When it comes to life’s most significant purchases, like buying a home or car, consumers don’t go into the process without research, word-of-mouth recommendations, or support from an expert. The same applies when consumers search for a financial institution to keep their money safe, invest, or borrow from. 

According to Think with Google, 53% of consumers constantly research before buying to ensure they make the best choice possible. NerdWallet even suggests consumers research what types of financial institutions they should work with based on their needs, determining the experience they want and what the “must have” features are to them (e.g., branches available worldwide, excellent customer service, or no checking fees). 

During the consumer research process, financial institutions need to market themselves effectively. Developing an effective marketing strategy can influence decision-making and ultimately impact their choice. 

Why Marketing Is an Essential Function for Financial Institutions

According to the Federal Deposit Insurance Corporation (FDIC), the reason for consumers to be categorized as “unbanked” is due to a lack of trust (13%) and a lack of privacy (8%). 

Marketing your financial institution goes beyond attracting new customers and retaining your current customer base — it helps build trust and establish a strong brand reputation. Marketing can help you effectively show your consumer how you differentiate from the competitors and how you can meet their needs. 

After all, consumers are more likely to do business with a company they feel is reputable and trustworthy. 

Six Ways to Effectively Market Your Financial Solution

While marketing a financial institution can be challenging, it’s essential to establish credibility and trust with a potential customer. Consider these tips for how you can promote your financial institution effectively: 

1. Understand your target audience: Who is your target audience? Conduct market research to understand financial needs, demographics, and behavior. 
2. Develop your brand story: Solidify your values, mission, and vision to help stand out. 
3. Create a strategic marketing plan: Determine different strategies and tactics to promote your institution to your highest-value prospects at the right place and time. Don’t forget to include your goals, budget, channels, and brand messaging! 
4. Leverage digital marketing: You can use various digital platforms to spread the word about your financial institution — from SEO to social media. Identifying your goals and budget will help you determine the product mix to use. 
5. Focus on putting your customer first: Emphasizing customer service is essential to build trust and loyalty with your customers. 
6. Measure your results: Data will be your best friend in your marketing journey. It will help you track performance and help you gain an understanding of what strategies are or aren’t working. 

Leveraging a customer-focused approach, a well-defined brand identity, a multi-channel marketing plan, excellent customer service, and a commitment to continuous improvement will help grow your business and drive revenue. 

Adam’s career centers on creating, building, operating, and leading highly successful media organizations. He helped launch Techint Labs to create a conversion-focused media agency that helps brands utilize emerging advertising technology to earn attributable results. Before Techint Labs, he led digital strategy for national clients at Digital First Media, the United States’ second-largest newspaper publisher.