What a long, strange trip it's been, 2018-ers! But before we step into the bright, shiny new year, let's reflect back on some of the stuff we loved about bank and credit union marketing over the past 12 months.
Here are 10 of our faves from the past year in the Idea Vault.
1. Print Marketing Didn't die.
Though the jury was ready to call it on print collateral, banks and credit unions can still hang their hats on really high-quality print marketing. Integrating the right channels and deciding on the right messaging can make for the optimum amount of relevance for your print efforts.
2. Customer Retention Got Creative.
Your financial institution's sales team isn't alone in the customer-retention game. Even after the lead-acquisition benchmarks are met, converted consumers have scads of other opportunities to stay connected to your banking brand. With a multitude of competitor options, though, your retention strategy needs to be firing on all cylinders.
3. Fintech got more Relatable.
Finance marketers rejoice! That "fintech" buzzword you've been hearing at conferences for the past couple fiscal years just got a lot more within your grasp. What once was the stuff of science fiction is starting to become more relatable for community banks and credit unions of all sizes. We even rounded up some tech turns of events worth investigating for your marketing strategy.
4. Data Became Essential.
You know a lot about your customers—and now you can officially monetize that knowledge to impact your bottom line. In 2018, data became the pinnacle of finance marketing. That pile of known and presumed data you've logged about your customers' and members' products, services, likes, dislikes and demographics can make a huge impact on your results.
5. Rewards Got Rewarding.
Remember when rewards and loyalty programs for banks and CUs were basically relegated to open-loop gift cards and somewhat useful travel discounts on very specific trips to very specific places? In 2018, thanks to competition and a whole lot of noise in the consumer retail market, rewards programs got a little more competitive—which also made them a little more useful.
6. Community Banks Lived Up to Their Names.
What's in a name, anyhow? Turns out embracing your adjective can make big waves. Community banks saw fit to capitalize on the "community" part of their moniker and thusly engaged the vast majority of consumers who seek brands with human focus and socially responsible practices.
Read our post How Your Bank Can Make the Most of Community Engagement
7. Young People Connected with Banks.
We've all heard about the famous waning attention span. (In fact, according to most studies, you almost certainly haven't even made it this far into our blog post to read these very words.) But banks and credit unions stepped it up to engage with younger generations—even so far as to get them excited about financial education!
8. Snapchat Became BAnk-Friendly.
Believe it or not, that little picture-taking app your teenage son can't stop obsessing over just became relevant to bankers. With the onset of paid advertising, Snapchat got its mojo in the finance marketing realm. So despite the combined efforts to ignore it, there's a new potential ad platform in town.
9. Business Clients Got Savvy.
The commercial game for bank marketers got a lot more interesting in 2018. In fact, with B2B clientele getting more and more sophisticated with how they're managing their money and technology allowing for more alternative options than ever, banks and credit unions have really stepped up to the plate to meet the growing (and changing) demand from entrepreneurs.
10. Teller Counters Kicked the Boredom Habit.
Remember when banking branch teller counters and queues were... pretty blah? Yeah, us either! With the change in the consumer retail experience across all industries, banking entities have made a point of improving their point-of-sale game to keep consumers coming back for more.
Read our post 4 Point-of-Sale Promotion Ideas Your Bank Should Try