You have probably heard that digital display ads, those small billboards that pop up on mobile, social channels and websites are worthless. While they are some of the least effective advertising we do, since you are buying attention, bankers need to consider display ads for every marketing campaign.
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.
As most of our readers know, we are big fans of using content to inexpensively acquire customers. The tactic helps to pull prospects into our brand, helps generate leads and helps with conversions. Content is an approach that can differentiate both the bank and the relationship manager. As they say, if you are using content, there is no such thing as a cold call.
While many banks have established Employee Stock Ownership Plans (“ESOPs”), few banks have thought about ESOP banking as a separate niche. This might be a mistake as lending to ESOP not only can reduce credit risk compared to lending directly to a company, but a bank can showcase their lending expertise enough to win valuable cash management and deposit business often. In this article, we discuss the profitability of ESOP banking and why banks should consider making this their specialty.