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 77 percent of the US population own smartphones. 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.