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.
If you want to market your bank to potential clients as successfully as possible, there are a few things that you need to do. Proving marketing ROI is one of them, and it is extremely important. You should use all of the necessary and available tools in order to determine and analyze ROI, so that you can continually optimize your marketing campaigns for success. Additionally, proving marketing ROI to C-suite and board members will help justify and even expand your bank’s marketing budget, ultimately leading to more new customer acquisition. The following are strategies and equations you can use to prove your bank’s marketing ROI.
It is no longer possible for bank advertising to simply consist of a brochure given out at the front of the financial institution and print ads in the local publications. Today’s digital world finds banks’ customers online most of the day, staring at ads for a number of different products.
Bank advertising dollars should be spent where they can reap their best return on investment, which, right now, is online. The good news is that digital advertising boasts many benefits, including targeting, analytics and the ability to prove the ROI for the bottom line.
Banking in the digital age is becoming a convenience that travels with customers wherever they go. Banking websites need to offer versatility and ease of use as their standards. Loyal customers as well as new prospective customers may not physically step inside a bank for months, yet they visit the bank's website regularly for a variety of transactions, services, and information. The professional lay-out of a banking website can attract initial visitors, keep their attention, and secure loyal customers. There are three key components to a banking website to assure smooth accessibility and customer satisfaction. They are:
Customer loyalty programs provide your bank with a great source of repeat business as well as referrals to new customers. Investing the time, energy and effort in creating a customer loyalty program not only benefits your customers, but returns tangible dividends for your banking organization.
A global consumer survey conducted by Accenture found an increase of 10% in these programs for banks during 2009-2011. However, the survey also found that many of these programs were not as successful or effective as envisioned. Offering successful customer loyalty programs requires an understanding of the purpose for the program, knowing what your customers want and value, and knowing what types of programs don’t work.