Marketing Briefing: Bank marketing during a time of financial uncertainty
- How should banks go about showing their support during a time of financial distress? Marketing veteran Ruth Danielson dives into the nitty-gritty
- Meanwhile, McKinsey releases some research on how banks can ace this whole personalization game
During times of financial uncertainty, banks need to take extra care to show their human, moral side. That means fully optimizing their outreach and marketing methods to fit the current needs of their consumers. That could include offering valuable financial advice and guidance, constantly staying in touch with the user, and learning how to make the most out of each channel of communication.
Ruth Danielson is the founder and director of California-based marketing and public relations agency Mulberry Street Market Intel. In addition, she brings seventeen years’ worth of bank marketing experience to the table.
For this week’s briefing, Danielson shares her thoughts on what banks need to do to show their support for consumers when times are tough:
Successful bank marketing relies on a culture of client-first service and proactive relationship-building. Traditional bank marketing uses outdated channels and is product-focused. Modern bank marketing sees clients as crucial members in a thriving community. They see people and families with complex, immediate, and changing needs – and the bank holds the keys to many of those needs.
Rather than waiting for clients to arrive at a branch, a website, or a call center, smart bankers know what their clients are experiencing – the challenges and opportunities of each customer segment they serve – and offer timely guidance at regular times each month.They provide supplemental outreach in times of crisis and opportunity in a rapidly-changing market.
Maintaining regular communication with clients
Banks should be maintaining regular communication that goes beyond monthly statements and advertising. Real relationship-building is a two-way dialog: effective email marketing is the modern banker’s best friend. Email communications should allow replies to a monitored email address, with relationship managers assigned to respond with timely solutions the customer needs.
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