Wednesday, February 21, 2018

Digital Marketing in Banking - Evolution or Revolution?

https://www.cognizant.com/whitepapers/digital-marketing-in-banking-evolution-and-revolution-codex1920.pdf

In the digital world today, earning the awareness, respect, trust and confidence of a customer is primarily a digital experience. With the advent of Internet there is almost infinite information available for folks to review before making a buying decision. However, earning the awareness, respect, and trust that is required to convert the consumer from a 'shopper' to a 'customer' online is challenging.

If Financial Institutions including Banks want to continue to succeed and grow, they must use the full spectrum of channels available for reaching members and customers, and they must align their digital marketing and SEO practices. To achieve this, financial institutions need to understand the distinct components that make up a digital marketing and SEO strategy in order to execute both in a way that helps them build the trust and relationships that will attract consumers to their brand.

Let's think of a Bank. Some important factors in creating a digital marketing strategy  for a bank should focus on:

The Basics

1. Relationships are everything: The lifetime value of a customer whose financial needs evolve through many stages of life is worth far more important than the interest earned on a one-time transaction. It’s interesting when you ask people “Who is your bank?” Invariably, their bank is where they keep their checking and savings accounts. The same is true with business customers. This is where long-term banking relationships begin.

2. People don’t change banks very easily or very readily.

3. You sell more loans to existing customers than anybody else. This is because the first place people go shopping for a loan is at their bank. When they do shop elsewhere, they soon discover that the promotional rate they’re being offered requires that they open a checking account. People often walk away from these deals, because they want to keep their checking account at their bank.

Outsmart the competition

1.Have Google provide directions to the bank. Look at every city and town where the Bank has a branch. Every person there who Googles “Banks” should find you at the top of page 1. When people Google “Home Loan” they should find you at the top of page 1. The same goes for every other product you offer too.

2.Target those who fit you best. Give a lot of thought to who your loyal, and best customers are in the places you have branches. Who are your tribes? These are the kind of people you should have more of, and these are the sort of people who should see your bank when they’re perusing Facebook and LinkedIn.

3.Make sure your website sends the right signals. When people visit, they should feel welcome and at ease. Everything should be right where they expect it. And most importantly, new people should be able to see themselves banking with you. This means saying goodbye to those folks from the stock photo library that every other bank uses.

Delivering on a digital opportunity requires integrating the diverse talents of marketing communications strategists, website developers, user experience designers, data scientists, search, social and content marketers, writers, designers and artists who are all focused on helping you achieve your goals.

So is Digital Marketing for Banks an Evolution or a Revolution? The white paper explains it nicely

https://www.cognizant.com/whitepapers/digital-marketing-in-banking-evolution-and-revolution-codex1920.pdf

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