Digital disruption is creating countless new challenges and opportunities. Today, your audience has nearly effortless access to interest rate information, products, services, and promotions at your FI and those of all of your competitors.
Combined with historically low branch foot traffic, it becomes harder to stand out in the minds of the people you want to reach. What to do to stay top of mind?
In the face of that digital disruption challenge, here are five tips on how you can differentiate your FI from your competitors.
- Go where your clients go. They connect with your financial institution using desktops, tablets, and smartphones, so that’s where you need to engage with them.
- Make sure your website is mobile friendly. Create a responsive, mobile website that isn’t just the junior version of your desktop homepage. Start off by thinking the experience of using your loan forms on mobile - because that’s what your clients are doing.
- Reach out through personalized email. No, really. Email isn’t dead and your clients do read it. Some of your them will only scan the subject line, but even for them the email acts to keep your FI top-of-mind. Offer something worthwhile to read, earn, or act upon and watch engagement increase. Listening to our clients, we hear that content on savings, investments, college and retirement planning, home buying, and parenting is appreciated by members. These emails can often have a long tail, where your clients file them away for review when they’re considering that next big purchase or investment.
- Use location-based marketing tools to provide relevant alerts to clients during their daily routines. For example, ahem, programs like Larky that develop local discounts in your community, enable push notifications for FI new products and engagement events, and location-based notifications to promote FI auto loan rates, mortgage rates, and more at the best known local dealerships and realtors. You can send them special offers based on what they’re doing right now. Larky facilitates these contextual alerts.
- Stop talking AT your clients about YOUR stuff. If you want to start and sustain a relationship built on mutual trust, you can’t just be in it for yourself. Online and mobile clients will quickly ignore you if you talk with them only when you have something to sell. Try offering help, advice and expertise in your communications.