Bank marketing – In with the new and out with the old

We often talk about the old way versus the new way of bank marketing. If you want to be seen in your community as the place to go for more then just checking or savings accounts, there are three key areas where changes are necessary:

1. Marketing
2. Referral generation
3. The website

For a bank to be successful in today’s day and age, these three areas need to be working on all cylinders.

Bank Marketing

The old way of marketing says, “let us show you the products we have”. Studies show that at any given moment, 3% of consumers are actively looking to purchase any one product. This old approach affects only these customers leaving the other 97% looking elsewhere for answers.

The new way says, “let us provide you with the information you need to help you throughout your financial life”. This new approach engages 100% of the marketplace because we all know everyone is in some way or fashion thinking about their finances.

Referral Generation

The old way was focused on turning everyone into a sales rep. This approach is only successful with a handful of people. This is especially true for the frontline staff, where cross selling is considered a top priority among the majority of bank executives.

The new way is focused on a customer service-driven approach. This is what employees are familiar with and what they’re best at. The trick is developing this service-driven process around a concept that both provides customers with what they’re looking for and drives referrals to the right people at your institution. By positioning the information, not the products, as a resource, you make it easier for customers to raise their hand, asking for help. This puts employees in a comfortable role of providing customers with the help they so desperately need.

Bank Website

The old way of looking at a bank website is pure and simply a place to conduct transactions. As more and more customers flock to both online and mobile banking centers, the more banks need to rethink how their sites are used.

The new way goes beyond transactions and product information – it turns the website into a resource for guidance.

When you have these new principles in place, you create a steadier flow of activity versus the short up ticks that are common among one-time campaigns.

More customers will see you as a place to go for more then just deposits and loans. Your employees will find it easier to generate referrals and appointments for your financial professionals and your bank will see a healthier increase in their revenue stream from sources not seen as core areas in years past.