The pandemic is forcing banks and credit unions to rethink company strategies across the industry. A prominent strategy that financial institutions should reevaluate is ensuring they meet their consumers at the digital door. Here are the top 10 tips and questions for redefining marketing strategies.
Whether you’re facing a global pandemic or unforeseen internal organizational changes, the best-designed marketing plans can often go astray.
In recent months, our customers, more than ever, have modified their advertising campaigns and their messages. Even if the pandemic did not directly affect your business, it likely affected your customers and members, your employees, and your communities. The challenge is finding the right balance between supporting your current consumers, acquiring new customers and members, and finding the best way to recalibrate your marketing strategy in this ever-changing “new normal.”
Get Started Now: 10 Best Practices to Consider, Implement, and Maintain
1.Review the paid media campaigns you have on the market. They must align with any changes to your business strategies or goals and messages. Review your text, image, audio and video ads. Update what you can and pause or remove ads that are no longer relevant.
2.Review your landing pages and calls to action (CTA). New CTAs need to align with your current lead or customer journey.
3.Change the behaviour of media consumption. Audiences are watching more video content through streaming and connected television services. A larger audience means more ad space, but you will need the video assets to use it efficiently. Channels outside the home and in transit are experiencing reduced audience sizes.
4.Review your geolocation settings. Do you have campaigns with a broader geographic targeting that should be reduced due to travel restrictions?
5.Pay attention to your local listings for new reviews or questions. Some platforms have announced processing delays, so it is important to respond as quickly as possible.
6.Use live features on social media. Real-time updates connect you with your audience.
7.Use the Publications feature of Google My Business. This presents current information and updates to the public. The new option “temporarily closed” is available and has links to content related to the pandemic.
8.Pay attention to the different platforms, their rules about the language and the images in the ads. For example, Facebook bans ads with face masks and Google bans COVID-19 terms unless you have requested and received whitelist status.
9.Make sure your live chat and phone support staff have up-to-date information. Do you have the staff to handle an increase in requests for consumer services? Try artificial intelligence (AI) chatbots.
10.Check your website activity. Are visitors using your site search more? If so, what are they looking for and how can you make content more directly viewable and easier to find? Create a report or dashboard that focuses on pandemic-related activity changes. Here are some questions to consider about your financial services website. The next section will delve into improving the website.