Submitted by: Hannelore Willingham

Are you having trouble looking for the best marketing tools for your bank? Are you having difficulties establishing a niche and compete with rival banks? If yes, you are not alone because other banks out there experienced the same problem like you do.

What is bank marketing?

Bank marketing is the scheme used by banks to establish a niche, to increase customer base, to promote customer loyalty, to increase sales and to win over rival banks. Each company uses different sets of marketing tactics for maintaining existing customers, attracting new customer base and enhancing their reputation.

When designing a marketing strategy, companies should plan carefully and study their target market to know what tactics suit them best.

With the stiff competition nowadays, banks are looking for unique tools to get ahead and to attract new customers. Just like any type of business around, they must come up with an effective and unique marketing schemes to market and to promote their products and services. Majority of them offer the same products and services such as savings accounts, checking accounts, loans and certificate of deposits, thus, they find it difficult to convince customers and to differentiate their products from other banks. They have to come up with strategies on how to attract customers to bank with them. Providing the same products and services are some of the challenges they have to endure and need to address. It is very challenging for them to find an effective marketing tool and to convince probable customers on the uniqueness of their products and services and to take a lead ahead of other banks.

All of them want to attract new and additional clients to avail of the products and services they offer. They have to decide which marketing strategy suits them best.

Below are different marketing tools suitable for banks:

1. Advertising Banks used advertisements in radios, televisions, newspapers, magazines, yellow pages and journals in promoting their products and services.

2. Brochures/flyers Some financial institutions used flyers and brochures to advertise their products. Most of these promotional files are placed near the deposit and withdrawal slips while some are given by marketing associates during product promotions. In some banks, flyers and brochures are placed in one corner and only interested customers pick and read them.

3. Billboards and banners Some banks posted their unique services on banners and billboards.

4. Online marketing Some banks promoted their products and services online.

5. Incentives Some companies offer promotional products and incentives to new customers like discount cards in stores, giveaways and other items.

6. Public relations It is the most effective means of promoting the banks services and products to new customers. Once clients are satisfied with the products and services that banks offer, they promote them to their friends, colleagues and relatives. Always remember that good public relations, quality customer service and praise worthy reputation are the primary reasons why customers stay in a particular bank.

7. Online banking With the busy and hectic schedules and majority of us have, we prefer to bank with financial institutions which offer online banking services.

Aside from following the marketing strategies mentioned beforehand, banks need to be sensitive to the needs of their existing customers and probable clients.

About the Author: Hannelore Willingham enjoys writing for Riverrocksvcs.com which offers information on

bank marketing

and

customer incentive programs

as well as a host of additional services.

Source:

isnare.com

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