The world of banking is full of fierce competition, so getting ahead often comes down to marketing. Whether you’re a small town credit union or a large multinational financial institution, you need a comprehensive advertising strategy for both online and the real world.
The solution? Hiring a brand development firm, who can figure out just how you can reach your target demographic. Here are three marketing tactics that these ad agencies can use to help you.
Get your business online.
There’s a good chance that your business has a website, but is it in need of an upgrade? If you’re just starting to work with a brand development company or thinking about it, then the answer to that question is probably yes. Online banking is especially important to Americans, 51% of whom use these types of websites. That totals an estimated 69 million adults or 61% of total internet users. Additionally, more than 50% of today’s top 5,800 banks also offer mobile banking, which is a major benefit to the 80% of online adults who own smartphones, too. Remaining competitive in this market is crucial for all financial institutions, so a digital ad agency will often focus on both design and usability.
Develop creative marketing strategies.
But getting online doesn’t just include having a website. One of the most important marketing tactics that a brand development firm should be able to offer your business is the chance to go social. If your ad agency isn’t embracing social media platforms like Facebook, Twitter, or other apps, then you’re not really branding yourself. In addition to online advertising, banks should also look for strategies that will help enhance the consumer’s experience in-person and online.
Manage your reputation.
Americans today have a lot to be worried about, especially when it comes to their finances. Although the recession of 2008 is behind them, they still may have concerns about money on a day-to-day basis. Banks should do what they can to let consumers know that they are on Americans’ sides. Social media presence helps, but a brand development firm can also help coach a business on reaching target customers and keeping them happy.
Have more questions on how branding can help your business? Leave a comment with us.
In the past, large multinational corporations relied upon traditional marketing strategies to capture and retain customers for their products and services. One of the most popular of these marketing strategies consisted of placing large print advertisements in newspapers, magazines, and journals. Another one of the most popular marketing strategies consisted of placing large billboards in busy city intersections. Another one of the most popular marketing strategies consisted of showcasing products and services at a large annual or semi annual convention; the most successful companies always made sure to reserve booths and tables at those conventions which regularly attracted thousands of potential clients, customers, and investors.
These facts suggest that even in the past, it was important for a company to have creative packaging design, innovative packaging design, and eye catching packaging design. Great packaging design ensured that customers who flipped through the newspapers or magazines which contained the print ads that I mentioned earlier would stop and read the ad text. Sustainable packaging design also ensured that customers who were sitting at a red light at those busy city intersections would stop and look at the billboard. Finally, great custom packaging design and product label designs ensured that customers and potential investors who were strolling through a large annual or semi annual convention would stop and talk to the helpful representative who hoped to sell dozens of products every hour.
Today, however, digital technologies such as the internet have obviated many of these traditional marketing strategies. Companies can no longer hope to capture and retain customers using traditional marketing strategies now that the vast majority of customers learn about new products and services through social media platforms such as Twitter and Facebook and through search engines such as Google.
In this changed business environment, it is even more important for a company to develop great packaging design which will arrest internet surfers’ attention. Internet users have an apparently unlimited number of websites to visit and products to purchase. A company which forgets to develop great packaging design risks being lost in the crowd. Consequently, many of the most successful companies are hiring third party designers to develop great packaging design and eye catching websites which will entice customers to purchase their clients’ products. (A few companies are designing their own packaging labels. However, most experts discourage companies from doing so because most companies lack the resources, time, energy, and expertise to develop effective packaging. These experts suggest that the company should use its resources to develop better products instead.)
The most popular companies are based in North America. Many of these companies hire employees who were trained at prestigious graphic design schools. Although most companies agree that these companies produce high quality work, some companies have complained that these companies charge an arm and a leg for their services. Some of these companies are outsourcing this labor to Asian companies which charge a fraction of the price for their services.