How to Build a Luxury Brand

The global luxury brand market is worth more than $1 trillion a year. If you are looking to build a luxury brand, you must be wanting a piece of this pie. So, what are your most coveted luxury brands…

The global luxury brand market is worth more than $1 trillion a year. If you are looking to build a luxury brand, you must be wanting a piece of this pie. So, what are your most coveted luxury brands? If you are a lover of cars, maybe Lamborghini, Bentley or Rolls Royce; if you love fashion, probably Gucci, Prada, or Versace. Looking at these brands, you will quickly notice that there is a pattern to their success. Today, there is a lot of competition in the luxury market, and it’s vital that you stand out if you are looking to succeed.

There has never been a better time to build a luxury brand than this.

To get started, follow these steps on how to build a luxury brand.

  1. Identify a Niche Segment
  2. Brand Positioning with High levels of Differentiation
  3. Emphasize the Symbolic Value
  4. Create Exclusivity Perceptions
  5. Intransigent Delivery on a Superior Brand Promise

1. IDENTIFY A NICHE SEGMENT

As you look to start a luxury brand, it is fundamental that you find a niche segment to explore. This niche segment should be lucrative enough and have enough opportunities for the brand to grow. The niche segment that you choose to settle for should have a big enough market that can afford what you are looking to sell. Despite luxury brands now being more accessible today than ever before, affluent customers are the foundation of their success. You should make sure that there are enough affluent customers in the niche that you are settling for.

The Value of Affluent Customers

It is affluent customers who are bound to give your brand the status value that it needs to thrive. You should keep in mind that in the luxury segment of the market, perceptions are very vital. If you can access the affluent customers, the rest of the market will definitely see your product as a luxury.

High-status associations of your brand’s offerings will help it build a name for itself on the market.

Provide Distinguishable Quality and Craftsmanship

One of the easily noticeable characteristics of luxury brands is the quality and craftsmanship of their offerings. As you work on identifying your niche, you should remember that you need items that are of top quality and craftsmanship to identify with the affluent customers.

Make sure that you can supply distinguishable and quality crafted items in the niche that you want to settle for.

The niche that you choose might be very lucrative, but you cannot provide outstanding offerings. If you are unable to match the expected standard of the extravagant clients, it will spell disaster to your brand.

Sustainability

The success of your luxury brand heavily depends on the sustainability of the niche that you settle for. As you look to find a niche for your luxury brand, you should make sure that it can sustain your business.

Don’t pick a tightly closed niche that can easily lead your brand to stagnation.

The global ultra-luxury designer clothing line for men, Giorgio Armani chose a tightly closed niche of mobile professionals as its target when it began. This tightly closed niche severely limited the brand’s growth over the years despite its success.

Thankfully, the luxury brand has realized this and is working on expanding its customer segment slightly.

2. BRAND POSITIONING WITH HIGH LEVELS OF DIFFERENTIATION

The Brand Experience

One of the most reliable ways through which you can differentiate your luxury brand in this highly competitive market is through customer experience. As you seek to build your brand, you should keep in mind that businesses in the luxury market rely on customer loyalty to prosper. Your brand experience should be curated towards upholding and solidifying the commitment of the customer to your brand.

The customer experience, whether online or in-store, should reflect the symbolic value of your brand.

Personalization

Personalization is also a unique feature in the customer experience that can help your luxury brand prosper. As you will be mostly dealing with affluent customers, you can take some time and curate their experience to match their personal preferences. This will go a long way in building brand loyalty, and it is possible both for an online or brick and mortar store.

The luxury car brand, Rolls Royce, has succeeded widely by taking advantage of personalization. All of their motor vehicles are ultra-luxurious, but as a client, you can go the extra mile of getting your personalized car. This customized car is made to primary fit your tastes and preferences. You can either request for this personalization online or visit their headquarters to get to do this with the help of an expert.

Through personalization, this brand has set itself apart from the other brands in the luxury car market.

Another luxury brand that has well taken of advantage of differentiation through customer experience to bring success to itself is Bang & Olufsen. This iconic Danish electronics and design brand is today regarded as one of the leaders in its market.

This differentiation has uplifted the brand’s symbolic value and resulted in more customers wanting to associate themselves with it to boost their social hierarchy.

3. EMPHASIZING THE SYMBOLIC VALUE

Luxury brands thrive on what people think about the brand. In most cases, apart from quality and craftsmanship, luxury items usually have no additional functional value from the other regular items. What stands out for most luxury brands is their symbolic value. It’s therefore vital for a luxury brand to emphasize on its symbolic value it is looking to succeed in the market.

The symbolic value of a luxury brand emanates from its social standing.

It is this symbolic value that is responsible for creating a market for the brand. In this era of social media, some luxury brands have embraced such platforms and especially Instagram to emphasize on their symbolic value.

Building a luxury brand on Instagram

What makes Instagram stand out from the other social media platforms is its visual focus, and when it comes to emphasizing the symbolic value of a brand, nothing is better than visual perception. Leveraging the power of Instagram to build you luxury brand can easily take you to the next level.

Here’s how to do it:

  • Create content and post it consistently: It’s essential that you create content that is loyal to your niche and post it consistently. Original content is usually more enticing on this social media platform. Remember to match the details of your posts, such as color patterns, angles, and aspect ratios.
  • Utilize a content calendar: For you to create a massive following for your luxury brand on Instagram, you need to utilize a content calendar. Plan strategically and post when you’re your content will have more visibility.
  • Partner with influencers: Influencers play an essential role in building a brand on Instagram. As a luxury brand, you should reach out to influencers that will add value to your brand. They should be in line with the symbolic value of your brand. While on this, try to avoid individuals with huge numbers of followers but no engagements.
  • Take advantage of hashtags: Hashtags are an Instagram feature which most brands on the platform fail to take advantage of despite its high potential. As a luxury brand, make sure that you use the relevant hashtags for your content whenever you post any. Two or three hashtags should be enough, don’t overdo it.
  • Be consistent in your brand message: As a luxury brand, you should focus on your brand message. Only make quotes that go in line with what your brand stands for.
  • Be engaging: People love following an engaging brand on Instagram. Take some time to like or reply to some of the comments on your posts. They may not be your clients yet, but someday they may be.

4. CREATE AND REINFORCE EXCLUSIVITY PERCEPTIONS

As mentioned earlier, the symbolic value of your brand is what makes it desirable. To push the market desire for your brand even further, it’s crucial that you create and reinforce its exclusivity perceptions. Everybody wants to stand out from the crowd, and if the market perceives your brand as exclusive, it’s what they will go for to achieve this.

Embracing Brand Heritage

Every luxury brand has a unique story to tell. As a luxury brand, you can take advantage of your story and heritage to create and reinforce the exclusivity perceptions. Embracing this heritage will help your brand stand out as from the competition as the elite. This will also help the market connect to your brand.

Do not shy away from telling your rags to riches story.

Ralph Lauren is one brand that tells this story and epitomizes the American Dream. The brand has found a lot of success in the market by exclusively targeting the high achievers who relate with its heritage.

Sustaining the Brand’s Position

The perception of exclusivity for a brand can also enable it to persevere tough times, such as increased competition. It’s human nature to go for the most exclusive offering even in times of hardship like a recession. To effectively achieve this, you should take tactical actions that create a sense of exclusivity for the brand and also reinforces it.

5. INTRANSIGENT DELIVERY ON SUPERIOR BRAND PROMISE

Among the biggest challenges that luxury brands face is delivering on the brand’s promises consistently. Your brand can only be successful if it can be able to deliver on its superior brand promise intransigently. By doing this, your luxury brand will be able to earn the loyalty of your affluent customers.

You should know that delivering on the brand promise involves taking on multiple dimensions for a luxury brand.

Upholding Brand Identity

For a luxury brand, the temptation of satisfying the excess demand can be so huge.

Despite this, you should stick to upholding your brand identity as a luxurious. No matter how huge the demand is, remember that trying to cash in by meeting that demand may irreversibly damage your brand identity. Luxury brands like Louis Vuitton have managed to be as successful as they are by destroying any surplus merchandise that may dilute their brand equity.

SUCCESS IS A JOURNEY

As you embark on building your luxury brand, you should keep in mind that success is a journey. In this journey, just like any other, you are bound to come across challenges. You should not let these challenges bring you down. Practice the tips mentioned above, and all will be well for your luxury brand.

Keep in mind that quality and craftsmanship are at the heart of every luxury brand. Your affluent clientele is willing to pay for this and so why not give them the best. Additionally, in this age, digital media and technology play a vital role in the success of any business.

Embracing digital media and technology can make a huge difference for your brand.

MedSpa Website Design : 10 Examples of Brands That Got It Right

The medical spa industry has experienced significant growth within the last few years. This growth is the result of the increasing number of cosmetic treatment options for beauty enhancement and…

medspa website design

INTRODUCTION

The medical spa industry has experienced significant growth within the last few years. This growth is the result of the increasing number of cosmetic treatment options for beauty enhancement and the proliferation of wellness awareness and trends worldwide. With an increasing tech perceptive consumer base, having a great medical spa website design is a must, just like in any other industry.

An effective website is your digital representative and will be responsible for most of your business’s first impressions.

Here is a comprehensive overview of 10 MedSpa websites and the aspects of website design that they get right.

  1. Willow MedSpa: Video Integration and Staff Information Implementation
  2. Cienega MedSpa: Color Scheme
  3. Laseraway: Clear Guidance
  4. Beautifix MedSpa: Quality Content and Calls-to-Action (CTA)
  5. Qazi Clinic: Website Navigation
  6. Perfect Skin MedSpa: Clean and Simple Design
  7. Cure Daily: Targeted Homepage
  8. Sonaskin: Information Architecture and Layout
  9. Eden MedSpa NY: Overall design and functionality
  10. Hudson Medical: Conversion Elements

1. WILLOW MEDSPA

Video Integration and Staff Information Implementation

design for medspa website

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Willow MedSpa has mastered the art of incorporating visual content into a website. Many website managers struggle with integrating video content as a standard component of their site content workflow. Willow MedSpa features a high quality custom video at the top of the homepage.

Their implementation is an effective method of capturing the attention of the audience.

People digest the information they see and hear much faster than the information they read. It also makes the website stand out from the competition. Willow Med Spa’s video incorporation on the homepage is effective since it:

  • Delivers their message quickly
  • Introduces visitors to their products and services
  • Engages the website visitors
  • Entertains the target audience
  • Gives the MedSpa a personality
  • Encourages regular visits to the site
  • Strengthens the bond with visitors

Another great aspect of the Willow Med Spa website is the team section. Today, most consumers feel more comfortable when they know that they are dealing with real people. This is more so important in the med spa industry.

Willow MedSpa gets this by implementing full profile staff photos, names, and positions. Showing the team’s faces helps create a better connection with the consumers. It helps make the website more personable when visitors can see who they will be interacting with. This, in turn, increases the conversion rate of the website.

2. CIENEGA MEDSPA

Color Scheme

med spa website design

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Selecting an appropriate color scheme or combination is a crucial but often overlooked component of an effective and appealing website. One of the first things that you notice about Cienega MedSpa’s website is a great choice in color combinations.

According to psychologists, humans respond to color on a subconscious level.

For this reason, the colors schemes you opt for on your website have a significant impact on user acceptance or rejection. Cienega Med Spa utilizes a simple and appealing color combination of blue and teal (blue-green spectrum) to the great visual effect.

The MedSpa website design also takes an aspect of color psychology into consideration. Blue is a conservative color and exhibits a high trust value. It is also the color that most women prefer. This makes it a perfect choice for the med spa line of business where female visitors are the primary target.

Green, on the other hand, is pleasing to the eye, invokes trust, and is a trendy color. Cienega Med Spa website is impactful since it keeps the use of color to a minimum throughout the website. This website design choice exudes sophistication, all while maintaining simplicity.

3. LASERAWAY

Clear Guidance

medical spa website design

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There are a few things you seek to achieve when you visit a medical spa website. You may want to inquire about or access information regarding MedSpa services. You may also want to book an appointment to procure the services. For these objectives or any others, you will want to know where to go when you arrive at the website. Laseraway’s website is effective at providing clear guidance for users to find the information they seek. The website accomplishes these goals in three main ways:

  • A simple and user-friendly navigation system
  • Call-to-Actions that directly take users to information that interests them
  • A well-formatted and organized uncluttered layout.

4. BEAUTIFIX MEDSPA

Quality Content and Calls-to-Action (CTA)

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At the first point of contact when visitors arrive at a website, the content should deliver essential information. It should achieve this while being as brief as possible. Beautifix Med Spa’s website checks all boxes when it comes to quality content.

The website does not beat around the bush with irrelevant salesy information. The website immediately dives into what the Med Spa has to offer, which is what online visitors will be searching for. It is easy to tell that the content of the website has been planned with the ideal customer’s point of view in mind.

Some of the important content and information that the website includes are:

  • Services: A brief and well-structured overview of the services offered
  • Special Offers: Effective landing pages which describe treatment details as well as special offers
  • Visual Proof: Visual examples of the MedSpa services offered and the possible results
  • Social Proof: Recognition of good work in the form of reviews, testimonials, media features and awards
  • Content Creation: Blog posts, videos, and infographics, which offer valuable and relevant information concerning topics of interesting to the target customers

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12 Ways to Drive Traffic To Your MedSpa Website

Looking for better ways to bring in new clients? Get insights into growing your medical spa business, attracting new clients, and increasing the awareness of your brand in this 12 step guide.

Beautifix Med Spa’s content is simple, to the point and provides value. Incorporating these aspects into website content helps improve its ability to attract, retain, and convert more quality clients.

Beautifix MedSpa’s website compounds this effect by utilizing a brief and action-oriented Call-to-Action (CTA). The website’s CTA is easy to find due to the above, the fold placing and is visually striking.

This is because it employs a color that contrasts that of the homepage’s color scheme while managing to fit in with the overall website design. The CTA compels visitors to explore deeper into the website and has been designed to move them further down the funnel.

5. QAZI CLINIC

Website Navigation

med spa web design

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The first thing you will notice when you visit the Qazi Clinic website is how easy it is to navigate the site. The website’s great navigation system makes it easy for users to move around the site. Navigation is crucial since, according to studies conducted by Forrester Research, businesses lose 50 % of potential sales as a result of users not finding the right information.

Below are some key aspects that make Qazi Clinic’s website navigation system stand out:

  • It is Logical – Qazi Clinic’s navigation system makes sense and is easy to use. A first-time visitor can easily find the information they need.
  • It is Intuitive – the navigation system considers how users think, the steps they would take to find what they are looking for, and then caters to exactly that.
  • It is Structured – The website conveniently organizes links under headings and subheadings. This structure allows the user to move around the site faster and easier.
  • It is Simple, Clear, and Distinct – navigating Qazi clinic’s website is overall a positive experience due to its simplicity and clarity. The site also makes it obvious where the main navigation is.
  • It is Responsive – Today, people access websites through a wide range of devices. Qazi clinic’s navigation functions uniformly across all platforms. It scales well to different screen sizes while maintaining a similar structure.

6. PERFECT SKIN MEDSPA

Clean and Simple Design

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The importance and benefits of a clean and simple website design cannot be overstated. Perfect Skin Med Spa’s website is a great example of a clean and simple site that manages to serve its purpose. The site does not bog the user’s mind with complex layouts and excess menu options.

Perfect Skin MedSpa’s website is easy to scan. Most internet users have short attention spans and tend to skim through web content. By stripping down the website to the essentials, Perfect Skin, Med Spa maximizes the number of visitors who view the most important sections of the content.

The website draws focus to the headings and utilizes white space for the rest.

The simple design also affords a positive user experience for visitors since it makes it easy to find the information you are looking for. The site also loads quite fast, which is a crucial factor for user retention and search engine optimization.

Data published by Tyton Media reveals that bounce rates increase by 100 % when web pages take 4 seconds to load.

In addition, simplicity strips away the salesy feel that comes with flashy websites. It invites users to learn more without the feeling that the website is selling to them.

7. CURE DAILY

Targeted Homepage

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A website’s homepage is the virtual front door to your business. Cure Daily seems to understand that the first moments after a visitor arrives at a website may affect the business positively or negatively. Cure Daily’s website homepage is well designed to make the best impression possible to the ideal med spa customers.

The overall homepage design features photo and video imagery that the target customers will find appealing. The homepage displays properly on both the desktop and mobile platforms while keeping the same format and layout.

Cure Daily’s homepage also communicates what it is the MedSpa does as well as the value it offers to the customers.

It does so in a brief but compelling way with brief, clear, and distinct primary and secondary CTAs above and below the fold. The homepage also introduces additional resources such as news and podcasts on the websites. It provides an easy way to access these additional resources.

Cure Daily’s homepage is highly targeted since it encourages a visitor to dive further into the website almost immediately upon arrival. This leads to increased click-through rates from high quality leads.

8. SONASKIN

Information Architecture and Layout

medspa website design ideas

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Information architecture is one of the most neglected aspects of proper website design. One look at the Sona med spa’s website reveals that the design took into account information architecture. How information on a website is presented and organized is crucial for good usability and user experience.

Proper information architecture was vital for Sona MedSpa’s website since it provides a wide range of information and resources to engage and attract the target market. This website could very easily have been a pain to read through have it not been for the great implementation of link labels.

The website’s sections and categories have been carefully planned. The information therein is presented in a manner that makes it easy for visitors to find.

You can easily skim through the content to quickly find the services that are relevant to your needs.

The content is broken down into blocks with headings and subheadings. As such, the website manages to provide a lot of information without making the user feel overwhelmed.

9. EDEN MEDSPA NY

Overall design and functionality

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Eden MedSpa’s website design is a reflection of the company, its products, its services, and ultimately, its brand. The website is professional, polished, visually appealing, and functional. These factors are extremely important if you seek to realize success in the online domain today.

Eden MedSpa’s website features an uncluttered layout that allows white space and incorporates quality photos to great effect. The MedSpa’s message shines through upon the first look at the website.

More importantly, the website works fast, correctly, and as a user would expect.

It is responsive and all the tabs and clickable meaning it has been built to web standards. This is exhibited in all the web pages as should be since any of them could be a customer’s first or only point of contact. Accessing information regarding the services that Eden MedSpa offer is easy and enjoyable since there are no slow, broken, or poorly developed areas.

10. HUDSON MEDICAL

Conversion Elements

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If a website asks nothing of visitors, then they will surely do nothing. One of the primary functions of a business website is to convert visitors into high quality leads that ultimately become paying customers. Hudson Medical’s website implements conversion elements perfectly and avoids appearing too aggressive or salesy.

The site employs a smart chat pop up strategy that ensures they do not inconvenience the user. Hudson Medical’s chat pop-ups only show up after a user has clicked on a service link. This way, users are less likely to react negatively to chat pop-ups since they have already shown interest in the services.

Hudson Medical’s website also utilizes an effective primary CTA at the top of the website just below the navigation menus.

The site opts for generic “contact us” and “book now” CTAs that most internet users are already used to. Trying to reinvest the wheel when it comes to CTA can confuse your visitors. In addition, the service links change colors when visitors hover over them, thus encouraging them to click.

FINAL THOUGHTS ON MEDSPA WEBSITE DESIGN

Overall, a well designed, visually appealing, responsive, and optimized website is necessary for the growth of a MedSpa business. It is a tool that is employed to realize certain business objectives.

In this regard, effective website design is one that engages and encourages visitors to take an intended course of action. The featured websites excel at these and other crucial aspects of medical spa website design.

Modern Bank Marketing – A Comprehensive Guide (2021)

What’s not to love about the digital age of banking? Consumers now can access services regardless of how far they are from their local financial institution. While this all sounds super convenient and safe for customers, it’s a whole different story for marketers…

What’s not to love about the digital age of bank marketing? Consumers now can access services regardless of how far they are from their local financial institution.

This all sounds super convenient and safe for customers. But it’s a whole different story for marketers who are scrambling to keep up with the pace of technology.

Bank marketing today isn’t what it used to be just a few years back. A lot is changing. For example, mobile queries for “bank near me” has gone up over 60% in the past two years. (Source: Google)

bank near me marketing

WHAT IS BANK MARKETING

Bank marketing is the practice of attracting and acquiring new customers through traditional media and digital media strategies. The use of these media strategies helps determine what kind of customer is attracted to a certain institutions. This also includes different banking institutions purposefully using different strategies to attract the type of customer they want to do business with.

Digital banking is no longer a strange phenomenon in the developed world. Sticking to old strategies is setting a course to irrelevance.

This means that a change is necessary for financial institutions.

A change that integrates traditional marketing plans with digital strategies that produce measurable results.

Read on to find out how this could work for your institution.

WHY BANK MARKETING STRATEGIES NEED TO CHANGE

As a discipline, marketing has evolved over the past few decades to become what it is today. Earlier, marketing strategies were primarily a means of spreading brand awareness.

Today, marketing has been reinvented to fit a much bigger role. Creating both value and revenue to the institution.

It is a big step up from its previous communication role, no doubt. One that was necessitated by the evolution of three factors: the consumer, the technology, and data analytics.

1. The Consumer Has Changed

Advertising is heading the way of the dinosaurs as consumers are beginning to trust objective web content and customer reviews more. The way they learn about financial products has changed. Therefore, so has the way they buy or subscribe to your financial services.

Splurging on advertising is no longer reasonable nor a feasible strategy. Now, all eyes are now focused on digital content.

banking consumer

2. Technology Has Changed

If your institution still perceives marketing as an “expense” rather than an “investment,” chances are you are spending all your energy and resources trying to minimize said expenses while you should be focusing on optimization.

Technology has brought us marketing automation as well as the ability to calculate marketing return on interest (ROI) and track sales. This has made it possible for companies to test marketing campaigns. Then, optimize them for different audiences. And finally, deploy them faster for increased effectiveness.

Technology has made successful marketing all about optimization. Investing in the right technology is the key to unlocking your institution’s full marketing potential.

3. Data Analytics is a Game Changer

Today, all the information an institution needs about its prospects can be accessed using the right data stream. We have analytics to thank for this. It is no longer touch and go, but rather a refined science.

You can easily utilize analytics to find prospective customers ready to spend on whatever you’re selling. The same way you can exploit it to identify the right digital media to deliver to your targeted audiences for maximum effect.

Analytics have made a lot of the impossible possible by handing marketers the keys to their clients’ financial and behavioral data. Thus, providing lots of tangible leads for the sales force to turn into conversions.

data for bank marketing

THE PROBLEM WITH TRADITIONAL STRATEGIES

It wouldn’t be fair to say that traditional strategies have become completely useless. Regardless of technological advancements, billboards, newspaper ads, and business cards will always be there to serve a purpose. Don’t expect them to vanish overnight.

That being said, the flaws of traditional strategies can be summed up in three points:

  • There are no measurable results. Perhaps this is the biggest problem with traditional marketing strategies. Results are not easy to measure, and sometimes they can’t be measured at all. There is no way to know what’s working and what isn’t, because there are no results to go by.
  • It is quite expensive. Compared to digital marketing, good old traditional advertising will eat through your marketing budget much, much faster.
  • It is not interactive. This is the reason why traditional marketing simply has no place in today’s highly interactive digital marketing landscape. Sure, you can put up a billboard or place an ad on the paper, but it won’t do much but just sit there and wait for people to look at it.

Other than that, it serves no other purpose. You can see why digital marketing has the edge now, can’t you?

traditional bank marketing

WHY DIGITAL MARKETING IS THE FUTURE

You don’t have to look far to see that companies left right and center are paying more attention to digital marketing.

You see, digital bank marketing has a lot of perks despite being cheaper and much more effective than traditional tactics. Here’s how your financial institution stands to benefit by switching to a marketing plan that’s based on digital channels.

  • Digital marketing offers unparalleled reach. Never in the history of marketing has it been this easy to access a global audience. The main problem marketers face is learning how to restrict this flow of information to just their targeted audiences. That’s how much power they have at their disposal.
  • Digital marketing provides measurable metrics via data analytics. Almost every single aspect of online marketing can be measured. Furthermore, this data can be accumulated, adjusted in real-time, and refined to suit specific demographics. It’s no surprise that digital marketing is also known as fast marketing.
  • Tracking marketing ROI is no longer an insurmountable challenge. There is more than enough data analytics available. To reiterate, almost every aspect of digital marketing produces measurable results.
  • Digital marketing is not expensive. Forget the high costs of advertising through billboards or TV slots or placing ads in the paper. Digital marketing is affordable yet effective.

Additionally, canceling and extending campaigns has never had less red tape. So, your institution has all the flexibility in the world to tailor its digital marketing campaigns as the need arises.

local bank marketing

LOCAL BANK MARKETING IS ALSO VERY IMPORTANT

So if digital marketing is all the rave now, does it mean the end for brick-and-mortar institutions? Not according to this study, which found that 64 percent of customers still pay a routine visit to their local bank at least once or twice a month

Why is this still happening even with the numerous digital banking tools at their disposal? Because local bank branches offer two things, no digital marketing strategy can.

community local bank

1. A Sense of Community

Local banks are the backbone of small economies. They form part of the community your customers live in. Unlike your large multinational financial institution, they are not perceived as cold, impersonal, and business-like. Rather, they are seen as friends and family that help support local businesses.

No mobile banking apps can provide a sense of belonging and community offered at local bank branches.

2. Emotional Connection

Empathy is more important to your clients than you think. They want to feel like their money is being handled by human beings with feelings and emotions. Which is why when in stressful financial situations, they prefer speaking to a person who can understand and assuage their fears.

Body language, facial expressions, friendly familiar faces all contribute to forming an emotional bond. This is extremely important for customers!

bank advertising

THE KEY TO AN EFFECTIVE BANK MARKETING STRATEGY

What makes a strategy successful? The answer is simpler than you think.

The key to making your strategy effective is to tailor it to inform and educate your clients. When you train your employees to provide your customers with all the information and education they need, trust begins to form.

Your customers feel more confident approaching you for financial guidance, and they will more likely be inclined to use your financial services as well as recommend them to others. It’s simple, but it is also extremely effective.

marketing strategy

STRATEGIES THAT WORK

1. Targeting Local Demographics

You’ve probably heard the advice “target the right demographic,” but what exactly does it mean? The reason why most banking strategies fail is because they’re too general.

Forget targeting the baby boomers, or tailoring your services to fit the millennials. Instead, focus on the local population. Are you situated in a school district? Why not offer personalized loans to high school grad students looking to join college?

Is your institution in the suburbs? How about offering loans tailored to help new parents take their children to school? Better yet, why not provide a means for new families to acquire homes in the area with affordable mortgage loans?

It doesn’t matter how big or small your institution is, targeting local audiences with financial services tailored to meet their needs is as sound a marketing strategy as any.

2. Integrating Digital Services and Apps

Digital banking is fast, convenient, and easy to use, and if your institution hasn’t begun to integrate with apps and other digital services, then you’re behind the curve.

An estimated 85 percent of the US population own smartphones. (Source: Pew Research Center) The same percentage of the population is active on social media. Fewer people find it appealing to queue up at banks, so why not help them move into the digital sphere?

Lacking digital banking services is akin to pushing your trusted clientele away. With such a huge part of the population on social media, it shouldn’t be hard to get the non-tech-savvy among them onto the digital bandwagon through the use of social media campaigns and such.

customer outreach banking

3. Improving Customer Outreach

Customer outreach is a dying courtesy in this increasingly digital world, which is why you should pay more attention to it. The importance of one-on-one connection is not lost on your customers, but don’t just reach out without bringing any value to them.

Customer outreach strategies that work include financial literacy workshops, free one-on-one consultations, training customers on how to improve their online banking security, or even teaching them how to make the shift to online banking.

4. Staying Ahead of Technology Trends

This doesn’t mean that you should jump on every technology trend that emerges. Not all of them will benefit your institution. However, the importance of adopting new technology cannot be understated.

Automation and AI are two technology trends you should strive to get behind. Automation can be useful in loan and mortgage approval, while AI can help in the creation of interactive online sections, such as

FAQs loaded with exhaustive information about the services you offer. Remember that as much as it is important to stay ahead of the curve, it is also crucial to provide a high quality experience.

content marketing banking

5. Giving Actual Value to Consumers

Always ensure that what you’re offering to your clients has value. If a product or service is no longer relevant, cut it. Streamlining your processes to provide the most value to customers isn’t just a great bank marketing strategy, it also helps you to avoid unnecessary costs.

Compare your products to those of your competitors and see which provides customers with more value, then move to optimize them.

An example is the new brand of modular services that allows customers to tailor financial packages according to their needs rather than get stuck with an outdated bank account, loan, or mortgage packages.

6. Adopting Good Digital Marketing Strategies

Digital marketing strategies like SEO boost your visibility online, while great content helps you build a loyal online customer base. Make use of these tactics when growing the digital side of your financial institution.

loyalty programs banking

7. Making Good Use of Loyalty Programs

Loyalty programs aren’t just about dishing out rewards; they are about incentivizing your customers to keep buying your financial products. As such, don’t focus too much on credit card points or other common rewards. Get creative with it.

There’s a lot of ways to reward your customers for staying loyal. You can reduce (or eliminate) ATM usage fees, offer them discounted loan and mortgage rates, or even increase their savings and checking account interest rates.

8. Prioritizing Customer Experience

Last but certainly not least, make sure you are offering your customers quality experience. Customers are the lifeblood of any business, and in today’s fast-paced world, it’s all about the quality of the experience.

The key is to consistently offer value in all your services. Don’t strive too much to impress with endless promotions and marketing gimmicks. Instead, be their reliable financial advisor, offer them the best interest rates in town, and give them customer service to write home about.

In the end, it is about how you can make the customer feel about your institution. Do you inspire confidence, trust, and encourage a connection? If not, you need to go back to the drawing board.

FINAL WORD ON MODERN STRATEGIES

Bank marketing today heavily relies on digital marketing because that’s where everyone is today. The convenience and ease of access to banking apps and services is just too attractive to pass up for most people, and for most people, institutions that lack such rudimentary services are not worth their time.

With the array of tools and data analytics at your disposal, it is not hard to calculate your ROI, find out what works, and what doesn’t in order to better customize your strategies.