13 Marketing Ideas for Banks

How do you get people to utilize your bank for their financial needs instead of all the other competitors in your community? There are even online banking institutions that help people to bank remotely from thousands of miles away thanks to remote check deposits, helpful apps, and digital money transfers. If you need to have your bank stand up to the big names in the industry and be competitive, then you’re going to need these critical marketing ideas that will help your bank succeed.

It all begins with your ability to connect with your customers. When you can build up a relationship, then you’re going to build up loyalty to your institution. That loyalty will keep you at the top of your targeted consumer’s mind and everyone is going to be able to have a good time saving and making money.

Critical Marketing Ideas for Banks

1. What Makes You Unique?
If you can maximize all of your unique resources that your bank has available, then you’ve got the ability to stand out. One of the most useful items that you have is your automated teller machine. This basic banking mechanism gives people access to their cash and promote the fact that if they use your machine with their account at your bank, there won’t be any fees or reduced fees for doing so.

2. Utilize the Open Space
You have lots of open space on your teller receipts that is most likely under-utilized. Partner with local businesses to offer exclusive discounts or coupons that can be used on future purchases. This will help you to build business-to-business relationships in your community AND you’ll be providing a higher level of value to those who use your bank.

3. A Smile Is Worth Thousands
Your tellers are the front line staff that represent your bank most often. Investing into good tellers is what will set you apart, but it doesn’t stop there. People are more likely to utilize your bank if they feel like they know your tellers personally, so highlight them across your marketing campaigns so people can get to know their faces and understand them to some extend through their profiles.

4. Set Up Small Side Branches
Your bank might not be as accessible as you believe it is. There are a number of communities that would benefit from a small branch that is located near a college campus, major employer, or an under-served part of town. You’ll make it easier to establish an account, the costs to maintain small branches are relatively low, and you’ll reach people who might not normally utilize a bank for their needs.

5. Strategic Partnerships Are Key
Do you have a number of different loan or investment products that you offer? Each item is the chance to provide a strategic partnership with a business in your community that will benefit both of you. Home mortgage products, for example, can be promoted through relationships with title companies and realtors. Car loans are a natural partnership opportunity with a dealership. Build community awareness and you’ll build a base of customers for your bank.

6. Focus On Success
Partnerships don’t just have to be strategic either. There are people and businesses right now that utilize your bank and have found a stronger financial footing because of your institution. Find these success stories, highlight them in your marketing efforts, and this endorsement will ring in the ears of your prospects because they’ll want the chance to experience the same level of success.

7. Don’t Follow the Rules
You’ve got to follow the rules when it comes to banking practices, but you don’t have to follow the rules when it comes to your marketing. Be different. Do something unusual. Advertising wraps, bright billboards, and even street marketing are all on the table for your bank. Use them to generate excitement for your bank!

8. Provide Networking
Appreciation can be shown in a number of ways. One of the most effective methods is to host events where people can get a good bite to eat, network with other people who utilize your bank, and create more opportunities for financial success because you invested a little bit into your customers. They’ll appreciate you for it and you’ll generate a quality local reputation that will have people wanting to bank with you.

9. Offer Incentives
The feeling of being able to earn something is a feeling that cannot be replicated. You can utilize this feeling by instituting an incentive or loyalty program that rewards people for the amount of products that they use with your bank. If a customer utilizes a car loan, a mortgage, and a money market account through your bank while maintaining a CD too, shouldn’t they be rewarded in some way?

10. Provide Rewards
A number of businesses offer promotional rewards through banks for customers who utilize a credit or debit card that is bank branded. This will help people save money on things they may need, you’ll help others in the process, and you’ll benefit because your bank products are being utilized for purchases.

11. Pay It Forward
Banks have a reputation for being stingy. Change the perception locally by randomly picking up someone’s grocery bill, restaurant bill, or even water bill if you wish. The cost is usually fairly minimal, especially when compared to the amount of goodwill these actions will generate within your community.

12. Market Directly Like a Pro
Standing out is difficult to do in a direct marketing campaign, so use direct marketing carefully and creatively to stand out like a pro. Utilize non-traditional items, include samples of local products if you wish, or even throw in a couple of dollars. After all, who doesn’t like to get free cash?

13. Engage Consistently
For any marketing plan to be effective, you’ve got to be where your prospects are to develop relationships. For many banks, that means having at least some sort of presence on social media so that you can appear on news feeds and answer questions directly if something comes up. Even customer service through social media can be an effective tool when used well.

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