McClatchy Oct 4, 2023 12:45:00 PM

Why Banks Should Market More to their Existing Customers

remarketing-tactics-for-banks

Banks work hard to bring in new customers, but they don't always focus the same effort on those who have already been loyal to them. If you already have satisfied customers, statistics show that 87% of them will purchase additional upgrades to existing products or services or add new ones. These financial institutions may have overlooked the vast untapped potential with their current client pools.  

In this post, we'll discuss remarketing strategies for banks, why they must market to their customers, and how to encourage them to upgrade their services or continue going through their institutions when expanding to new options.

Remarketing Bank Customers is More Cost-Effective

As most business leaders can attest, customer acquisition costs can be steep. It is cheaper by far to invest in retaining the loyalty of your existing customers than to continually seek new ones. That is even more noticeable with banking institutions with very long-term customers.  

When customers have been with a bank for many years, they often haven't been exposed to the new offerings your bank has developed and which opportunities are available to them. Some accounts could fit their needs much better than the one they signed up for originally. The bank may have entered strategic partnerships to offer benefits to your customers. Remarketing strategies for banks remind current customers of the quality service you provide, helping convert them into advocates who share positive experiences with your bank with their friends and family. 

Incentivizes Customers to Expand Services

Upselling customers means turning an already valuable relationship into a more lucrative one for the bank. However, it isn't only advantageous to the bank but to the account holders, as well. Everyone wants to know they are getting the best "bang for their buck." Once customers have already decided to open a credit card or bank account with you, they are more incentivized to expand their features or open family plans as their needs change. You can encourage further action by tailoring ads to life changes to match their intent 

Display ads are a powerful way to attract attention, invoke emotion, and inspire action, even for banking institutions. For example, Commerce Bank used a picture of a dad resting in bed with his infant to remind customers that they can help plan for their child's future. It is a reassuring message that gently prompts the viewer to start saving for their child's education early, so they don't have to worry when the time comes. It also helps the bank by adding even more college savings accounts.

Send Financial Advice to Educate Customers

So, how can banks effectively reach their customers to educate them without feeling overly sales-driven? Blogs, newsletters, or email marketing are excellent ways to enlighten customers and help them make informed financial decisions. By offering relevant information to your customers' current or future needs, you gain their trust and increase your value to them. They begin to view their bank as a trusted ally rather than only a business.  

Establishes Your Community Connections

Even large, nationwide banks understand the power of community. Each branch works hard to become a force for good in their neighborhoods. When banks get involved in local efforts to better their cities or towns and support their local organizations, they prove their commitment to the residents. These efforts improve visibility and extend your brand recognition, bringing awareness to the advantages of being a customer of your bank.  

Tying your bank to your community can be further assisted by advertising to the people in your area. If you plan on expanding or growing your presence, targeted advertising is a highly effective way to reach the customers most likely to be interested in new options. Let's say you are adding a new branch in a growing neighborhood. An audio ad that reaches current customers in that area as they go to work or school can remind them how convenient it would be to have a branch they could drive through on their way rather than going to the larger one across town.  

Leveraging the Best Remarketing Strategies for Banks

Banks rely on building relationships with their customers. However, many lose focus on the opportunities that exist to grow their business with their current customers as they chase new ones. When you are ready to leverage this untapped potential with your customers, McClatchy can help. 

As the U.S.'s second-largest local media company, we help businesses expand daily. Leverage our more than 75 million unique digital visitors, 10 million monthly video views, and 7 million combined social followers to reach your ideal target audience through digital TV and OTT, social media, programmatic advertising, and much more. Reach out today to find out how to get started reminding your bank's existing customers of your value. 

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