One of the most essential elements in running a business is knowing where new customers will come from. Same is the case with banks and financial institutes as well as any corporate houses for their services. Banks and other corporates often spend lots of money on sponsorship and advertising campaigns but often these investments don’t deliver the anticipated results. In the recent times, the Internet and social media has drastically changed the landscape of the Fintech industry. It’s no secret that the internet has dramatically changed the banking needs of consumers as well. Now-a-days, as for example, customers are looking for answers to their financial questions through digital media, such as by watching YouTube videos and searching Google to find the best interest rates before taking loans. Customers today routinely use their smartphones to seek information and engage with businesses. Before purchasing any product or service, they get to know a lot about it through social media (Facebook, Twitter, etc.) before they ever step their foot in a branch or outlet.
With so many online channels now available to connect with existing and prospective customers, it’s crucial for a financial or business institution to implement an effective digital strategy. These digital channels present all kinds of challenges from losing market share, to understanding the effectiveness of marketing investments. With so many people online today it’s still not easy for customers in our country to sign up for bank accounts, inquire about loans, and educate themselves about their finances. That’s why it’s so pivotal for every bank in our country to have a Digital Marketing plan. The demand for Internet-compatible banking is overwhelming, yet local banks are struggling to supply appropriate solutions. Only few banks have realized this need and moving ahead of many others in this situation. Those who are already ahead are gaining benefits out of this. Same is the case with other business organizations or brand.
Digital channels are radically transforming the role of the marketing wing of any business. New digital technologies and shifts in demographic profiles of customers are forcing marketers to reevaluate everything and reinvent marketing strategies for their institution. To succeed in the Digital Era, it is critical for financial and business organizations to understand the relationship between each demographic segment and digital channels. So, the marketers need to reshape their digital marketing strategies in ways that align with these demographic shifts.
Digital Marketing has the capacity to create a solid and long lasting relationship between the brand and consumers. The digital marketing strategy to achieve the expected results is possible by designing digital campaigns, which are delivered through multiple activities in different digital platforms. Some of the most important activities and platforms are as follows.
SEO (Search Engine Optimization) and Mobile Ready Site: SEO consists of a series of techniques applied to a website to optimize it in a way so that it appears higher in the search results matching with the keywords customers are using in their search. When it comes to choosing a bank or financial institution, consumers literally have so many options to choose from that. Whoever does the SEO gets the best results. That’s why organizations’ SEO on their website is so important to stand out. With an effective SEO, a bank or business’s website will rank higher and appear more often in Google search boosting its brand visibility, increasing website traffic, and generating leads. In the present world, the usage of mobile phones is higher than ever and it is continuously growing in exponential rates. More people are browsing websites through their mobile phones rather than personal computers. Nowadays, having the website mobile-ready is also another great benefit banks and businesses can have in terms of SEO. Google has started to rank websites having a mobile version better than websites that does not have a mobile site.
PPC (Pay-Per-Click): Pay-Per-Click, also known as Cost-Per-Click, is an internet advertising model used to direct traffic to websites, in which an advertiser pays a publisher when the ad is clicked. PPC is commonly associated with first-tier search engines. Using PPC ads, data-driven targeting allows your business to selectively communicate with the right people, at the right time, in the right place. Targeted ads provide highly-qualified traffic to your site immediately, reaching new prospects and markets, or even existing customers to boost mobile app downloads, internet banking enrollments, and other relevant banking products as well as receiving other products and services.
Content Marketing: Content Marketing is the generation of useful and relevant content for consumers through the web, blogs or social networks. Content is the backbone of an effective online presence, fueling your website’s SEO, social media, online advertising, email, and even direct mail campaigns. An effective content strategy for your bank or business can improve brand awareness, boost engagement, and earn trust with both prospects and customers. In Bangladesh, any bank or business having presence in the digital space has a tremendous opportunity to offer customers something they cannot get anywhere else and take control over their customers’ personal finances through specifically made content combined with marketing.
Integrated Marketing Campaigns: By integrating digital and traditional marketing together, any organizationbe it a bank or financial institution or fintech or a corporate can get more values and measurable insights from its marketing campaigns. You could easily improve the ROI of existing campaigns by utilizing the latest digital tactics available in the market.
Social Media Marketing: Social media marketing is the process of engaging and developing relationships with people interested in your bank or brand. This gives you the chance to build brand awareness and earn new customers. To start, you can create free profiles on popular social networks like Facebook, Twitter, LinkedIn, etc. Then, you can start sharing contents from your site to draw organic traffic, just like with organic SEO. After that, you can share your page online and earn followers from every social network. This lets you speak to your followers, giving your institute a more accessible digital presence and directly engaging the users most likely to convert into your customers. You can also use social media for customer service, replying to compliments and complains as you go. That shows your followers that you are dedicated to their satisfaction as a tech-savvy, modern, and trustworthy institute.
Mobile Marketing: Mobile Marketing consists of specific digital platforms, such as Mobile Apps and Mobile Webs, which have been designed for optimized use through mobile devices. In recent years the use of mobile phones in Bangladesh have increased remarkably. Total active internet connections crossed the milestone of 07 crore since April 2017. Of the total connections, 93.69% are through the mobile networks, 6.17% through the Internet Service Providers and only 0.14% through WiMAX that is available in cities. Mobile phones now represents 65% of digital media time and if your organization is not present in the digital space, you are missing out!
Conclusion: Considering the opportunities, almost every large bank now uses Internet Marketing to attract and convert new customers. Similarly all the big brands are being actively present in the digital arena. This is today’s reality that even after being a good brand, providing quality products and services to customers cannot make your business to grow drastically unless your presence in the digital and social media is noteworthy. Customers want to communicate with you and get their queries answered on the go. So you need to act accordingly. If you are a banker or corporate and your institution hasn’t yet made this shift, it’s important that you start today! The advanced promoting technique in digital marketing makes utilization of various tools found on smartphones and web-based social networking to pick up movement, points of arrival for lead generation and retargeting promotions and email to follow your clients. However, sometimes it may be overwhelming for you to take all these marketing responsibilities on your own. In that case, you can leave this task to a result-oriented digital marketing agency, such as ‘Ngage 360 Limited’, which is providing 360-degree solutions to brands and organizations with the help of digital marketing, content development, media buying and management.