Effective Bank Marketing Strategies
Are you looking for the best marketing strategies for your bank? Are you tired of advertising and sending mails to customers? How can you retain old customers? How can you differentiate yourself from other banks? These are few of the questions asked by banks on they can best serve their customers.
Whether your bank is new or existing, you need to plan carefully to penetrate your target market, to promote your firm and your products. With the numerous marketing tools found in the market, you can be perplexed on which one to choose.
With the myriad banks found globally, for sure, banks have difficulties in differentiating themselves from other financial institutions especially when they offer the same products and services such as savings accounts, current accounts, checking accounts, small and medium-sized loans and dollar accounts. If you are the owner of one of these banks, how would you establish a niche in the competitive market? How would you convince old and new clients that your products are different from other banks and you offer quality customer service? These are some hurdles that financial institutions have to tackle to stay competitive and survive.
What is marketing strategy and why do banks used them in products and services promotions?
It is a method used by companies, banks, nonprofit business enterprises and financial institutions to increase sales, to achieve sustainable competitive advantages, to establish market niche and to establish customer loyalty. Companies determine target market segments, position strategies, imposes marketing mix and allocate needed resources. They have to keep their marketing strategies in line with their mission statements.
Before you impose a specific marketing plan, you have to conduct a feasibility studies to find out which one suits your target market and probable customers.
The different types of marketing tools include:
- Promotional items – It is the best way to gain customer loyalty and goodwill. When you give customers promotional items like t-shirts, mugs, ballpens and diaries, you make them happy. Giving them gifts is a great way of ensuring that your logo and brand are seen not only by your customers but other people who your clients meet and interact. It is an effective means of growing your brand and ensuring that the firm is always remembered by your clients. Promotional gifts include:
* Thank you gifts
* Incentive gifts
* Holiday gifts
- Advertising – Banks advertise their services and products in newspapers, magazines, yellow pages, television and billboards. They advertise themselves and their products to let customers know that they exist and they offer financial products and services.
- Public relations – Establishing good relations with your customers offers excellent opportunities to boost customer service experience.
- Collateral materials – You can make them happy by giving them access to Internet banking, automated teller machines (ATM) and other new services that will make them happy.
Before choosing an effective marketing scheme for your company, be sure to conduct feasibility studies to assess the different needs of your client base and how to better penetrate your target market.