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Finance

6 Key Digital Elements of Every Bank Product Launch Strategy

Posted by Luke Tatge on Oct 24, 2017 9:13:53 AM

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You've spent a great deal of time developing your bank's latest product—and it's ready to launch. But how much mind have you paid to your rollout strategy on digital platforms? Digital marketing should play a huge role every time your bank launches a new product.

Here are six elements that you should consider including.

Cross-Sell, UpSell

First things first—engage the easy win. One of the first strategies you should roll out alongside a new product launch is the cross-sell opportunity. Who are the best fits among your current customer base for this product? Maybe it's an upgrade from a previous iteration? Or maybe it's something new that directly appeals to users of your mobile app? Make sure your frontline tellers and sales reps know who is the lowest hanging fruit for this product, and communicate this message in multiple ways, rather than simply sending out one mass email on launch day.

Mobile App Advertising

While the ROI on display ad marketing continues to see a decline, one area where this form of marketing is thriving is within mobile apps. In-app advertising is seeing a surge unlike traditional display network methods. With a healthy majority of time spent on mobile devices spent within downloaded apps, it's a prime opportunity to promote your product to your current customers when banking products are top of mind—when they're managing their accounts.

Demo Video

How complex is your product? Would it benefit from a walk-through? In lieu of dragging every customer into the branch to train on the new product, why not show off the features in an engaging and tangible way for your end consumers? Try a demo video. Digital video is growing in popularity in the financial sector—it saw a 26 percent jump in spend from 2016 to 2017, in fact.

Gather up your most engaging staff members to demonstrate the awesome features of your new product—and if it's a new feature of your mobile or online banking platforms, do a screencapture to walk your accountholders through the process. Just remember to keep it short, simple and quickly digestible for social shareability.

Paid Search

Have you promoted your new product via PPC endeavors? Digital advertising is key for your product launch. And consider your options on a platform like Google AdWords. A key point to keep in mind is that 39 percent of searches for bank products are conducted on mobile. Optimize your listings for this platform to cater to your likely clickers. This includes making sure the URL to which you're sending your click-throughs mobile-friendly with clear flow and calls to action.

Think about where your page visitors are originating—and give them the best possible experience when encountering your new banking product.

Lead Nurturing

It's one thing to gather new leads to a brand-new, exciting financial product. But have you built in the capacity to manage these leads once they arrive? Is your sales team prepped and ready to engage with these consumers in the near-term, rather than letting them grow cold? This is where automation can come in handy. Employ communications to nurture your new potential customers with related and useful content once they've digitally engaged with your new product. Warm them up further so that a phone call from your sales crew doesn't seem out of the blue a week or two later.

They may even prefer this style of message delivery. In fact, 43 percent of millennial banking customers find their bank selects less preferred communication methods (phone calls) versus preferred ones (email, text messaging).

Personalization

When banks engage in product or service development, it can be hard to create something that pleases each and every consumer. But the way in which each potential customer engages with your product may vary depending on demographic, income, lifestyle, location, etc. That's why personalization matters in your rollout. Bulk messaging to any and all who will listen doesn't work as well as it used to. Think of the many ways in which consumers of different ages and backgrounds might find your new product valuable—and cater your outbound messaging per each demo.

Millennial Banking Infographic - Free Download

Sources: eMarketer, Hitwise, FICO