18 May What Will Bank Marketing Look Like for the Remainder of 2020?
Banks around the country spent Q1 of 2020 developing marketing strategies and planning new campaigns. Then, COVID-19 hit, and left marketers scrambling to change direction, cut through the noise, and remain relevant. On the back end of this pandemic—depending on how long this lasts and how successful our efforts to control it are—bank marketing in 2020 and beyond needs to evolve.
The post COVID-19 business landscape will require forward-thinking and innovative strategies. Here are some insights to inform your bank’s marketing efforts through 2020.
A shift to digital marketing
For many years now, our world has been undergoing a change—everything’s becoming digital. Until COVID-19, this change was gradual, but now—with the need for social distancing—organizations that didn’t incorporate digital marketing in their strategies are being left behind. Here are some numbers to consider:
• 25x more devices are connected today than in 2007.
• 100x more people connect to Facebook each day than in 2007.
• 500x more digital data is created worldwide each day than in 2007.
Traditional ways of reaching out to your bank’s customers are changing, so it’s time to reassess your marketing strategies to ensure you’re appealing to the post COVID-19 customer. Some tried and true strategies may not return for a while. Did you know 144 U.S. banks and credit unions use pro sports deals and sponsorships as a marketing channel? These institutions spend an average of $2.78 million every year to get in front of fans that—due to COVID-19—won’t be attending a game for the foreseeable future.
With cost reduction efforts ramping up across all industries, many marketers find themselves with reduced resources. So, for now, invest your time and money in pandemic-proof digital venues.
Thinking small with agile marketing campaigns
When the COVID-19 pandemic was just beginning, it became painfully clear that many organizations were not ready to move with the speed necessary to navigate marketing in a crisis. Some took weeks to change their messaging, and others went radio silent. According to a survey from Advertiser Perceptions, nearly half of advertisers reported either stopping or delaying a campaign launch due to COVID-19.
Generally, marketers are making long-term plans, but with all the uncertainty surrounding COVID-19 and what comes next, banks should rethink that strategy. We no longer have the luxury of a predictable future and using your time and resources to design long-ranging marketing campaigns is ill-advised. Bank marketing in 2020 needs to be agile and timely. In times of uncertainty, the ability to respond quickly is critical. In some industries, this has always been a requirement. Travel companies must adapt to natural disasters. Software providers must adapt to new cybersecurity threats. Now, no industry should be marketing on autopilot.
So, what should marketers do instead? Focus on small, flexible, high-frequency, and easy-to-implement campaigns. Without massive investments in large, long-term campaigns, banks can instead use marketing resources to respond to developing situations quickly.
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Downturns create opportunities
Eventually, this pandemic will give way to the ‘new normal’. In the meantime, enterprising banks are looking at this situation as an opportunity to grow their customer base, strengthen relationships with existing clients, and enhance their reputation. Here are just few marketing opportunities for your bank to take advantage of:
Promote an enhanced branch experience
Branch visits have declined, but a few, forward-looking institutions are working to transform the branch experience by turning physical locations into engaging venues with increased digital services. To make this approach work for you, consider investing in branch talent and blending the personal with the digital (think virtual consultations).
Improve the experience of web visitors
One low-cost way to improve your digital presence is to use this time to tune-up your website. Audit the copy on all your web pages, test your contact forms, and streamline navigation to make it as easy as possible for users to find exactly what they’re looking for.
Focus on email marketing
Email marketing is a low-cost approach that can deliver substantial results. Stay in touch with your current customers and offer solutions and guidance to help them through what is undoubtedly a difficult economic time for many, many of your clients. Right now, a lot of industries—namely travel and entertainment—need to be careful that their marketing efforts don’t come off as tone-deaf. Banks, on the other hand, are on the front line of alleviating economic hardship. People need assistance and your bank has products and solutions to help, so email away!
Final thoughts
Marketing during and after the COVID-19 pandemic has been a challenge that requires laser focus. But businesses and individuals alike are looking for financial guidance and solutions, so your bank should try to get in front of those prospects.
If you’re a current partner looking for help addressing the changing needs of your merchants, please reach out to us. If you are not a current partner, we encourage you to reach out to us. BASYS Processing’s in-house marketing team will help promote your merchant services program with website recommendations, custom email campaigns, and more. But the benefits don’t end there. Click here for more details about our partnership programs.
BASYS Processing as a business partner
If your processor isn’t delivering strategies to help grow your program and personal service to your customers, please call BASYS Processing at (800) 386-0711. Let’s talk about creating a business partnership that will help you meet and exceed your goals.
BASYS Processing features:
• A friendly, live voice will answer the phone when you or your customers call; no automated phone systems.
• In-house PCI Compliance team to walk your customers through the process step-by-step, improving security and reducing costs.
• Thorough Market Analysis followed by mutual plans and goals to grow your portfolio.
• In-depth initial training and ongoing bootcamp training for bank staff.
• A full suite of turnkey marketing assets that can be customized with your bank branding.
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe and affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing.
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