If you have taken the time to see what kind of bank marketing strategies are out there, you know that there are many traditional as well as digital options available to you. In order to be successful in this day and age, it is almost necessary to blend the two into one cohesive and all-encompassing strategy. Effective communication means that you need to be able to reach your customers effectively and simultaneously through multiple media platforms. By underutilizing lines of communication, you run the risk of not being heard or getting lost in all the noise.
One of the first things you should ask yourself when developing your bank marketing plan should be: Who am I trying to reach? What is the most effective way to reach them? Which strategies are most cost-effective? You will primarily be choosing between different traditional and digital strategies depending on who your target audience is. Digital strategies such as social media or search engine marketing are effective in reaching Millennials and a more online-abled audience, while traditional strategies like print ads and television spots would be used to reach an older demographic.
Of course, your audience will never be one-dimensional, and you will want a blend both traditional and digital marketing strategies to reach them from multiple angles. This means that you should make sure that all of the messaging you are putting out is consistent, no matter where people are receiving it. A traditional marketing message is generally one-sided and does not garner a response from the audience, whereas a digital marketing message involves reaching out to your audience with relevant information and drawing them in before they make their purchase decision.
An all-encompassing inbound marketing plan targets the most responsive and cost-effective digital strategies and will help you prove the ROI on your marketing efforts. Inbound marketing is centered on providing relevant and helpful information to users during the right time in their search. For example, an outbound marketing message for a bank might be “we offer very competitive mortgage rates”; whereas an inbound message would say “here is how you find the best mortgage rate”. Although inbound strategies are incredibly successful, coupling them with traditional marketing helps to boost results and provide tracking metrics to source where potential customers are coming from.
Employing traditional marketing methods in conjunction with a strong digital and inbound strategy will help drive greater results and allow you to track the ROI on your marketing budget through detailed metrics. For more information about tracking and proving the ROI on your marketing efforts, download our free eBook now!