Using Targeting to Maximize Marketing Results.
Leveraging your target marketing options is definitely a best practice when you are looking to maximize your bank’s marketing results.
When you have the right product configuration, with the right rate, term and offer, coupled with your ability to open the product at the branch or even online, target marketing can really make the difference in helping you achieve your goals faster and better.
And while most community bank marketers do not have proprietary research on specific customer and market data, there are resources readily available to help you enhance your marketing for better results.
Financial institutions, like community banks, have a plethora of resources that are readily available for understanding both consumer and business customers. Leap Strategic Marketing leverages these available target marketing resources to help build marketing plans that employ current bank product and service trends, audience behavior, creative approaches and media strategies for our community bank clients.
Understanding Your Footprint
One of the best ways to begin targeting prospects in your footprint is to map your existing customers and gather the demographic, psychographic, behavioral and product and service usage information about the marketing area where you operate.
Once you have your existing customers mapped, you can utilize audience research on the footprint zip codes on many of the key targeting attributes to understand how your current customers compare to the footprint territory and where the opportunities are to grow your business.
This mapping process helps you understand the best, most cost-effective opportunities to maximize your product and service focus and optimize your media spend to reach footprint prospects.
Syndicated Research Sources
Audience and targeting research sources are quite robust for small community banks, even in some of America’s most rural communities.
Aside from US Census data, many media vendors have paid for a wide variety of audience research data to help them do a better job at selling their products and services to community banks.
Research companies like Nielsen, Kantar, IRI, Ipsos, Westat, GfK, comScore, the NPD Group and J.D. Power spend hundreds of millions of dollars annually to understand consumer and business behaviors in your market.
Applying this research to your bank’s marketing strategies and tactics will help to improve your marketing results.
Financial Services Industry Research
Community banks are blessed with a continuous supply of updated research on consumer and business banking behaviors.
Publications like The Financial Brand and American Banker constantly publish financial services vendor research on current and future trends in banking.
Staying abreast of this data, understanding the product and usage trends and applying this research to your bank’s marketing efforts is a key component to staying relevant with your existing customers and targeting your prospects to achieve better results.
The Leap Marketing Target Marketing Approach
What makes Leap Marketing unique is our dedicated focus on community bank marketing. We know the market is constantly changing.
Leap stays focused on new research and applies it in the development of annual marketing plans for our clients.
These marketing plans leverage these changing trends and puts them to work for our clients. In fact, as new research comes available that can help our clients grow, we might recommend modifying our client’s plan to put this knowledge to work immediately.
If you would like to learn more about leveraging research to build your bank’s annual marketing plan, drop us an email or give Laura Bonesteel call at 262-436-4080.
We would be happy to share some case histories with you on ways that we have helped community banks take advantage of available research to build specific targeting for their local marketing programs and building their annual marketing plans.