Your ultimate marketing survival strategy for the Banking and Finance sector- Part 1

We're all going through a financial crisis at the moment. And because of that, service providers in the banking or finance sector need to make the necessary changes to their marketing strategies. Read this to find out how you can do that.
by Zapriana Atanassova
07. 16. 2020

We're in the midst of a global financial crisis, with both businesses and individuals experiencing liquidity stress, unexpected salary cuts and overall financial uncertainty for the foreseeable future. As a service provider in the banking or finance sector, your entire marketing strategy needs to adjust to these trying times. Here’s how.

Re-adjust your priorities

Instead of pushing certain products like student loans, home loans and corporate investment banking, re-adjust your entire portfolio’s paid media spend to the current needs brought about by COVID-19. More media spend should be focused on the current economy’s pitfalls, so push "payment holiday messaging", personal credit card limit increase messaging and small business loans. These priorities can be re-adjusted after all lockdown stages are lifted or adapted to new needs highlighted in different stages of lockdown.

App first, online banking site later

Focus your time on improving your mobile app first, and then your online banking site. All the nagging improvements that need to be done to improve customer experience and enhance the customer journey need to be improved upon now. This is because more and more users have more time now to spend moving money around, restructuring their payment plans, sending money to family etc. All of the improvements you’ve been putting off need to be addressed now, starting with the most important ones. Start by making changes to your app and then your website. Make a list of short-term and mid-term improvements, and break these into two phases of changes.

Your messaging is everything

Right now, your messaging is the most important thing to get spot on, without looking like a vulture preying on the vulnerable. Get the message across that your bank is forward thinking. Utilise your messaging by offering qualifying clients personal and business loans, payment holidays on debt, restructuring and renegotiating credit terms, as well as loan terms and conditions. 

Utilise the power of SMS and e-mail marketing 

Utilise SMS and e-mail marketing campaigns to offer reassurance to your current clients, answer FAQs such as how you are planning to address services that can only be conducted in branch, how to apply for payment holidays, etc.

Make a noise about how to send money faster

In these tough economic times, your audience may need to send money to family since social distancing makes it difficult to do this in person. Make sure your digital messaging is brand awareness messaging to showcase how easy it is to send money faster, whether this is through electronic or instant cash transfers.

It’s possible to adapt your marketing strategy quickly and efficiently, in order to address your clients’ ever-changing needs. Doing this now will help you maintain brand loyalty and highlight your services as a cut above the rest. For even more tips and insights on this topic, keep an eye out for Part 2 of this series, which will be out soon. 

If you’d like a bespoke, full marketing strategy to adjust your messaging to your clients’ current needs, let us assist you. From upgrade phases for your app and website, to managing and reporting on your email, SMS and social media campaigns, contact Arc Interactive on hello@arcinteractive.co.

For more information, visit www.arcinteractive.co. You can also follow Arc Interactive on Facebook, Twitter or on Instagram.