New Technology Means New Marketing Responsibilities for Financial Institutions
Marketing in the current financial climate is a whole new game. For the smaller, community financial institutions, the strategies and tools needed to compete with larger companies and banks have altered dramatically. New technology and the daily mobile experience of customers will drive a business to success or into the ground. Local financial groups must now focus on marketing strategies that branch away from the traditional and build their customer relationships through online marketing and digital applications. The key that will set these smaller banks apart from larger ones, though, is keeping that sense of community going in their daily online interactions.
Stay Customer and Company Focused
Local companies should have all the advantages of a national institution while keeping the friendly, community feel of a local business. Using business intelligence software will allow a company to track goals and strategies and allow employees to focus on customer relationships. A financial institution should also focus on how it is a part of the community. Humanizing the business with the use of social media and participation in community events will bring clients in and allow them to see the organization as something more than a traditional bank.
Make Online and Mobile Service a Priority
In this era of smartphones and tablets in every hand, a financial business will not survive if it is not fully optimized for mobile use. The ability to check banking information, deposit remotely, and transfer funds with a phone is a must for most customers. Clients don’t want to have to make an extra stop in their busy schedule to do an activity that a larger bank would let them do with a mobile device. Investing in a fully functional mobile platform will increase customer service rates and bring a business to the front with current features. Any website, mobile app, or social media should be regularly updated to reflect the company’s current marketing strategy.
Make Connections With Social Media
If a financial institution, large or small, is still sending out flyers and offers in the mail, it is wasting its time and money. Having a personal and engaging social media presence is an excellent way to spark interest in new customers and maintain relationships with current ones. Older clients may be set in the way they want to do business, but as younger people move up to managing their finances, they want to be engaged in a way that is familiar and comfortable through social media.
Marketing in the financial world is changing. It is up to each institution to work on building a brand with modern means and stay proactive to reach new clients.