If you are still spending money on print and direct mail, we ask you why? Not only is it hard to track, but it is likely the least effective form of marketing that you can do. While building a brand is good, generating an emotional connection is better. Banks that do a great job at marketing such as Umpqua, Citizens Bank of Edmonds, Bank of Ann Arbor, and many others know that it is all about gaining some level of engagement. It is hard to engage with a statement stuffer or print advertisement.
Tag: Social media
Now that Thanksgiving is behind us we can turn our attention to the holidays. That means our annual gift guide for bankers. We do this as we not only have a good time putting this together, but it is one of the pieces of content that we produce that drives heavy traffic.
If the truth is told, most bankers have LinkedIn profiles that are missing the basics. Their photos, lack of keyword usage, fear of putting their contact information online, no personalized URL and unclear capabilities all hinder performance. Now, if you are an introvert that does not have a line function, wants to stay off the grid and is so confident in their job security that there is no need for visibility, then you don’t need to worry about it. However, if you are a relationship manager, then you have a problem.
If you want more commercial clients before you buy marketing lists, spend money on advertising, cold call, ask for referrals or sponsor any events, consider training your relationship managers on how to use LinkedIn for prospecting. For us, LinkedIn is responsible for generating more commercial leads than all other social media channels combined and has been a great source of not only leads but also market intelligence and general brand building. Having intermediate or better LinkedIn skills are helpful for any banker and is now mandatory for any new relationship manager.
Understanding your retail customer is important when it comes to bank marketing, product design, and sales. While most community banks know what their average customer looks like regarding age (greater than 35 years old), gender (male), education (college degree) and average household income ($67k), the current state of social media and data analytics can uncover a wealth of insight. We take a look at some of the stronger correlations and discuss some ways to take advantage of the huge amount of data on social media.
Bankers have a big enough job monitoring the social media use without having their efforts complicated by dumb mistakes. Like many banks, we utilize Smarsh to help us monitor and image all activity. We asked them - what are some of the worst message misfires that have cropped up despite bank’s social media policy guidelines?
The reality is that the last two months of the year are among the worst to market a bank brand or product. People don’t seem to care and with all the retailers running ads for the holiday season, advertising is crowded and expensive. This is why we dramatically reduce marketing for the last two months of the year.
For those banks, which are trying to target particular demographic cohorts, you will find the below data helpful to laying out your marketing plan for 2017. We point out that it is likely your bank thinks of social media channels as a way to amplify your marketing and increase customer engagement. While all true, social media is also becoming indispensable to build a brand, socialize products, synthesize ideas and to service customers .
In 2016, bank marketing changed. Out was the reliance on in-branch brochures, print ads and a couple of events per year. In 2016, as an industry, banks started to embrace the power of social media which has now morphed into a trend of focusing on mobile. For 2017, a Trump Administration will bring more change, more volatility, and more uncertainty. Tax reform, trade, less regulation, higher interest rates and new programs will have households and businesses yearning for more financial analysis.
We learned how not to play ourselves, how to secure our bag, how to bless up and how to use Snapchat all from a man called DJ Khaled. DJ Khaled is sort of a favored son of Florida as he started on the Orlando streets with nothing, moved to Miami to hustle his way into the DJ circuit and then leveraged his standing in the Miami rap music scene to start producing music worldwide. He was nominated for a Grammy and President Obama has referenced him in the past.