Feb 22, 2019
Whether you're a small business catering to a consumer, or an enterprise tech company targeting fortune 500 giants—the changes in how banks are approaching branding and marketing can provide a great template for successful marketing in the modern era.
When most people have a banking issue to resolve, they usually open up their mobile app, or visit a website—in-person banking is starting to take a back seat to digital mediums. That's the shift Paul Kadin and Sarah Welch, of analytics and advisory firm Novantas, are wrangling. In this episode, they discuss how banks are evolving, and how those banks are championing new, universal principles of successful B2B and B2C marketing.
Listen in! You won’t want to miss this episode.
Paul and Sarah share that successful banks have three things in common. They satisfy what people expect from them. A bank will not succeed if it does not offer basic customer service or features. Secondly, successful banks are distinct. They answer the question, “Why should I choose this bank over another bank?” Their products and service must set them apart. Lastly, successful banks make their voice heard in the marketplace. Banks can have all the right feature but must spend sufficiently enough to raise their voice enough to be heard.
Paul, Sarah, and Drew discuss multiple banks that are killing it on being distinctive.
Marketing banks is hard. Banks have thought about things in terms of creating new features and improving functionality, but there is a whole other dimension: emotion. Money creates emotion: anxiety or satisfaction. Banks have to appeal to the emotional side of the customer, but this must also be lived out in experience. As banking moves away from person to person and towards digital, banks must figure out how to be emotionally connected through a digital relationship. To make this happen, Sarah and Paul share that banks must have a clearly designed core target, and then drive experience around it. All experiences, whether in person or digital, need to be serving the bank’s brand.