In today’s world, there are many banks that consumers can choose from, so banks of all sizes need to remain competitive and continue to differentiate themselves with the best marketing strategies for banking. At DSM, we have had great success implementing different bank marketing strategies in New Jersey to help our clients grow and reach new customers. And we aren’t all talk —we have the stats to back this up.
Check out these five marketing strategies for banking that banks should look to implement.
Paid Media for Banks
Paid media is a great marketing strategy for banks and can help benchmark current advertising efforts, which can be essential for overall revenue growth. To reach your targeted audience effectively, think about the messaging and creative and how it will hit the pain points of your future customers.
Sometimes the right messaging with the right creative can benefit your paid media strategy immensely. Case in point, one of our banking clients came to us wanting to reach a specific target audience with Google ads and send them to their website. So, what were the results?
- Reach: Nearly 26,000 people living within 50 miles of the branch location that are interested in banking, savings accounts, and CDs.
- Spend: Under $6,000
- Cost per Conversion: Under $85.
- Results: Nearly 50 “open an account” clicks and nearly 50 calls about CDs.
With 50 potential customers clicking open an account on the Bank’s website and nearly 50 calling the bank about CDs, all at a cost per conversion under $85, this campaign’s ROI was through the roof!
Social Media Ads for Banking
Paid social media can enhance your online presence and expand your business’ reach, making it another must-have bank marketing strategy.
For the same campaign as above, we leveraged paid social ads on Meta to reach the Bank’s audience where they were — on their phones and computers, scrolling through social media.
- Reach: Nearly 230,000 people living within 50 miles of a branch location that are interested in banking, savings, accounts, and CDs.
- Spend: Under $6,000
- Cost per Result: Under $0.65
- Results: Over 8,600 clicks to the Bank’s CD landing page
Running in tandem with the Bank’s other ads mentioned above, Google and Meta became a perfect pair in this instance and an invaluable banking marketing strategy. In total, our client’s spend was under $12,000, and they added more than 220 accounts for a total value of those accounts at nearly $25MM. That’s a 208,333% ROAS and with great customer service and other accounts, much of that money will stay with the Bank for years to come.
Traditional Marketing Tactics for Banks
Don’t forget about those more traditional marketing strategies, either! Banks can benefit from offline media to reach a different part of their current audience or an entirely new audience. Newspapers, magazines, direct mail, TV and radio, and billboards are great marketing tactics for banks to help boost awareness, response rates, and visibility.
While billboards may be more challenging to track than hyper-targeted digital advertising, they still have their place! With our recent campaign, we ran the CD campaign creative on billboards near the branch locations to drive foot traffic and raise brand awareness of the great rates the Bank was offering.
Banks partnering with other types of businesses can help bring in new customers. From a credit card processor or a real estate agency, these types of partnerships are vital to banks as it expands offerings, making you a one-stop-shop for your customers and an easy bank marketing strategy. Relationships are everything for a service-based business, and that’s especially true for banking.
Getting involved in the community is another easy marketing strategy for banks to implement. Sponsor a little league, host a run, or food drive — anything that directly impacts your local community and ultimately gives back will help existing and potential customers remember your name and the values your bank stands for.
Check online for special events and observances too! Things like Random Acts of Kindness Day, National Ice Cream Day, or Giving Tuesday are great ways to generate brand awareness while doing good for your local community.
Remember, all the banking marketing strategies that we just mentioned can be implemented together. One isn’t necessarily better than the other, so coming up with a plan to include all of the above will help your business stick out from the rest in the banking industry.
If you’re looking for an agency that can elevate your banking marketing strategy, you’ve come to the right place. Shoot us a message to get started!