08 Apr Should Your Bank Continue Marketing Efforts During COVID-19?
In marketing, nothing matters more than context. In the context of the COVID-19 pandemic, many marketers are asking themselves, “Should we be marketing at all?” For those in the banking industry, the answer is YES. Banks are essential, and not just according to state and county-wide mandates. Your products, services, and guidance can help businesses and individuals through this unprecedented and difficult time.
Now, while your bank should definitely continue marketing efforts, you might need to change your approach—too salesy and you’ll come off as insensitive. Not salesy enough and people won’t know how you can help.
Here’s are a few steps banks should take to adjust their marketing strategies during COVID-19:
Find the right tone
Now more than ever, marketers need to watch what they say and how they say it. First, remember that you are promoting your bank. Stay focused on what you can do to ease the burden COVID-19 is putting on your customers, not on COVID-19 itself. Leave generic updates about the virus to the news outlets.
Don’t make it about you. Center the customer in all communications. Remember the last two weeks of March, when most of us were receiving 2-3 coronavirus update emails a day? Customers don’t need to know what you’re doing regarding COVID-19 unless it directly impacts them. Some recent email subject lines that performed particularly well? Ally’s, “Emergency relief for payments and fee suspensions — an update from your Ally” and Capital One’s “A message to our customers about COVID-19.”
Lead with value. As an extension of centering the customer, tell them exactly what you’re offering and how it will help them right now. Don’t just send generic emails. Send solutions that can help address people’s unique needs today.
Be realistic, but not ominous. We all know this is not an ideal situation, and your marketing communications should reflect that reality. But the pendulum should not swing too far in the other direction. Don’t fill your website, emails, and social media with pictures of the virus, people in face masks, etc. Even in these challenging times, your outreach efforts should look and sound welcoming and helpful.
Audit automated marketing campaigns
A lot of marketing content is now disseminated by robots but hitting the right notes in the age of COVID-19 will require human oversight and intervention. Now is the time to review all your scheduled and upcoming posts, campaigns, etc.
Decide what to cancel or delay. Messaging should be authentic, sincere, helpful, and down-to-earth. Prospects facing health anxieties, mandated stay-at-home orders, and increasing unemployment don’t want to hear how your bank is “making their dreams possible” right now. They want to hear how you’re going to help them endure. You’ll also want to cancel anything promoting in-person events, visiting your lobby, etc.
Adjust your remaining campaigns. Now, you need to decide which messaging and campaigns you can still use. It’s a great time to promote digital and mobile banking services, e-commerce, and business loans, but—with a little creativity—many other marketing plans will still be relevant. For example, your “Visit us today” messaging could be updated to “Digital consultations now available.” You’ll also want to swap out imagery to avoid pictures of crowds, people shaking hands, and so on.
Focus on content
People are at home, they’re bored, and they’re consuming content at incredibly rapid rates. Now is the time to build connections with people. Show viewers that your bank is there for them with valuable, timely, and frequent updates to your website or blog. Once you’ve created and/or collected enough content, organize it into a hub for your users and add new posts frequently. Need some inspiration? Click here to view BASYS Processing’s COVID-19 Business Resources page.
If you’re creating content in house, your marketing team will need to stay on top of the news because COVID-19 is changing things quickly. Ask your front-line people about the pain points they’re hearing and consult Google Trends to see what information people are actively searching for.
There are so many unknowns right now, but one thing is certain—people need their banks. They’re looking for financial help. They’re looking for solutions to protect their businesses. Let prospective and existing customers know you’re there for them.
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 contact us for more details on how we can help.
BASYS Processing as a business partner
If your processor isn’t delivering top-notch customer service and strategies to help grow your program, please call BASYS Processing at (800) 386-0711. Let’s talk about creating a true business partnership that will help you meet and exceed your goals.
BASYS Processing features:
– 90% + Customer Retention Rate
– Live operator when your merchant customers need support – no automated voice systems
– Dedicated relationship manager for questions and concerns
– Proactive contact with every merchant to walk through the annual PCI process
– In-house PCI Team to assist with questions and concerns
– Founded by a family who previously owned a bank
– Track record of successful bank partnerships
– Thorough Market Analysis followed by mutual plans and goals to grow your portfolio
– High-quality service mentality, similar to your bank
– Vested interest in protecting your bank’s hard-earned reputation
– In-depth initial bank training
– On-going bank training via weekly call and boot-camp programs
– Open line of communication between BASYS, you, and your customers
– Quick response time for your questions and concerns; you are a priority
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, and 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 & 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 Personalized Payment Processing.
Learn more at basyspro.com, and connect with us online at: