine optimization (SEO) strategies will help your website and blog rank for highly targeted keywords that your target markets are using to find the products and services your bank offers. SEO puts your content in front of potential customers who are searching relevant keywords, making your bank a contender in the purchase decision. With the majority of people taking to search engines to research products and services prior to purchase, ranking for relevant keywords is essential to marketing success.
A Combined Strategy for Maximum Effectiveness
In bank advertising, it’s not a matter of out with the old and in with the new. For the best results, utilize traditional and digital marketing strategies. Combining traditional and digital bank marketing strategies will help to increase your ROI by reaching consumers through multiple mediums and will help you prove ROI through digital metrics, analytics and reporting.
For more information about proving the ROI on your bank’s marketing efforts, download our free eBook now!