Generating new customers is very important to banks for several reasons. New banking customers bring in deposits, which can be used to fund loans and generate revenue for the bank. This is particularly important for banks that rely on deposits to fund their operations. Also, new customers can provide opportunities for cross-selling and upselling. For example, a bank might offer a new customer a credit card, mortgage or investment product, which can increase revenue. New customers are a must to help to diversify base, which can reduce risk exposure. If a bank relies too heavily on a small number of customers, it can be vulnerable to the financial problems of those customers.
Here are seven cutting-edge advertising ways that bring in new banking customers
Targeted digital ads:
Banks can use targeted digital ads to reach customers who are most likely to be interested in their products and services. By leveraging data on customer behavior and demographics, you can create highly targeted ad campaigns that deliver relevant messages to the right audience.
Banks can use video marketing to create engaging, informative content that helps customers understand their products and services. By creating high-quality videos that explain complex financial concepts in an easy-to-understand way, banks can build trust with customers and position themselves as a trusted advisor.
Interactive ads allow customers to engage with the brand in a fun and engaging way. For example, a bank might create an interactive ad that allows customers to simulate different financial scenarios or play a game that teaches them about investing.
Geo-targeting or Geofencing:
Financial institutions can use geo-targeting or geofencing to deliver relevant ads to customers based on their location. For example, a loan provider might use geo-targeting or geofencing to promote a home mortgage product to customers who live in a specific geographic area.
Programmatic advertising allows you to automate the buying and selling of digital ad inventory, which can help them reach their target audience more efficiently and effectively. By using real-time bidding and other programmatic advertising tools, banks can deliver highly targeted ads to their ideal customers.
Financial Influencer marketing:
Banks can leverage social media influencers to reach new audiences and promote their products and services. By partnering with influencers who have a large following in the finance or business niche, and can increase their reach and credibility.
Sponsored content, Contextual or Native advertising:
Banks can use sponsored content to create informative, educational content that helps customers make informed financial decisions. By partnering with publishers who have a large audience in the finance or business niche, they can reach a wider audience and position themselves as a thought leader in the industry.
By leveraging these cutting-edge advertising strategies, banks can effectively reach new customers and position themselves as innovative, customer-focused financial institutions.
See our case study on a bank’s grand opening
Finally, attracting new customers is essential for long-term growth and sustainability. Without a steady stream of new customers, a financial institution may struggle to maintain its market position and compete with other banks in the industry.