Consumers today are more educated and informed than ever thanks to the rapid advancements of the internet and technology. Financial institutions need to implement modern marketing strategies that take advantage of these new mediums of communication so they can continue to attract customers. One great advantage of these modern, digital customer acquisition strategies over traditional marketing strategies is that digital analytics allow you to directly measure ROI as well as cost of customer acquisition. These are useful metrics to have when evaluating campaign success and proving campaign effectiveness to the C-suite. While traditional marketing strategies can still be effective, it is difficult to directly measure their ROI and true impact on the bottom line. Below are some digital customer acquisition strategies banks can use to attract more customers and prove ROI.
One of the cornerstones of digital marketing for financial institutions is quality content that catches the attention of potential customers and drives them to your website to convert them into customers. Customers are converted via call-to-actions on the site and this conversion process is tracked analytically through digital metrics to help prove cost of customer acquisition. This strategy, known as inbound marketing, engages customers and encourages them to interact with your brand. The quality content that drives the inbound marketing process is usually created through strategic blogging, which is explained in more detail next.
Blogs are an important part of an inbound marketing strategy; however, a great deal of keyword research must be done before crafting blog content. Including commonly searched keywords that your target demographics use in your blog post to rank in relevant search engine results is essential for success. You will want to make sure your blog is regularly updated and contains relevant information that will drive potential customers to learn more about your brand, products and services.
Over 70% percent of internet users are also active on social media. Social media is a great place for financial institutions to engage and interact with customers and potential customers. Social media marketing success is driven by content that is personal and informative. Many social media platforms provide easy-to-use analytics so you can keep track of your ROI and campaign analytics. Aside from organically published content on social media, social media paid advertising is also a great way to promote your brand. Social media ads can be highly targeted based on a number of demographics and can be used to generate traffic to your website or social profile. All paid social media advertising has accompanying analytics to analyze and determine how to further optimize campaigns for success.
Cutting-edge banking technologies are an important part of a bank's customer service. Consumers today, particularly Millennials, expect to be able to manage their finances online, at anytime, from anywhere. Mobile banking technologies have also become a vital part of the banking experience. You can also promote your bank or credit union's cutting-edge banking technologies as part of your digital marketing strategy to stand out among the competition.
Put these digital customer acquisition strategies to work for you, and watch your ROI go up with digital analytics. For more information about digital marketing strategies and proving the ROI on your marketing campaigns, download our FREE eBook now!