Marketing strategy in banking industry – Recently, there are many new banking industries established. It makes the customer more selective in choosing their bank. That is why choosing the best marketing strategy in banking industry is needed to win the market. This must be done because the competition has become more competitive.
If you work in the banking industry, especially those who are marketing managers, there are several crucial things that you must know.
Let’s check the explanation below!
What is Bank Marketing Strategy?
Bank marketing strategies from one bank to another will be different depending on their market. However, the purpose of the strategy is only one that is to attract or get more customers which ends up increasing the profit.
The plan template of this strategy can be various such as direct mail, SEO, email automation, content marketing, PPC ads, and many more. Indeed, breaking down your ideal customer is important here to get the best effectiveness of the marketing plan.
Besides, to know whether your marketing works or not, you need a tool. You can use the SMART tool here. It is the acronym for Specific, Measurable, Achievable, Realistic, and Time-Bound. If you achieve every point in SMART, it means that the marketing plan works well.
Key Features in Planning Bank Marketing Strategy
Before you act out your marketing plan, you must know the key features of a bank’s marketing strategy plan first. For those who haven’t known about this, here are some explanations you must know below.
The Mission and Value
The mission and value of the bank are crucial to deciding which marketing plan is appropriate. At this point, you must make sure that all of the strategies are the same as the bank’s mission and value. Creating a contradictive marketing plan can make it less effective. Even it makes the customer distrust the bank.
Creating a marketing strategy for the bank will be useless without any goal I want to receive. That is why you must set the goals of your marketing plan. To ease you in measuring the goals, you can use KPIs or Key Performance Indicators. Using this tool, you will know which branch gets the most effective marketing. Setting the KPIs also will help you to make the marketing strategy clearer.
Don’t ever think that you don’t need any analysis about your bank competitor in your marketing strategy. You know that the goal of a marketing plan is to compete with other banks with the same offers or the same mission as yours. So, you analyse who your competitors are and what they do to attract customers. Getting more information about your competitor makes your marketing plans better.
The Market and Customers
Every customer has different needs, hopes, and fears. For example, a retiree will choose a bank that provides ease to get their retirement funds. Differently, young people will choose the bank offering the best saving money program. With this picture, you need to know your market segment based on age, location, and culture. Knowing your market and customers help you to create the most effective marketing strategy in banking industry.
Budgeting the marketing plan is a must. Because there are many marketing plans you can do, you have to allocate the budget well for each plan. For example, you have digital marketing and conventional marketing. If you think that digital marketing is more effective to get customers, you can give the budget of digital marketing higher. Of course, discussing the budget with finance is needed before you run the marketing plans.
The Execution of Bank Marketing Strategy
After you create your best bank marketing strategy, it is your time to move to the next stage. Yes, this is the execution stage which will prove whether your strategy will give you the best achievement or not. In this stage, there are some steps you have to do after planning the marketing strategy.
Planning the Strategy
The first thing you must do is plan the right bank marketing strategy. In planning your strategy, make sure that you consider all of the key features explained above. Those key features actually will help you to create your best strategy depending on the goals of the bank. In planning the strategy, you need to invite other divisions related such as the finance division.
Choosing the Delegation
You have to delegate the marketing plan to the right teammates. In this case, you need to choose those who are known or experts in the field. The expert one usually understands more dos and don’ts in doing the task. So, they can prevent the things which can cause the marketing plan to fail. Make sure to include the relevant KPIs to effectively measure the results.
Monitoring the Action
Usually, in a marketing plan, there is a timeline to follow. In this case, you have to monitor the result of every action done. You can check the timeline for weekly, monthly, or per quartal. By monitoring the actions, you can prevent any mistakes that can cause the marketing plan to fail. Besides, by monitoring all of the actions, you will see whether your plan is still on track or not.
Analyzing the Result
The next step is to analyze the result of all of the marketing actions done. You will see whether the marketing plan works well or not. Here, you need to analyze together with other divisions related to your marketing plan and know the details of the result. If in the middle you find that it doesn’t work well, you can find the best way to fix it such as choosing another method or looking for a third-party vendor to help your marketing goals.
That is all about marketing strategy in banking industry. If you want to get the best result from your bank marketing plan, you need to consider all of the aspects explained above. With the best teamwork and management, you can get the success of your marketing plan.