Learn how this bank grew its deposit base and residential loan volume with a strategic marketing communications campaign.
Bank marketing strategies aim to achieve a number of objectives, including product line growth, maximizing share of wallet, brand differentiation, and improving customer experience.
If your marketing team has difficulty proving return on investment and business impact with regard to these goals, it may be time to evaluate your multichannel strategy.
This article provides insight for how to fine-tune your multichannel strategy to decrease costs and be a revenue generator for your organization.
We’ve also included a case study revealing how a strategic marketing communications campaign can impact the growth of your deposit base and residential loan volume consistently over time.
Multichannel Marketing Strategy for Banks
Banks face fast-changing consumer behavior and preferences when it comes to making retail banking product selections. Customers in various segments need to be introduced into the sales process in one channel and guided to another channel to move down the path to purchase.
Multichannel marketing, at its core, is about making it easy for prospects and customers to interact with branded content on their terms. Giving customers this highly personalized experience has proved to be extremely effective.
Consider these statistics:
- 72% of consumers say they would rather connect with brands and businesses through multichannel marketing. (Source)
- 90% of customers expect consistent interactions across channels. (Source)
- 50% of multichannel marketers say they usually or always hit their financial targets. (Source)
- Companies that use multichannel marketing experience three times higher effectiveness rates than those that use non-integrated campaigns. (Source)
- Customer satisfaction is 23 times higher in companies that run multichannel strategies. (Source)
The Right Time and Place for Multichannel Marketing
Successful multichannel marketing campaigns reach the right people, in the right place, at the right time.
A marketing mix that integrates digital channels with the more traditional channels such as television, radio, and print tend to yield the best results for marketing financial services. Further, striking the right balance in frequency and timing of your messages can make all the difference for your conversion rates.
For example, one of our banking clients approached us for help with its multichannel ad delivery because its current strategy was not yielding the desired results.
Our analysis revealed that although the bank was advertising in the right channels, the timing and frequency of its ads was affecting the ads’ impact on the bank’s audience.
We were able to implement an ongoing integrated marketing strategy that continues to boost the bank’s product line growth significantly and consistently over time.
Case Study—Lake Shore Savings Bank
View the case study here to learn how our wave-based strategic marketing communications campaign integrated customer-centric messaging with a multichannel approach that resulted in new savings accounts balancing at over $12 million, and new home equity line of credit applications totaling over $13 million.
Let’s chat about your goals and what FARM can do to impact your business as your strategic partner. Call 716-989-3200 or send an email to Jill Fecher to start a conversation.