Marketing for banks is essential as the industry is very competitive. We do always advise talking to a marketing agency that has experience in doing marketing for banks. They will have a better understanding of what marketing approaches work, and what do not.
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The UK Banking industry is made up of a wide mix of companies and organisations. Banks, building societies, central banks like the Bank of England and international banks like Barclays. all of which require marketing support.
Many financial companies do have internal resources to look after their marketing and promotion; however many do use an external resource. This may be for crucial areas such as website maintenance and development or strategic advise as an external ‘think-tank’.
You need to ensure that you get a good return for your spend, that your marketing campaigns work and that money invested into the campaigns is fruitful. Are you getting a good return? How do you measure it?
There are many marketing agencies around the UK. It does make good practical sense for a business involved in the financial industry to work with a marketing agency that has a background in the sector. This gives them experience in tackling issues of communication to your audience but also lessens the learning curve that there is in understanding your business.
The financial industry is an interesting sector as it is partly B2B but also partly B2C. With banks and mortgage companies, they work with consumers, but also work with businesses. With financial advisors they tend to work with consumers. Getting the marketing message is essential. Something only an experienced agency can do. Choose the wrong agency, and your could waste thousands of pounds on needless marketing.
Marketing for banks covers all areas of promotion: website design, design for print, PR, mailing. Many banks have internal sources for the many of the projects they have going on but most do use external companies to support one off projects. The reason is staff costs. It takes resource to hire, train and employ staff (holidays, maternity leave, sick days), sometimes outsourcing is much cheaper.
Advertising for banks covers a broad range of advertising services. Radio, TV, billboards, all of which banks use as part of the overall marketing for banks.
Branding for banks is possibly at the core of the strategy of marketing for banks. The brand of a bank is what the customer buys into. This is closely linked with PR and the banks financial reputation.
PR And The Media
A big part of marketing is public relations and getting a PR agency with financial experience to support your campaign is essential. A PR agency with financial experience can handle the communication and image in a much better way than a PR agency that has no experience. Especially in the current climate the sector is getting a bad media image; having the right PR agency is important to balance out the good and bad press.
Many also use telemarketing (both inbound and outbound telemarketing) to handle customer queries and day to day customer support. Any time you call up a freephone number on a banking site, it is very unlikely this goes to a bank. More likely to a telemarketing company that is employed by the bank to handle customer calls, technical issues, security issues, loans, overdrafts etc.
These days, telemarketing for banks is highly in demand, as customers are wanting more control over their money as technology sometimes fails.
A Dynamic Website
All (these days) need websites set up; secure websites that are clean, accessible, look good and work well (high internet security). There are lots of experienced website designers for banks and financial companies, but shopping around is needed in order to find them. Websites play an essential roll for banks in a digital age, website design is essential.
Internet Marketing and PPC
PPC (Pay Per Click) has become very big area for the sector in attracting new clients and customers. Most will use an external PPC company to set up and manage their PPC campaigns.
Many would be advised to use PPC advertising for banks to manager their campaigns, agencies that do know the sector and do have experience in managing complex campaigns.
Social Media Marketing
A new and rising marketing for baks is social media marketing. Part of the marketing for banks arsenal is the growing area of social media. Twitter, instagram, Facebook are all platforms that open up marketing opportunities.