In an effort to market to better to millennials, Capital One recently launched a string of banking cafes. Anyone, regardless of bank affiliation, can grab a seat on a couch, enjoy a cup of coffee, and, if they want, access free financial coaching.
"The cafes are meant to connect financial professionals and young people in a 'relaxed' and 'stress-free' environment," says Capital One Senior Vice President Lia Dean. "Customers are over the corporate thing," she continues.
The fact is, millennials are rejecting the traditional banking experience in favor of online banking. Moreover, nearly 75% of millennials say they'd be more excited by a financial offering from Google, Apple, PayPal or Square over their nationwide bank.
This year, to create a better bank marketing plan, your financial organization needs to think creatively about maximizing the effectiveness of your customer experience. By leveraging the right marketing tools and tactics, your financial brand can then track consumer behavior, opinions, engagement, and loyalty to determine the positive and negative impact on your brand value or brand equity.
Are you ready to build a better bank marketing plan this year?
5 Tips to Create a Better Bank Marketing Plan in 2020
As a recognized brand management software provider, we've worked alongside industry-leading multi-location brands. The savviest financial corporate leaders and brand managers know that distributed marketing automation tools like ours help to solve increasingly complex bank marketing challenges.
Beyond investing in the right marketing tools, here are five expert tips to create a better bank marketing plan in 2020.
1. Monitor Bank Marketing Trends
This year, keep a keen eye on the latest bank marketing trends. From banking cafes to new advancements in artificial intelligence, there's always an opportunity to take a cue from these new and exciting discoveries.
However, it's important to uncover the bank marketing trends that actually work and ignore what's just in vogue. Unfortunately, financial organizations spend thousands of dollars per year on new trends that ultimately yield a negative return on investment. As such, commit to a bit of research and development before diving in.
2. Invest in the Right Bank Marketing Tools
Again, to really kickstart your bank marketing plan this year, we recommend investing in the right bank marketing tools. However, there are thousands of marketing tools out there – how do you know which is right for your brand?
With easy-to0-use multi-channel marketing templates, asset storage, fulfillment tools, and more, brand teams can leverage brand management software to translate key attributes of the national brand for local use while adhering to brand standards, guidelines, and compliance requirements. From Marriott to Polaris, industry-leading brands have adopted brand management to deliver extraordinary marketing experiences.
3. Focus on Education
When it comes to effective marketing, education is critical. Your bank marketing tool should be rooted in educating prospects and customers. What types of services do you offer? Why is your financial organization the best solution for consumers? Where are your branches located? In all of your marketing activities, use it as an opportunity to keep your prospects and customers in-the-know.
4. Adhere to Regulatory Compliance Requirements
Your brand is only as strong as your local branches. For that reason, you need to educate your affiliates on the importance of high-value marketing and compliance.
"From the conversations that we've had with banks, it's less about marketing specifically and more about compliance," says CampaignDrive Vice President of Marketing, Ayelet Wiedermann. "In the financial industry, there are all kinds of regulations around what affiliates can and cannot do and the language that must be included. As such, creating a central repository for all things marketing is paramount. Our tool integrates with other data sources to ensure that when documents are created and distributed, the right information is included."
5. Coordinate With Local Branches
Finally, the best bank marketing plans rely on constant collaboration between corporate and local entities. To achieve corporate-local alignment, a brand management solution like ours is ideal. In fact, our tool can drastically reduce the back-and-forth that corporate and local teams get into when building and managing marketing campaigns. This results in decreased time to market.
Kickstart Your Brand Management Effectiveness in 2020
CampaignDrive is a cloud-based tool purpose-built for results-driven distributed enterprises. Our software serves as your financial organization's single source of truth. By storing all of your brand's creative assets in a central repository, key stakeholders can upload brand-compliant templates for national and local teams to utilize and add localized messaging.
To get started, we recommend requesting a free demo. In this interactive demo, experience first-hand how system administrators, designers, and local marketers use our software to power value-driven customer experiences and high-powered marketing.
