Data-Driven insights to power customer acquisition in BFSI
More and more individuals are increasingly managing their everyday lives digitally. This task the financial marketers to find unconventional ways to reach these individuals via mobile and online channels. As per Mintel, top banks are increasing their digital advertising investments to aid personalized messaging. Still, there are several banks that are stuck with traditional ways of advertising.
But coming up with an effective digital marketing strategy for your bank isn’t that difficult, even if you are new to the digital marketing domain. In the current scenario, partnering with a digital marketing agency is the best way to get on the digital marketing bandwagon and reap its benefits.
A digital marketing agency tasked with working for a bank starts off by designing a marketing plan. Implementing digital marketing initiatives can improve customer service quality, security, and convenience.
Banks are presented with three major opportunities when they tie-up with a digital marketing agency, listed below:
- Strategies centered on customer engagement and experience:
As per reports, budgets allocated for digital platforms targeting specific consumers can boost engagement and improve user experience unlike conventional product-based marketing and direct mails. Well-planned and executed digital marketing strategies for banks have high chances of benefitting the brand via social sharing along with increasing the number of interactions with the customers.
- Entering new markets:
Various channels of digital marketing help in generating brand awareness, promoting financial education to hard-to-reach and youth customers. Additionally, digital marketing strategies and campaigns can be used for generating awareness, supporting personalized messaging, and entering new markets. For instance, mobile banking has become a way of life, particularly for the youth, when it comes to account transfers, monitoring expenditure, making deposits, etc. So, banks could build their own mobile banking app or partner with various digital payment systems, such as GooglePay and Paytm, to enter new markets. The convenience of conducting financial transactions by simply clicking a button on a mobile app is attracting consumers to mobile banking.
- Utilizing Different Digital Channels:
Banks can use any social media channel for educating the customers about their new products and sending personalized messages to different target audiences. Leading banks, like American Express, leverage Facebook the most, while Citibank has partnered with YouTube as its digital marketer.
Some digital marketing strategies for banks include:
As per Smart Insight, 80% of individuals browsing the internet own a smartphone. In the U.S., 80% of users’ digital media time is hosted on various mobile platforms like tablets, smartphones, etc. Effective mobile marketing involves gaining an understanding of the target audience, designing mobile-friendly content & website layout and strategically using SMS marketing.
Search Engine Optimization (SEO):
SEO aids you in ranking your website on the first pages of various search engines based on the relevant keywords about the services that you offer. For instance, in case you are a regional bank offering a “home loan” and wish to rank better on Google with a search keyword like “banks providing home loans.” Your digital marketing agency uses SEO to target audiences on the basis of specific keywords to boost the bank’s online visibility. Other digital marketing strategies related to SEO will include creating bank-specific website content that gives all the bank details like contact number, address, operating hours, services offered, Google Map location, etc. Furthermore, including customer reviews on social media, Google and Facebook, also helps in leveraging local SEO techniques.
Email Affiliate Campaigns:
Email marketing is highly effective, as it reaches to the audience filtered on the basis of demographics and behavioral interests. An email campaign involves well-written templates for specific customer segments that are sent to recipients through ESP’s, to generate a qualified lead. Follow up emails could be then sent to openers & clickers of email campaigns as a part of retargeting.
Mentioned above are a few opportunities that banks can benefit from, by collaborating with a digital marketing agency. Digital marketing for banks need not be a daunting task, as focused digital marketing strategies can be used to increase the number of customers.
Get in touch with us to achieve your growth objectives via multi-channel, data-driven digital marketing strategies.