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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Business is Great! What Are the Benefits of Advertising?

Working in the field of advertising and marketing, I often come across people who don’t understand the benefits of advertising. “Business is great,” they tell me. “So why should I continue to pay money to push out ads when I could be spending money elsewhere?”

You probably already know that the main point of advertising is to obtain-and-retain customers that will spend money with your business. But, assuming you’re a law firm, a consultant, or an ecommerce retailer who does most of your business through word-of-mouth networking and referrals, you may find yourself questioning whether your market budget could be better allocated elsewhere. The same people will tell me that since business is fine, there’s no need to waste money by pushing to get more. Oh, if only that were the case.

If we were to rely on that kind of logic, then you wouldn’t see daily ads from the nation’s biggest brands such as Coca-Cola, Pepsi, or Disney. [quote]Business is booming at these companies, and yet they still spend millions of dollars each year to remain in the public’s consciousness.[/quote] So, if business is generating high profits and you’re wondering whether your ad budget should be spent elsewhere, the team at our Florida advertising agency wants you to consider the following:

Are You Concerned With the Possibility of Market Share Erosion? If you’re not advertising and your competitors are, then don’t be surprised if your potential customers choose the company that keeps advertising its lower fees and better results.

Are You Satisfied with the Market Itself? By not advertising, you could be implying that you have little concern that others are offering better services and better deals. This is a sure way to lose out to your competitors.

Do You Worry About Losing Touch With Potential New Customers? If you’ve been in business for a while and aren’t advertising, then you must consider how you going to rebuild your customer base when your target audience outgrows your business or service? By advertising, you can continue the cycle of trying to reach new customers without having to scramble once it’s too late.

Does it Bother You that People May Forget About Your Business? People forget quickly, especially in this age of social media. The more advertising and marketing touch points you have in place to actively engage with potential customers, the higher the likelihood of making these people convert. This is precisely why ad remarketing and site retargeting work so well.

How Do You Feel About Losing Your Existing Customers? The more you can be a part of peoples’ daily lives, the more they’re going to continue to come back to you. This is why advertising, social media, email marketing and direct mail are such effective methods of retaining customers. They have to remember you to want to select you, and when they don’t remember you, that’s when you lose them.

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Need more convincing of the benefits of advertising? Let BIGEYE show you real results. Contact us today, and we’ll show you how happy we’ve made our clients and their customers.

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The reason big companies spend so much money on advertising every year is because they know it works. And, it can work for your business, too. To learn more about the ways that advertising can maintain steady business and potentially grow your revenue, contact the team at our Orlando advertising agency for a consultation. We can help you to navigate the complex landscape of advertising to help achieve the highest return on investment for your company, no matter the industry.

Resort Marketing & Community Management: The ins and outs

For resort marketers, community management can present challenges unique to the industry. A high-end resort has different needs than, say, a massive chain of budget hotels, and as such it’s important to understand the “lay of the land” to reach the correct audience.

While there is no one right way to accomplish this feat, the team at our Florida advertising agency has learned some best practices over the years to increase the reach of your resort.

Here are a few tips to help get you started:

1. Know Your Target Audience

Is your resort a “lover’s paradise” or a “family getaway?” Knowing the types of people who would ideally want to stay at your property is the first step to honing your community management efforts, and in turn, ensuring that you’re reaching the right people. Think about this in terms of “pain and gain” – what are people lacking in their lives, and how can your resort help fill that void? Also, tap into what’s happening in the local landscape…I recently learned of a resort that changed some of its marketing practices once it realized that the area was a hotbed for people who enjoyed wind sports like kite boarding and parasailing.

2. Do a Social Media Listening Study

In an era when people so freely volunteer information about their lives, it’s a shame how many marketers fail to tap into this free information to help glean insights about their business. There are numerous tools available for social media listening, but even if you don’t have a big budget, you can look to tools such as Social Mention and Hootsuite to find out about brand sentiment and figure out what people are saying about your resort.[quote]If you think that simply setting Google alerts and paying attention to your retweets and Facebook comments is enough to learn about your audience, you might be surprised.[/quote] Many social media tools are equipped to uncover much more valuable information like audience demographics, plus these tools can reach lesser-used sites like Flickr and Digg.

3. Figure Out Who Your Influencers Are, and Reach Out to Them

If you’ve been a resort marketer for a while, you probably know that there’s no marketing tool as good as that of a happy visitor. Typically, when people have a great experience, they share it on social media and through word of mouth with friends. By identifying influencers, you can find ways to reach out to them, such as by retweeting their photos and engaging with them. Remember, an influencer doesn’t necessarily mean someone who has a lot of followers – a better influencer is an individual with their own ultra-engaged network. Figure out who your brand’s biggest influencers are using tools such as Klout and FollowerWonk. Make sure to follow them and engage with them on social channels.

4. Post Sharable Content

As a resort marketer, you’re in a lucky space because you have significant access to imagery that can help entice people to visit your resort. Sharing these visuals can help plant the seeds to help people make the decision to make a reservation at your property. The reality is that in this day and age, even if your potential customers aren’t necessarily following you on Facebook or Twitter, they will check your Facebook page before booking to gain greater insight —no one wants to pay a lot of money to stay at a subpar resort! Having a good webpage, a high number of positive TripAdvisor reviews, and tons of imagery on your social sites are some of the best ways to entice people to stay at your resort on an upcoming vacation.

Try these tips from our Orlando advertising agency, and get your “community” to book that vay-cay today! Contact us today for more helpful hints, and to schedule a consultation!

What a Bargain! Successful Strategies for Marketing to Parents

Parents are always looking for ways to save money. If you have kids of your own, you know just how expensive it can be to feed, clothe and entertain an 8-year-old ball of energy. In fact, Parenting Magazine says the average child costs about $15,000 a year (and that doesn’t even include extras like private school tuition or ski lessons.) And, as a marketer, it’s important to consider these variable costs when you’re trying to reach their parents. Parents have to think ahead to be able to save for college tuition, for rainy day activities and for unexpected circumstances.

This is why most parents, like myself, will find themselves attracted to things that will save them money. Wholesalers like Costo and Sam’s Club do extremely well with their model of selling bulk goods at wholesale prices because people just can’t pass up a good bargain. You can buy a month’s worth of paper towels for a family of five in a single trip to Costco, and pay far less than you would for it had you gone to a local drugstore.

[quote]Check out BIGEYE’s successful mom marketing strategies that brought The Daily Mom App to the Top 25 Downloads Position on iTunes. [/quote]

In marketing to parents, it’s important to consider their needs and think about the things that really affect their lives. The good news is that parents always need ways to entertain their children. They also desire to provide fun and interesting educational experiences to children, ways to give them new ways to think about the world and nurture their interests. And, when there’s a deal tied to a way to do that, it often sets forth a psychological signal that encourages the parents to buy.

Even when the deal isn’t necessarily that much better than the actual price, sometimes just seeing that you can get a free soft drink with a purchase inspires you to go for the deal. This is why the coupon special at Chuck-E-Cheese can get people through the door and, in many cases, cause them to spend even more than they would have if they had gone there without a coupon. Something about the terms “20% off” or “Buy One Get One” send a signal that the parent is getting more bang for his buck, even if it’s a product the parent wasn’t planning to purchase in the first place. (Of course, if you do experiment with coupons, be sure to integrate testing mechanisms to see which types of deals perform better with your customers.)

Psychologists know that material things will only last so long, but that the experiences that parents can give their children can stay with them for their lives. But often it becomes a financial issue, or at least a perceived one, that they can’t afford a vacation they wanted to take or go to an Orlando Magic game. Of course, in attaching a deal to that, it suddenly makes the excursion appear to be more affordable.

If you need more ideas to help connect with parents using a deal marketing approach, contact the team at our Florida advertising agency, and we’ll give you the information you need to offer great strategies to reach parents that are cost-effective to both you and the parents you aim to reach.

Transmedia storytelling as an effective theme park marketing strategy

In a lot of ways, developing an effective theme park marketing strategy evokes quite the “roller coaster” of experiences. There are highs and lows and oftentimes, it even throws you for a loop!

But- it doesn’t have to always be that way, particularly when you have a good sense of what your target audience is looking for in its theme park experience. At our marketing agency in Orlando, we understand that people visit theme parks to be entertained, excited and thrilled, but also to relax and escape everyday life. One of the best ways to get people to choose your park over your competitors’ is to tap into their emotions through emotive storytelling.

This isn’t a story with an introduction, a middle and a conclusion like you might’ve been told in your third grade English class. We’re talking about transmedia storytelling, which describes the art of being able to tap into what people are thinking about, and being able to give them great content and visuals to help inspire them. And, by inspiring potential customers through images of what a great vacation could do for them, you’ll hopefully also be able to inspire them to buy plane tickets to Florida to spend a week at a local resort hotel.

In telling an emotional story, your imagery and words should reflect your commitment to this appeal. A photo of kids laughing on a double decker carousel in LEGOLAND’S Fun Town is going to grab a child’s attention and make them want to escape in the same way. A bullet-point list of facts about your park? Maybe, but think about how much more the photo might resonate with a parent who has a LEGO- obsessed child.

Disney is a master at this, and Universal has appeal through its rides inspired by famous favorite films. A perfect example of incorporating media and other immersive storytelling techniques into a marketing strategy is the soon to be newest Universal Water Park- Volcano Bay. Keep your eyes open for this marketing plan, it’s going to be one for the books (get it? Since we’re telling a story? We think we’re funny.)

Unfortunately not every theme park has learned to tap into that universal trigger that keeps people thinking about their experience there through the generations. So if you’re a theme park marketer, one of the most important things you can do is focus on the importance of story in everything that represents your brand. And if you need ideas on how to bring that story to life, contact the expert team at our Orlando ad agency to help you navigate the twists and turns of this exhilarating industry!

Cultivating Community Through an Event Based Strategy

At our Orlando marketing agency, we believe that in building your business, it’s becoming increasingly important to try to build a community around what you do. Building a community fosters engagement both online and offline, encouraging people to share their thoughts and opinions and to make their voices heard. One of the best ways to cultivate a community of people is through an event based strategy. Most of the strongest communities I’ve seen are those in private clubs and membership organizations and are hugely events-based, hosting more than 300 events a year in order to help keep their members and communities happy while simultaneously helping them grow their networks. But even if you’re not a fancy private club or a networking group, you can still take advantage of the sense of belonging that an events-based community strategy offers to your customers.

Since the era of social media, the term “community”seems to have taken on a life of its own. To older people who aren’t actively using social media on a regular basis, “community”is synonymous with “social media,”which in reality is only partially true. A community manager’s job is to engage the community, and while social media may be part of that, so is blogging, email marketing and, of course, event marketing.

In order to run an effective event-based community strategy, it’s essential to know what your community wants. Do this by requesting information via survey data, with specific questions about what you think they might enjoy. Wine stores might benefit from tasting events and private wine classes for VIP customers, while luxury hospitality businesses might want to woo their customers with formal dining events and open bar cocktail parties sponsored by popular liquor brands. Depending on your business, it’s important to know the time of day people are interested in attending (breakfast, lunch, happy hour, evening or all-day events) and which day of the week they prefer (for instance, people who have 9-5 jobs and small kids may prefer family-friendly weekend events to after-work events). Responding to their needs also shows that you truly understand your target audience, which is extremely important for any business.

Oftentimes, businesses that are faring pretty well have no desire to explore other ways to generate more business, particularly because they don’t realize how much more money they can generate by doing so.[quote]The good thing is that businesses of any size can hold events for nearly any budget.[/quote] If you have a space and a reason for people to gather, the potential is there…and things like appetizers and beverages can only sweeten the deal. If you’re using the information from the survey data and you’ve been careful to find out the types of events interest your group, then you should have no problem identifying potential guest speakers or planning leisure activities that can also help facilitate community involvement around your business or brand.

The problem for many people is that events aren’t always direct revenue drivers. Take, for example, a lawn care company that hosts a free wine and cheese client appreciation event. This may cost several hundred dollars in securing a location, providing food and beverage, and lost work hours in planning the event. It may be even more if you plan to create signage or need to purchase nametags and other supplies. But, if that small event encourages your clients to share their experiences with their friends and colleagues, and one of those referrals turns into a new client for the business, then it was well worth the time.

Events are great because they can build online and impersonal interactions into more genuine connections. From a business perspective, this makes good sense because the more people are engaged with your community, they more likely they are to hang around. We’d love to help you connect with your audience at-large – contact us to determine how we can help craft your engaging event based strategy!