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The Honest Truth About Online Marketing for Financial Institutions

Alex Bauer
Aug 13, 2019 12:32:00 PM

There is no such thing as a 'one size fits all' marketing strategy in today's day and age. In the fast-paced digital age, your strategy and techniques should change with each sunset and sunrise, on a day-to-day basis.

This blog is not here to inform you of 'what you need to be implementing today ' tactically. Rather, here's how to connect human to human, team to team, in order to keep from drowning in the endless fight to be recognized, remain current and stay relevant in the changing marketplace. These are a few ways your online marketing for financial institutions can be more successful.

Who are you and how are you standing out?

The biggest factor for success for your bank or credit union on social media is sharing authentic, branded content on a daily or weekly basis. Your social channel(s) are the perfect way to show what goes on in your branches and behind the scenes of everyday life at your institution. Prove the strength of your brand and internal community by being transparent and real with the content you share online.

Don't be afraid to share content around who is involved in the backend of your FI. Many customers see the familiar faces within the main lobby of the branches, whether it be the Loan officers, tellers or financial consultants. But as a bank or credit union, you also impact the wider community with many staff members who aren't so visible. 

Show there is more to your financial institution than just the numbers and front-line staff. How do you impact and benefit your community? How do you give back to customers? Share those impacts as well.

Discover More: The Ultimate Guide to Successful Inbound Marketing for Financial Institutions

Together Everyone Achieves More

How do you all work together as a TEAM to build success piece by piece? No individual has the capacity to single-handedly carry a company on their back. 

Michael Jordan once said, "Talent wins games, but teamwork and intelligence win championships." Don't strategize for the game, think bigger, create a strategy to win the championship. Push yourself out of your comfort zone and pull out the big guns. 

In today's era of ever-changing technology and limited resources, it's crucial that you acknowledge the bigger picture. Work as a team. By incorporating all your branches into your marketing, and then building bridges between departments you gain the knowledge, resources, and strength you need to create a bulletproof strategy for growth. 

Then consider sharing who is involved online or via social media! This can be done through member testimonials, team photos, community event photos. It only takes seconds to snap a selfie of the branch or leadership teams working together and then share it on social. 

Walk your talk

In this day and age seeing IS believing. You can talk a big game about doing good and providing high-quality services for lower costs, and it's easy to promote your low rates, awards and great member-service, but many times actions speak louder than words.

Take it a step further... tune into your customers' emotional side when trying to promote your products and services and this will help switch the perspective.

For example, a car can be more than a car, it can be a way of transportation to reunite friends or family after a long period of time or a way to bond with your kids while driving them to their first day of school. Maybe your auto loan is a way to provide your child with their first car to take when they head off to college.

People relate to real-life scenarios... not financial terms and rates. They want to be heard and felt, not smothered with your sales pitch. So it’s up to you to change the stereotype of marketing and sales within financial institutions and make your message more real and relatable.

Build a name for yourself in other's eyes

Instagram is an ever-changing platform and it is important to utilize all aspects of this social network, including posting to timeline feeds, Instagram stories, highlight wheels and sharing videos.

With that being said, in order to succeed on Instagram, you have to be able to put in the time and the effort to capture these moments. If it all comes too easy, you're not going to be truly competing.

As of July 2019, Instagram now has more than 2 million monthly advertisers and 25 million business profiles. People will have products, services, rates, photos, quotes, memes, or anything they need with the touch of a finger. Your content and effort needs to be more creative and show off your biggest brand ambassadors... your customers and your staff!

Instagram’s algorithm is programmed to primarily show personalized interests first and foremost. For this reason, you will have to work to keep your content within scrolling distance. Instagram is also a very visual platform, so people keep their followings concise to only information they want to view every day.

The harsh truth is you will never be the only option for a customer's needs. But here's the silver lining, what can’t be replicated is your brand, mission and the loyalty of your customers. It’s your job to stand out and stay top of mind.

Instagram has endless profiles for every type of content, so what is your strategy to keep your content unique and fresh?

The Ultimate Guide to Successful Inbound Marketing for Financial Institutions

In this complete guide you'll gain an understanding of what Inbound Marketing is and how to use it to increase revenue stream and member/customer growth for your Community Bank or Credit Union.

Inbound for FIs on cover small

Download Your FREE Copy Now!

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