As you probably have figured out, the Idea Vault is chock-full of bank and credit union marketing goodies. It's been an exciting year in the world of finance marketing, so we're taking this opportunity to catch you up on the year that was—useful tactics for resonating with hard-to-reach audiences, building your wallet share and navigating the tricky field of website compliance.
Here are 10 valuable things we learned about finance marketing in 2017.
1. It's time to let go.
There are plenty of mainstay bank and credit union tactics that will never go out of style. Then there are those that might elicit the proverbial tumbleweed drifting by. We outlined four of the least useful tactics that banks and credit unions are still using despite being long in the tooth.
Read our post 4 Bank Tactics You're Using That No Longer Work
2. It's time to try new things.
Financial institution marketing isn't just about letting go of the old—you also need to embrace some of the new developments in customer experience in order to maintain your base and attract new consumers to your brand. We ran down five product offerings that could do the trick.
Read our post 5 Unique Product Offerings Every Bank Should Try
3. Millennials are reachable.
Everyone loves a good millennial joke—but the truth is, they're not so out of touch for traditional financial institutions. You just have to know to whom you're talking. We crafted a list of 10 facts that any FI could make use of when it comes to building up a healthy base of millennial customers or members for the future.
4. Social media isn't scary.
Despite your best instincts and intentions, social media doesn't have to be the mortal enemy of banks and credit unions. It is truly an essential part of your marketing toolbelt. Especially when you use it correctly. We outlined four things that every FI should consider including on its social strategy.
5. Wallet share still matters.
It's not a flash-in-the-pan buzzword that will ride off into the sunset—"share of wallet" still matters to banks and consumers alike. So you have to develop a strategy that bolsters this in your existing customer or member base. We presented five useful tips for making this happen.
Read our post 5 Ways to Increase Your Share of Wallet
6. Big retail is onto something.
If you can't beat them, join them! Big-box retailers are presenting something of a problem to traditional FIs. But instead of running for the hills, it's time to prove that mimicry is the sincerest form of flattery. We listed out three key ways that banks and credit unions can learn a thing or two from how retailers are positioning financial products.
Read our post What Banks and Credit Unions Can Learn from Big Retail
7. Your website needs SEO attention.
More often than not, bank and credit union websites need a little extra love. Many of the errors that FI web presences make can have lasting effects on where you rank in search results and ultimately reduce your traffic. We rattled off five common mistakes that many banks and credit unions are making in their SEO practices.
8. Print marketing still resonates.
Despite what you may think, millennials still value print marketing. Sometimes even more than digital marketing. But your print marketing needs to have even more resonance and even better messaging to impact this younger audience. We broke down a few ways that you can make your print marketing to millennials more intentional.
9. Compliance starts somewhere.
Navigating your way through 508 compliance for your website may seem insurmountable. But banks and credit unions can start somewhere—there are some basics that are achievable before spending an arm and a leg. We listed out five ways that FIs can get a kickstart on their compliance efforts.
Read our post 5 Things You Need to Know About 508 Compliance
10. The future is data.
The more you know about your customers or members, the better you can market to them. That's just one of the tech advances we saw in bank and credit union marketing this year that signals where the field is headed. We talked about three advances in technology that show where our next path forward may take us.
Read our post 3 Tech Advances That Signal the Future of Banking