Know The Top Tips for Financial Institution Marketing

With so many tools, webinars and publications available for marketers within the financial services industry, it’s often difficult to sift through the clutter to figure out the most “essential” strategies for bank marketing success. However, some strategies do stand above others, and these tried-and-tested outreach methodologies can create sizable success within your financial institution. That’s why BIGEYE’s Florida marketing agency is offering a few highly effective tips to help increase your bank or other financial service’s ROI.

Develop a Strategy Prioritization Matrix

The first step to success in the financial realm is prioritization. A Strategy Prioritization Matrix can help you to determine the most strategic projects to help your business get the most “bang for its buck.” Create the matrix by listing the impact on the X axis (high or low) and the ease of implementation on the Y axis (hard or easy). Then, within the matrix, classify potential projects in one of four buckets: Quick Wins (High Impact, Low Effort), Must Haves (High Impact, High Effort), Low-Hanging Fruit (Low Impact, Low Effort) and Money Pits (Low Impact, High Effort). Your matrix might look something like this:

Strategy Prioritization Matrix

This will help clarify those areas requiring the greatest focus. For most banks and credit unions, the Quick Wins will be of highest priority, as the ROI impact is highest, and the strategy is easy to implement.

Implement a “New Mover” Customer Acquisition Strategy

Prospective clients that may be relocating to your area will likely be in search of a local bank. Depending on a potential customer’s degree of wealth, he or she may also need other financial planning services such as estate planning or wealth management. Creating a strategy to deliver your message into prospect’s inbox will assist in the growth of your audience. Of course a direct mail customer outreach campaign is only portion of the process. It’s important to have a strategy in place to ensure that yours is the first financial services company to reach these potential clients, including the development of efficient on-boarding processes. For many financial service providers, these outreach efforts can prove to be “Quick Win,” as outlined in the matrix above.

Invest in Digital Retargeting

According to Wagner dos Santos, BIGEYE’s senior director of marketing and strategic planning, retargeting is often the most effective and efficient acquisition strategy on a cost-per-account basis. It’s also a good way to capitalize on a person’s interest, as retargeting is only triggered after a person visits your site or clicks on your content.

In many ways, digital retargeting can successfully work in tandem with direct mail efforts, as one banking business achieved a lift of 40% after pairing digital retargeting efforts with a direct mail campaign.

Collect Insights for Iterative Improvement

[quote]Email marketing is still one of the leading ways to reach people, even in spite of significant levels of email glut.[/quote] When your business can tailor communications to send the right message to the right individuals through segmentation, it significantly improves the chances that the prospect will convert (as compared to a general email blast). Be sure that in all financial services relationships, you’re not only collecting email addresses, but also analyzing customer profiles so that you can provide information that is relevant to their individual banking and financial needs. Through surveys and new account processing, you can grab significant information about your customers that you can then use for future marketing and outreach efforts. And, through iteration, you can continue evolving your campaigns and strategies for optimal growth.

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Need more ideas for effective ways to reach potential audiences with your bank or financial services marketing? Contact us at our Orlando ad agency, and we can help you tailor your customer acquisition strategies to help generate the most ROI for your business.

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Why Automobile Companies Must Understand Mom Marketing

It’s a movie cliche we’ve seen a million times: a woman goes to purchase a car, but gets swindled by a sleazy salesman because she supposedly doesn’t know her way around a car. Regardless of whether this was ever an accurate depiction of women’s role in the automobile purchasing process, this is certainly not the case today. To draw on another cliche: the times, they are a-changin’! So, automobile marketers need to embrace mom marketing.
A new report from Cars.com shows that 73% of moms consider themselves to be the sole decision-maker in the vehicle shopping process. And, it makes sense — after all, if you’re going to have to haul Sammy and Stella from soccer practice to swim team to ukulele lessons, then it’s important to make sure you’re able to do it safely and comfortably.

In the era of smartphones, tablets and lightweight laptops, it’s easy to research a car from anywhere with an Internet connection. And, granted that I can spend close to an hour trying to find a good restaurant on Yelp, I can also spend far more time trying to find the right vehicle to meet my needs.

However, the team at our Orlando ad agency has noticed that when you see TV ads for new cars, they’re nearly always marketed toward men. But if moms have so much influence on the car purchasing process, doesn’t it make sense to try to court them through marketing, too?

In viewing a compilation of Superbowl car commercials, I noticed that not one of them featured a female driver. Whether this is more of a response to the automobile marketing landscape or simply just the Superbowl demographic, it still seems strange. After all, of the 111.5 million people who watched the Superbowl, 50 million were female.

Yet for some reason, these car companies don’t seem to care as much about attracting moms. It’s interesting because moms tend to have a lot of say in most major purchases across the spectrum – we’re not just talking about cleaning supplies these days. The purchasing power of millennial moms is estimated at $170 billion. And, if moms are making the car-buying decisions, then why are these companies trying so hard to sell to dad?

Car companies that decide to market to women would have an upper hand in trying to lure their business, since as it stands right now, there is so little competition in that space. And, we’re not talking about trying to sell women on light pink minivans with extra compartments to keep makeup. Women need cars to be useful and practical.

Moms tend to be more concerned with safety and durability, and with all the new safety features the car companies are introducing these days, there’s no reason they shouldn’t think about moms in the marketing process. They also care about gas mileage because lugging children around can put a lot of miles on a car. Focusing on these benefits is a terrific start in helping reach the mom market.

[quote]Women make up more than half of the world’s population, and drive at least half the cars on the road.[/quote]Car companies are already installing the features that make moms happy. As such, the team at our Orlando marketing agency thinks these companies should spend more of their dollars trying to reach moms, who more than ever, are in the driver’s seat in making automobile purchasing decisions.

Contact our team of mom marketing experts today to uncover ways to reach this powerful target audience!

Here are the Tips for Comprehending Consumer Behavior

Imagine that I owned a store next to your office, where you would occasionally drop in to buy candy. Imagine I were to tell you that you could buy some candy today for full price, but that you could come back tomorrow and all the candy would be 75% off, chances are you’d wait until the next day to buy that candy (unless you were seriously craving some Hershey’s Kisses!). After all, you can save a lot of money that way, so it seems like the rational thing to do.
However, the entire story changes when the dates matter. Imagine I told you that candy would be cheap tomorrow, February 15, because it’s the day after Valentine’s Day. If you were standing in the store on February 14 because you hadn’t already gotten your partner a gift, you’d gladly pay full price.

While it seems technically irrational, it’s a matter of understanding the emotional needs of a consumer. A person isn’t necessarily always driven by the lowest price —there are so many competing factors that brand managers need to take into consideration when they try to comprehending consumer behavior.

Luxury brand managers are able to do this with expert finesse. People will often irrationally spend money on impractical items simply because of the prestige that comes with owning such a product. Think of a wedding ring. People are willing to pay so much for diamonds because of the symbolic representation of what a big, beautiful ring implies.

Of course, that doesn’t mean that you have to be a luxury brand to be able to capitalize on human emotions. People purchase Nike shoes because they feel inspired by the brand, the brand’s image, and the brand’s commitment to improving individuals through athleticism. Or, a person may choose Coke over Pepsi because of the element of nostalgia that comes with purchasing a Coke.

[quote]The good news is that by tapping into consumer behaviors, you can also learn to influence their purchasing habits.[/quote]The team at our Florida marketing agency sees this as the entire rationale behind marketing —how can we convince people to spend their dollars with us? The best way to know where to start is to explore differentiation, which means creating and defining a distinguishing characteristic about your business and highlighting it.

Brands with a defined point of view tend to see more success than competitors. Think about any brand you love and think about why you choose it over alternatives: it might be that it’s cheaper, it tastes better, it’s more convenient, or it simply looks more interesting. Emphasizing what sets your business apart from others is the best starting point to build a bigger strategy for your brand.

From there, you can design marketing campaigns around that distinguishing feature. Taking into account these human emotional behaviors, you can create a campaign that’s aspirational, inspirational or just funny —these are all types of things that might encourage a person to use your item or service over a lower-priced competitor.

For more information as to how you can use customer insights to create a marketing strategy, contact our Florida ad agency for a consultation.

Simple Marketing Tips and Tidbits You Need To Know

As the saying goes, you learn something new every day. That’s especially true in marketing, where sometimes even the smallest steps can lead to the largest payoff.

The items below are simple marketing tidbits we’ve learned after endless trial and error, and that we’re passing along to you because we think you can benefit from our Florida marketing agency’s blood, sweat and tears.

1. Putting a site wide search box can offer you great insight as to what people are trying to find when they come to your site, as you can track these searches through Google Analytics. If you run a blog, capitalize on this by producing content in accordance with what you find.

2. Only 9% of U.S. small and medium-sized businesses are optimized for mobile. This is true even though 34% of Americans admit that their cell phones are the primary device they use for going online, and smartphones and tablets accounted for more than 15% of all ecommerce sales in 2013. That number also fails to take into account the large number of people who browsed ecommerce sites from their phones or tablets but waited until they were at a computer or retail location to make purchases. Some experts estimate failure to optimize for mobile may cost these businesses, on average, $40,000 to $60,000 per year.

3. There are dozens of tools to use to determine how well your site functions and to identify problem areas. Try keying your site domain name into http://nibbler.silktide.com/ to see how it stacks up.

4. Maintaining an active Google+ site makes it more likely that your brand page will stand out on search engines. Moz reports that a URL’s number of +1s is highly correlated with its ranking in search. While Google claims +1s aren’t directly tied to search rankings, each +1 creates a link back to the post, which increases a site’s number of inbound links. These inbound links are one of the factors search engine algorithms use to determine the credibility of a site.

5. According to Experian (via Salesforce), $44.25 is the ROI for every $1 spent on email marketing. Even in spite of this, only 11% of emails are optimized for mobile. [quote]Many ecommerce sites don’t even collect emails.[/quote] To get the most out of collecting emails, implement a highly visible, yet non-intrusive email submission form front and center on your homepage.

6. More Facebook page likes doesn’t necessary mean better business for your company. What’s most important is the quality of the follower. Having lots of low-quality followers could actually be detrimental to your brand. Don’t believe it? Check out this article and pay special attention to the video from Veritasim. We’ve actually seen significant success for some brands with Facebook Ads, so take the experiments with a grain of salt.

Interested in learning more? Contact us today to start the conversation!

Resort Marketing Tips That Turn Small Budgets Into Big Results

In the hospitality business, it’s sometimes necessary to slash budgets, and unfortunately, sometimes the people who suffer that the most are the people in the marketing department. Hotel and resort managers may be hesitant to invest money in projects unless they can see a clear return on investment, which is sometimes not easy to prove in the world of marketing, and in social media marketing in particular.

However, companies that are struggling with small marketing budgets should look at this as a competitive advantage. At the outset, it seems counterintuitive: with large budgets, shouldn’t the businesses be able to spend more money to get the things they need?

Smaller budgets push hospitality marketers to work more creatively. It allows them to focus more closely on one facet of marketing that is often overlooked by larger corporations: the people.

That’s right. Sometimes, hotel chains or mega resorts become so big that it seems as though they somehow forget about the community that got them there in the first place. By thinking small and using it as an advantage, these smaller businesses are able to facilitate more direct relationships with their customers, something that larger businesses try unsuccessfully to do all the time.

For tourism and resort marketers and others in the hospitality industry, here are a few tips from our Florida ad agency that will help guide your resort marketing efforts, even if you’re working on a shoestring budget.

1. Be Genuine

There’s something humbling about receiving an email from a mom and pop, independently owned businesses that take pride in offering visitors impeccable service. People in these types of businesses are there because they want to be there; unlike at some major chains where people are simply there because they need the job.[quote]By putting the emphasis on the relationship with the customer, the smaller shop has an advantage in that it can tailor its service to the needs of the individual.[/quote]

2. Use Social Media as a Way to Engage the Community

When dealing in social media, the only budgetary restriction is time. But, the platform itself is free, and by investing in a good social media manager, a company can reap the rewards of someone who is skilled at interacting with people, who is also a customer service master and a pro brand advocate.

Since some of the best marketers a brand can have are influencers within an engaged community, allocating some investment in social media can help the company grow its social media presence, thereby helping it stay connected to its audience. For resort marketers, this is especially valid, as your audience may be comprised of people from all over the world.

3. Show That You’re Reliable and Trustworthy

Another advantage that smaller resorts have over big chains is that they have a more intimate connection to their customers. Who hasn’t tried to contact a large hotel chain and ended up feeling like more of a robot than a human being? Resorts that offer a hands-on approach to marketing and customer service can prove they have their customers’ best interests at heart. And, at its core, real resort marketing is about being authentic, and going above and beyond customers’ expectations.

4. Keep It Simple

So, you don’t have it in your budget to run a big TV ad takeover or a massive billboard campaign. That doesn’t matter, because working with a smaller budget allows resort marketers to tailor their marketing efforts to the people who are most likely to offer a return on that investment. Rather than trying to copy the pros, try instead to simplify marketing efforts to see how members of the community react. Chances are, they will appreciate the attention to detail that goes into these types of marketing efforts, and will reward your business by thinking of your resort first when it comes to making travel plans.

In these days of high-tech services and constant distraction, sometimes people just want to make a connection with another human being. People are hungry for this social connection that seems to be lost in the digital age. For large businesses, that connection can seem impossible, but for smaller resorts, it seems like a natural way to allow employees and staff to be truly authentic in their communication and marketing efforts.

The team here at our Florida marketing agency can help your resort marketing team to grow the brand on any budget. For more ideas and suggestions as to how to establish authenticity in your brand, contact us for a consultation.

Unlock The Power of Using Babies to Market Your Brand

Babies are adorable! There’s nothing in the world as beautiful as a smiling newborn. For years, marketers have caught on to this, providing uplifting content that features babies in the forefront. One example is an Evian campaign that features babies on roller skates, dancing to “The Rapper’s Delight.” The video has over 18 million views on YouTube. Another example is the famous E*Trade baby commercials that we look forward to while watching the Superbowl every year.

But beyond just babies, the team at our Orlando marketing agency thinks the fanfare around using babies to market your brand offers opportunities to make emotional connections to their target consumers. By being able to identify with their users, marketers can target the emergence of celebrity baby stories, and can often leverage these no matter what their relationship to baby products.

Through Twitter and Facebook, companies attach to celebrity baby stories that seem to fall in line with their brand stories and brand visions. Motherhood and maternity-oriented businesses seem to be especially in line with welcoming newborns, though it seems that broader companies like Target and Wal-Mart could stand to benefit just the same.

When the royal baby was born merely months ago, Twitter was on fire with tweets from marketers around the globe. Pampers used the birth of Baby George to promote a video under the pretense of the fact that every baby is a prince or princess, which it had obviously been waiting to push until the moment the Royal Baby arrived.

Marketers also catch on the tabloid celebrity baby fads. When Kim Kardashian and hotheaded celebrity Kanye West, recently gave birth to their daughter North West, marketers flocked to the notion that the baby could epitomize what it means to be a luxury baby brand. Additionally, there are rumors that Kim herself is planning to launch a clothing line for babies, attesting to the marketing power of celebrity status and the Kardashian family’s ability to capitalize on it.

[quote]The luxury baby market is expected to be a $10.4 billion industry in 2014, with strollers going for as much as $3,000 for an Aston Martin brand leather stroller.[/quote]

By latching on to uplifting baby stories, marketers can identify with the emotions behind the brand’s mission. In joining the conversation, these marketers prove they are in tune with things that are happening in the world, and that they are appreciative of the uplifting nature of a good celeb baby story.

Be it Alec Baldwin, Fergie or Simon Cowell, fans love and support stars on their mission to start or continue growing their families. By offering comforting tweets about celebrity babies, marketers can seize the opportunity to join the conversation, while also pushing their products incidentally.

Brand are solidified based on their relationships with potential customers, so encouraging chatter about celebrity babies and being early informers of such breaking news helps drive a brand’s social media.

The best thing about all this is that people aren’t going to stop having babies anytime soon, and as long as there are babies, there will be opportunities for people to love seeing them. The team at our Florida marketing agency thinks celebrity #babies can help brands see #success! Contact us today to learn more!