Effective Customer Acquisition Strategies for Banks

Posted by Lindsay Borgen on October 25, 2016

Getting potential customers to join any brand can be quite a difficult task, and this is no exception for banks and other financial institutions. However, with the right customer acquisition strategies, a bank can be able to increase its customer base and retain it for the long-run. Today, there is a wide range of modern and digital customer acquisition strategies that are more effective compared to traditional acquisition strategies.

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Digital customer acquisition strategies can easily be analyzed to show and measure ROI as well as cost of customer acquisition; which is not the case with traditional acquisition strategies. Here are some effective customer acquisition strategies that banks can utilize to attract more customers, optimize future campaigns and prove ROI.

  • Social Media
    Social media is today’s main form of communication worldwide, with over 70% of all internet users using social media platforms. It’s the perfect platform for banks and other financial institutions to interact with current and potential customers. Building consumer acquisition strategies around social media channels such as Facebook and Twitter can help you reach a large number of potential customers. What’s more, most of these social media platforms offer easy-to-use analytics to help you track your ROI. Paid social media advertising allows you to target potential customers using location, demographics, interests and more to ensure you’re not wasting impressions on unfit target customers.

  • Banking Technology
    A great way to attract and reach new customers is by implementing cutting-edge banking technologies. Customers in today’s age, especially Millennials, are looking for banks that can offer them easy and convenient forms of banking. For example, online and mobile banking services have become a vital aspect of the banking sector world-wide. Additionally, mobile check deposit, financial calculators, money transfer services and more have become attractive to potential customers. Implement such services and you could beat your competitors in your marketplace.

  • Inbound Marketing & Blogging
    Quality content on your website and blog captures the attention of a potential customer and draws them to become an actual customer when they are ready to make a purchase decision. By keeping your blog regularly updated with pertinent information centered on relevant keywords, potential customers will want to know more about your brand, services and products, and may end up signing with your bank.

With inbound marketing, customers are converted through call-to-actions on your website. This conversion process is easily tracked and reported analytically to help show the cost of customer acquisition. All of the above digital customer acquisition strategies can be tracked and reported using digital analytics. This helps you to measure your ROI and plan for better ways to optimize it.

In today’s increasingly competitive marketplace, it’s important to have highly optimized digital customer acquisition strategies that not only effectively capture new customers, but also allow you to track and prove the ROI on your marketing. For more information about how to track and prove the ROI on your customer acquisition strategies, download our free eBook now.

Marketing ROI for financial Institutions

Topics: Financial Marketing, Bank Marketing, Financial ROI, Customer Acquisition, Bank Technology

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