Banks are constantly battling with one another to win new customers and steal customers from one another who are leery of moving their money. In the banking industry, corporations must build trust and be able to provide financial services that help customers accomplish their financial goals. When you’re championing a promotional strategy, choose strategies that will help your prospects see the value in your services and help develop ongoing client relationships.
Before you launch a promotions strategy, research your market. Find out what other banks who are seeking the same customers are doing to attract those customers. Look for their advertising, billboards, signs and commercials.
Focus your promotional campaign around a flagship product. From your research you will uncover the services that your customers care about most, such as savings, checking accounts without fees and investment tools. When promoting it, borrow from old ideas that have universal connotations. For example, if you are able to offer the best rates on savings in town, focus on that benefit. Sell or give away piggy banks with your banks name on it at street festivals and on street corners. These tell your prospects that savings is easy with your bank.
Useful information is one of the most valuable promotional items you can give to your prospects. Every time the person references this information, they think of your bank. The more useful to the consumer, the better. Find creative ways to give away free information and make sure your logo is highly visible when that information is delivered. Clock signs are the simplest way to deliver information to large number of prospects at once. Plus, they are extremely useful to people. Clocks signs are the digital signs that tell people the temperature, date and time. Whenever they are driving by, your sign tells them the time and it reminds them that they are getting this useful information from your bank.
Real World Viral Marketing
Promotional products that transform your prospects and customers into walking billboards for you work in your favor in so many ways. For example, T-shirts with your logo on them are an endorsement by the person wearing it and it advertises your bank to others. Pens that are passed around from one person to the next also serve as a viral marketing tool.
Promise the customers that you won’t do the one thing they find most annoying about your competitors. For example, offer completely free banking. "No fees ever.” To pay for this service, you can eliminate some of your fees and bill them to another service you offer. Survey your customers and prospects to discover what they think other banks aren’t delivering what consumers want the most. Be the only bank around to offer that service to new customers.
Show You Care
Community involvement is one of the most powerful promotional tools at your disposal. When your bank does something positive for the communities in which it does business, the news media may pick up the story and give you free advertising. Word of mouth works in your favor as people tell their family and friends the good things your bank has done for the community. People make decisions based on their emotions. Donate to schools. Give to the homeless. Save dogs and cats.
- “Advertising and Promotion: An Integrated Marketing Communications Approach”; Chris Hackley; 2009
Sam Williams has been a marketing specialist and ad writer since 1995. He has been published in magazines such as "Reaching Out" and "Spa Search." He served in various sales and marketing positions with major corporations such as American Express, Home Depot and Wells Fargo. Williams studied English at Morehouse College.