According to the Federal Deposit Insurance Corporation, the United States has more than 7,800 financial institutions as of 2010. Things like checking accounts, savings accounts and ATM cards come standard, depending upon the type of financial institution. With so much competition and so many similarities, how does one bank set itself apart from another? Moreover, how does one bank entice customers to end long-term relationships with their old banks and start brand-new relationships with a new bank? Competing in such a climate calls for a solid marketing plan.
Examine your bank's mission statement. Your bank's mission statement will tell you who it wants to become as an institution. You will use this information when developing your marketing goals.
List your marketing goals. Your marketing goals must align with your bank's mission statement. For instance, if your bank has committed itself to serving wealthy clients, then your marketing goals will include increasing your name recognition amongst wealthy individuals.
Assess what your bank does well. You cannot effectively market your bank without knowing what its competitive edge is.
Size up your competition. If you are competing against another bank or several other banks for the same market share, then you must know what makes them special. Your marketing plan should address how you will overcome their strengths and capitalize off of their weaknesses.
Identify your target market. Knowing who you want to reach will help you to decide how you plan to reach them.
Analyze the target market. Your analysis should provide the details about your target market. It will uncover the following information: what traits do those in your target market possess? What do they value? Where are they located?
Research the mediums available for accessing your target market. For example, if your target market consists of college students between the ages of 18 and 25, your mediums would include social media, television and the Internet. Your mediums would not include a magazine about senior citizen living.
Outline a clear strategy for using the available mediums to achieve your goals. Your strategy should answer the following question: how can I use this medium to take my marketing results from where they are today to where I would like for them to be at the end of the performance period?
Plan to change your plan. Your plan serves as a means and not an end. If your plan is not working, quickly make adjustments and move forward.
- gold bank image by John Sfondilias from Fotolia.com