A global study by Fujitsu found that 89% of all financial companies are working on digital transformation. It shows a significant change in business processes with the use of digital technologies and paves the way for digital customers. This transformation has undoubtedly opened up new opportunities for banking organizations to generate profits and develop their marketing strategy.
The new digital marketing landscape for banks
Nowadays, the new landscape that enables digital travel has made things easier for customers. However, for marketers trying to capture the attention of potential customers, things are very different. Another factor that exacerbates this challenge is the diversity of digital channels. There are many marketing channels that banks can use to reach and communicate with customers. But which ones are the most effective?
In an interview with Enterprise SEO, Sarvesh Bagla, CEO and founder of digital agency Techmagnate said, “Enterprise SEO can help brands dominate a particular industry and in the case of the BFSI industry, banks have the opportunity to gain significant leadership in their market. industry competitors.” By rapidly increasing voter turnout.
He continues, "When brands compare the effectiveness of enterprise SEO to other marketing channels and realize that organic leads have higher conversion rates at a lower cost to acquire, they finally begin to appreciate the true power of SEO."
Using corporate SEO, tech mogul agency Sarvesh Bagla increased web traffic for an NBFC by 270% in six months. The digital agency also expanded the digital presence of leading BFSI (ORM) and achieved an 8x increase in top 3 search results.
Corporate SEO is clearly a new trend that banks should use to strengthen their marketing strategy. Most importantly, the search volume, or simply the number of searches, has increased significantly in the world of banking keywords. Let's see his picture below -
Make digital marketing a success for your bank
To successfully capitalize on this new trend, banks must develop a solid SEO strategy that includes keyword identification, alignment of various marketing departments, and good volume management, which appears to be the biggest challenge.
The need of the hour is also to understand the customer journey. An effective digital marketing strategy for banks must cover every touchpoint in the customer journey. This includes taking advantage of emerging trends and identifying the channels through which your target customers interact with your bank. In principle, here banks are required to act wisely .
attention -
- S - selector
- M - measurable
- And - it is possible
- A- Realist
- T is limited by time
It sounds easy in theory, but how to do it? Banks need to define their goals, be it revenue, website traffic, blog traffic, reputation building, or a combination of both. You should then create measurable indicators of success and set realistic deadlines for each activity.
Influencing banks that fail to keep up with the latest trends in digital marketing
If banks do not take advantage of the new opportunities of the digital world, they can cause dire consequences. There are some direct threats , such as:
- signs of a decrease in the number of new customers,
- not being able to communicate effectively with customers,
- loss of new sources of income,
- And giving up huge market share to the competition.
However, there are also long-term risks . Customers may consider the bank irrelevant due to its low digital presence . and customer acceptance is difficult ; It will be very difficult to change this way of thinking, which can have a negative impact on the banks' brand reputation and customer trust.
The digital transformation of the banking sector has created new opportunities for banks to interact with their customers and build stronger relationships. To take advantage of these opportunities, banks must embrace new digital channels and technologies, develop strong digital marketing strategies and understand the customer journey.
In this way, banks can offer their customers a more personalized and valuable experience and not only maintain their competitiveness, but also dominate the market.
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Updated: June 12, 2023, 6:58 PM IST
