1. Know your goals
Make your digital marketing goals S.M.A.R.T. – Specific, Measurable, Attainable, Relevant, and Time-based. Focus on creating results-based goals that align with your bank’s objectives and fit within your banking ecosystem. For example, if the executive team is focused on growing its deposit base, ensure your marketing efforts look to directly support this goal. We recommend focusing on a balance of money-based goals and conversion-based goals to ensure campaigns not only achieve bottom-line objectives, but also within your budgets.
Poll Question: We asked attendees what their typical objectives are for their bank’s marketing activities, and here are the results:
2. Know your product focus
Having a clear product focus for your bank’s marketing campaigns is a great way to align your marketing efforts with your bank’s executive-level objectives. Showcasing your product’s strengths can help to engage customers that may not be aware of your offering, and also allow you to support targeted, results-based goals.
3. Know your audience
This may be an obvious one – and it’s an important piece of your marketing formula. It’s a good idea to revisit your target personas at least once a year. This is because the audiences you wish to capture as customers spend their time in difference digital ecosystems and each have different needs at their stages of life.
Whether it’s new homebuyers, young professionals, or retirees, each have their own needs and digital habits, so it’s important to align product with audience – and where they typically spend their time. Younger demographics typically spend their time on Instagram, blogs, YouTube, and yes, for the youngest – TikTok. Boomers and Gen X typically spend their time on Facebook, blogs, forums, and more traditional informational sites.
4. Know your digital channels
There are a number of digital channels at your disposal that can be used to help achieve your growth goals.
While traditional media, paid social and display are great for creating awareness around your products and brand, others like paid search, blog content through SEO and affiliate marketing are great to target more high-intent potential customers.
At Fintel Connect, we specialize in affiliate marketing in particular – because it is a powerful, cost-effective way to be where your customers are – and only pay for those customers you get.
5. Know your messaging
Here are some friendly reminders when considering your marketing messaging:
- Identify what stage in the buying journey you’re targeting – awareness, recognition of need, benchmarking?
- Have a clear audience in mind – picture the customer you’re speaking to
- Build the message for the channel – for example, keep it short and sweet for your social channels
- Use simple and concise language – make the messaging accessible for all
- Don’t forget to include a clear call-to-action – what action do you want your target to take?
6. Know your budget
When considering your budget planning, there are four key areas to keep in mind:
- Have your budget tie back to your growth goals so you can measure its real impact
- Have profitability in mind – you want to gain more from your marketing than you spend:
Projected lifetime customer value / Cost to acquire a customer = minimum 3:1
- Have the ability to measure campaigns end-to-end – from first view to sign-up
Make sure your budgets are competitive – do you know what the going rates are for customers in the market?
Recap and tips
As you and your team look to incorporate digital tactics into your marketing strategy, key these tips in mind:
- Each ingredient to your digital strategy is important
- Your bank’s recipe for success is unique to your bank
- Share your goals with your entire team – not just the executive and marketing team
Plan your growth in advance – use this helpful checklist to guide your planning
If you have any questions as you’re building your strategy, or if you’re interested in learning more about performance marketing specifically, please don’t hesitate to reach out to us! We’re happy to help – [email protected].