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Time and again we hear this question... 'What is Inbound Marketing anyway?' We've explained it SO many times. But what we haven't done until now is summarize why we believe that an Inbound approach to marketing and sales is the best way to set up your bank or credit union for future growth. Here's the why...Inbound Does Not Interrupt Your Customers or Potential New Customers
In the digital world we live in there's just so much noise. Ads flying by in every environment you can imagine. You can't check your inbox, answer the phone or even fill up you car with gas without someone trying to interrupt you and sell you something else.
But we also see that consumers aren't responding to these aggressive approaches favorably. According to Forrester "38 percent of U.S. adults who use the internet have installed an ad blocker, and 50 percent claim to actively avoid ads on websites."
With an Inbound approach to marketing and sales you work to create content your customers, or potential new customers, will find interesting or useful. By identifying what problems or issues your target audience is trying to solve, you can create content that will help them, and then something magical happens... they come to you!
For example, if you're interested in providing the best credit card options to younger members/customers, perhaps you should create content about making the most of your monthly rental apartment with DIY ideas on a budget. Or create a digital checklist for packing for college.
Content doesn't have to be focused on just your financial products and services. Instead, produce content that appeals to the people you want to reach most, and, if the content is genuinely useful, those people will come to you! Then they will share your content with others.
This helpful mission of Inbound is the reason the new approach to digital marketing and sales is PERFECT for community banks and credit unions.
Your community-based financial institutions already try to help the people they serve. So with an Inbound approach to marketing and sales, you are building on this existing mission and using it to drive your larger growth strategy. It just makes sense!
Inbound Personalizes Experiences for People
According to the Financial Brand "Consumers are attracted to personalized experiences because they make them feel special and unique. Personalization gives the impression that people matter on an individual level to the banks and credit unions that serve them."
Personalized experiences make consumers feel special and gives them a sense of being known and valued. So why not use advances in technology and data analysis to show your customers more of what they have already demonstrated an interest in?
The Financial Brand continues to explain that "when people know that the content being displayed on a website is in some way personalized to their needs, beliefs or behaviors, it makes engagement both easier and more desirable because there is less potential for wasted time."
So if a person is visiting your auto loan page, why not send them a blog on how to pick the right car for their family? Or if they are looking over home equity rates, show them a link to more information on the best projects around your house to maximize its value.
You'll build trust, use their time wisely, and remain top of mind with your consumer. It's a win, win, win!
Inbound Focuses on Delighting Customers Which Leads to Greater Retention
As HubSpot explains, "at its core, the Inbound experience is a customer-focused way of doing business that is centered on helping people and solving their problems in the ways they want them to be solved." Inbound is all about exceeding expectations of your customers or members.
And as Bank Innovation concludes "ultimately, highly satisfied customers can help to positively influence the buying decisions of others." So when you meet or exceed expectations you not only influence the decisions of your current customers, but then they tell others!
In today's world of a-la-carte banking and online-only FinTech solutions, the cost of acquiring a new bank customer is high and extremely competitive. But when you delight your current customers you break the churn and burn cycle where "80% of respondents say they’ve stopped doing business with a company because of a poor customer experience."
With an Inbound focus on customer experience and satisfaction, improved retention and continued growth is the logical next step for your financial institution!