Considerations on Bank Marketing

People are constantly moving through turning points in their lives.
We evolve willingly from one place to another, from newlyweds with hopes and fears, to retired grandparents with hopes and fears, and several stages in between. Each point is very different, yet each is equally meaningful and important to us. Ideally, I believe a bank’s products and services should be positioned and bundled within the context of these key turning points.

Products can be better, cheaper, newer, faster, and smarter - but if they are not relevant, they are not compelling. I believe in marketing to ‘point-of-views.’ It’s good to understand demos, HHI’s, balances, assets, share-of-wallets, etc., but they just don’t drive a person’s choices.

Intercepting and acknowledging and conveying a customer’s point of reference brings meaning and relevance to the products you provide.

Banking is always local.
Even with the on-line services, bank branches still draw their customers from within a three mile radius. Bank marketing efforts need to seize those opportunities that build local marketing presence, and drive local market response. Every program, every strategy can be developed in a way that it can be extended and executed at the local, branch level—inside and out.

In the old days, changing banks was a major deal for people. Customer 'inertia' was our best friend, but also our most challenging foe. Today, people will switch with less incentive than ever before. Because of this, customer service, and authentic, positive human interaction is paramount. Internal programs to build and energize a service culture is a must for churn management, and sales.

- Jeffrey Drake