Financial Digital Marketing
By Katie Ripa
Should Banks and Credit Unions Go All-In on Online Marketing?
From social media to target ads, SEO keywords and more, digital marketing is confusing, technical and difficult to get right. Add in the complexities of financial organizations, compliance and products that don’t translate well to viral videos (interest rate TikToks?), and it seems nearly impossible to embrace online marketing.
But for banks and credit unions, reaching customers digitally has never been more important. Customers have changed. We no longer stay at the bank or credit union our parents introduced to us. We shop around, we want the best products and the most convenient options. And where are we researching? Yep, online. Even financial institutions can’t ignore the power of digital marketing in bringing in new customers.
Luckily, we’ve got three great ways to button up digital marketing for any bank or credit union, TikToks included.
1. Well-Defined Digital Marketing Plan
Starting with a plan seems a bit obvious, especially for financial institutions who love good planning, but more often than not, we’re seeing organizations jump into digital marketing haphazardly. They open social accounts without knowing what to do with them. They throw budget at quote SEO experts they never hear from again. They invest in targeting ads without ever seeing results.
And the return on these digital efforts? … Crickets, anyone?
Digital marketing can work well for banks, credit unions and any financial organization, but you have to start with a plan that’s focused on clear objectives such as helping your brand stand out, get noticed, be memorable and connect with customers. For financial groups, where products are similar, an on-point digital presence can be that needle mover you need to stay competitive.
2. Connect Your Channels
There are a lot of channels to choose from in digital marketing. Put your best foot forward by knowing where your brand fits best. For banks and credit unions, focusing a lot of effort on interest rate-themed TikTok videos may not be the best use of your time. But well thought out strategies on LinkedIn, Facebook, retargeting ads or employee recruitment TikToks might make more sense.
Once you decide where to concentrate your efforts, make sure your channels are well connected. All digital marketing should relate to greater marketing messages and, of course, your brand. This synergy helps existing customers recognize your digital efforts and become your online champions—hello likes and shares! It also helps new customers become familiar with your brand before ever walking through your doors.
Ensuring all your channels align is great for the brand but also great for your compliance teams. There are a lot of regulations on how financial institutions can present themselves online. Haphazard social posting could miss these regulations entirely.
3. Get Personal
Get personal by humanizing your brand online. Financial products are not only similar across competitors, they don’t translate well to memes and viral videos. So strike a balance between product details and more lighthearted content. Occasionally posting a meme about the financial industry or sharing some behind-the-scenes details into your team’s work will help humanize your brand and connect customers with your personality.
Digital marketing is all about visual experiences so concentrate efforts on a mix of engaging photography, infographics and short, but we’ll put together videos. The goal is to engage, connect and occasionally entertain. Show images of a customer’s award winning restaurant dishes or dream home made possible with your team’s efforts. Tell stories of customers who are thriving because of your products. Share the accomplishments of a team member and the plate of brownies brought in for them in celebration. The options are endless.
Beyond the memes, we all know the dark side of the internet for businesses means responding to some not so happy customers. Let your personality, and stellar customer service skills, shine here as well. Be understanding and helpful in replies, showing the unhappy customer (and all their friends and family), how you’re an organization that goes above and beyond.
Digital marketing is here to stay and with planning, can be an important aspect of any financial group’s marketing mix. If you need help with objectives, strategy or creatively engaging posts and content, let us give you a hand! We’re experts in helping banks and credit unions connect with customers. Visit our website, Kidglov.com/finance to learn more.