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Are You Making These Bank or Credit Union Marketing Mistakes?

Ida Burr
Mar 16, 2020 11:47:00 AM

We see many Financial Institution marketing plans that are failing to account for important recent shifts in consumer behavior.

Don't make these four marketing mistakes at your financial institution:

Marketing Mistake #1 - Speaking Through the Wrong Channels

As many of us know, the daily life of the average person has drastically changed in the past decade. Why are so many marketers stuck in the old way of marketing?

People spend so much time on their mobile devices and online, and your Financial Institution needs to take advantage of this digital behavior! If the only time you're reaching customers in this new world is through email or traditional ad placements, you're missing out on a lot of valuable touch point opportunities! 

Having fully optimized social media platforms, content that is designed to promote search results, and a mobile responsive website is just as valuable as having a spiffy new branch located on a busy intersection.

People use the internet to find information and solve problems in the comfort of their own homes. In other words, YOU need to go to your customers/potential customers, they are no longer coming to you before they make a decision! 

If someone in your area "Googles" free checking account is your Financial Institution's website on the top of the page? Even on the first page? Try it and see... 

Marketing Mistake #2 - Selling Too Much

The key to growing your Financial Institution is to stop selling and start nurturing. The way consumers shop for new financial products and services has evolved. Consumers have learned to tune out the endless display ads and commercials and now they make purchase decisions based on brand loyalty, research, and trust.

By providing useful, educational information to customers who are not quite ready to make the purchase leap, you can learn more about them and their needs, and more importantly, you will build a relationship with these customers or potential new customers. And believe it or not you can do this all ONLINE! 

Instead of spending a all your time hawking great rates and customer service, try LISTENING to what fans and customers are saying in person and online. What pain points do they have and how can you guide them to their personalized solution? 

Simply encouraging people to visit a branch or broadcasting great rates and low fees is just not going to cut if for the Financial Institutions of the future. Buying has evolved, marketing and sales needs to evolve with it!

Marketing Mistake #3 - Not Showing Human Side of Your Financial Institution

Really embrace this and just GO SOCIAL! Not only is it a great place to show off your personality, but social media is the BEST place to interact with your customers on a regular basis since they're already there! If you can't beat 'em, join 'em!!

What sets you apart? How do you interact with your customers? Why should someone chose your bank or credit union over the institution right down the road?

Let your personality shine through in all of your online marketing efforts and communications. The goal should be to authentically differentiate yourself and show potential customers what they can expect from your Financial Institution.

Many companies are using social media to help their customers and increase brand awareness and seeing great results! The world is becoming a very social place, if you’re not embracing this change you’re falling behind.

Marketing Mistake #4 - Failing to Set REALISTIC Goals 

ALWAYS begin a campaign with the end in mind! How do you know what is working if you don't know what you're trying to achieve? How do you know if you're on track if you're not measuring the small successes along the way?

At the beginning of every campaign, we fill out a SMART goal worksheet. In this worksheet we, very clearly, write out our big picture goals. From there we figure out how we will measure success and then we brainstorm what we need to do to meet these identified objectives. For example...

BIG GOAL: Create a list of 50 Auto Loan sales qualified leads for member service to follow up with

HOW: Create Blogs around car shopping keywords, create eBook about purchasing car

WHAT: At the end of campaign have 1,500-2000 blog views, 150-200 eBook downloads, 75-100 New Contacts, and 30-50 Qualified Sales Leads for Auto Loan follow up

Once you have your big goals written out, break these down to a monthly or even weekly goals to track your progress. This sounds like common sense but so many marketers get discouraged by a huge goal that seems impossible to reach.

Need help with your marketing campaigns? Contact us to learn more.

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