Digital Marketing in Banking Sector
Banking sector is considered to be one of the most vital financial institution for the economy of any country. Banking not only provides services for depositing clients’ money and lend to deserving applicants but also various other types like handling remittance, foreign exchange, business bank assurance, merchant banking etc. For the last few years the usage of online banking is increasing constantly and it requires continuous up gradation.More and more customers are willing to buy online
Digital marketing is winning the race in every sector of the industry, trade and banking sectori is no exception However to sustain in this severe competition it is inevitable to make effective strategies.
So going forward lets pen down 10 tips which the Banking industry should apply to get good results
Insight driven marketing plan
Strategy designed without Customer insight will never be effective. Earlier it was seen that the financial marketers were just speaking about the big data and all but no proper planning was done which could create an impact on the market. With the development in technology new tools are available to analyze the data and form a effective action plan. Most industries are far ahead of financial services with insight-driven marketing. IT is surprising that why banks are not using it for their development in spite that they are having more access to transactional and behavioural data of the consumers than any other industry but has been utilized in a proper manner till date. Thus to be successful insight driven marketing plan is a must using the available resources to the fullest
2 Integration of mobile
Mobile phones and its benefits are well known to all now. More and more people are dependent on their phones and spend most of the time on mobiles now. Online shopping, net banking payment of utility bills etc is done all through mobile phones now. Hence a user friendly mobile app is inevitable now. The designing of the app should be done with utmost diligence keeping in mind the consumers are not much educated or techno savvy; so that all customers should be able to use the app easily. Even the website designed should be mobile friendly and easily accessible.
3 Return on Investment
ROI is the most important feature that drives an investor. Banks need to keep a watch on their returns and whether they are competitive in the market. These rates should be highlighted in their digital marketing medium which they are using. USP’s in this to be highlighted in all the marketing campaigns done on the digital media. The marketing campaigns done should be designed to gauge success and increase its ratio year after year. Customers purchase behavior can be monitored now due advancement in technology and his purchase pattern can be used to pitch him different products on the basis of past returns.
4 Watch the customer’s journey
Traditional methods to pitch the customers is totally out dated now. In a banking industry every customer is having a unique Customer ID which is mapped all his investments and accounts. Hence with this advancement it becomes easier for the banks to figure out the purchasing behavior of the customer. There are specially assigned officers in the banks who keep a watch on the customer’s account and keep pitching them their new products and services. Awareness about customers temperament is very important to get in touch with the customer at the right time else the competitors might take the advantage of the negligence and take away the business and the customer as well at times.
5 Customization and Personalization
Personalised approach to customers is a key to success. Personalised mailers messages on regular updates regarding customers account is very important. The emails should contain all the releveant information and should not be too long else the customer will lose interest in reading the whole mail and will avoid paying attention on future communications sent. Concerns raised by customers on mails or by any other medium should be addressed promptly to the utmost satisfaction of the customer. Benefits of this will lead to loyal customers. Happy customers will lead to more customers as reference through word of mouth also plays a vital role in attracting new customers
Use Search Engine optimisation to get at the top of the search results. Currently the websites are googled on the mobiles more then any other device. Hence you need to ensure that your website is mobile friendly. The more you spend on the SEO the better will be your results on the google page and your website will rank higher and get you passive form of leads.
7 Pay per click advertising
You must be spending a good amount of time and money on SEO results but still the first page of the google is too competitive to give you best results. Hence you can use the Pay Per Click advertising technique. This means for an ad space you pay only if someone clicks on your ads. Same strategy can be applied for YouTube, Facebook and other digital marketing platforms also.
8 Geofencing and IP targeting
Now first of all what is geo fencing? It involves a larger area for online advertising target a bunch of customers who are located in a particular area. Suppose you want to target college students of a particular area where a new college is set up for saving account and other bank facilities where there is not bank located. Likewise IP targeting is placing ads in front of people using certain IP addresses. You can use IP targeting a whole building of an office to an individual suite number.
9 Social Media
Social media is ruling the marketing world and has proved its importance in all the industries. If you create an FB or an Insta Account you can run ads targeting customers of particular age, gender, education level, job title etc. Here also the success ratio of viewership can also be measured looking to the number of views and shares.
10 Content Marketing
It refers to circulating educational and informative materials related to your products to the customers. This can be sent via news letters via emails to customers who also are your existing leads. Every week or month you can choose one topic and make an ebook which contains all the relevant information regarding the product. It can also be circulated in the form of blogs, videos etc.