Q: What are some of the first things banks should consider when designing a marketing strategy for a new product launch?
BAZIH: The first step in any marketing strategy for banking—and even earlier during product development—is to understand how your customers make their banking decisions. Market research helps us identify our target audience, analyze the current landscape, develop a useful product, and then communicate its value to customers.
It’s also important to consider the many marketing channels out there and be thoughtful with the channels that you choose. Different customer segments engage with different platforms, so selecting the most effective mix of digital, print, and in-person strategies is key. Additionally, timing plays a critical role. Launching a campaign when your audience is most receptive, whether that’s tied to economic conditions, seasonal trends, or life milestones, can significantly impact the success of your product launch.
WHITE WHALE SOLUTIONS: Who the target audience is for that product—what do they “look” like: Understanding the target audience is crucial. Banks should conduct thorough data analyses to create detailed customer personas. This includes demographic information (age, gender, income level), psychographic details (lifestyle, values, interests), and behavioral insights (spending habits, product preferences). Knowing the audience helps in crafting messages that resonate and in selecting the most effective channels for communication. At Whale, we leverage commercial segmentation systems like P$YCLE, PRIZM, Mosaic, and Personicx. The ability to tailor our messaging and channel strategies to specific audience groups leads to more effective and personalized campaigns.
What channels to use: Selecting the right channels is essential for reaching the target audience effectively. Banks should consider a mix of traditional and digital channels, including paid ads, email marketing, print advertising, and in-branch promotions. The choice of channels should align with where the target audience spends their time and seeks information.
Creative and copy approach: Our creative approach is focused on designing impactful content that prompts the audience to pause, capturing that crucial extra second to ignite their interest and engage them with the message. The creative elements and messaging should be compelling, clear, and consistent with the bank’s brand identity. It’s important to highlight the unique benefits and features of the new product, using a tone and style that appeals to the target audience. Visuals, graphics, and copy should work together to tell a cohesive story that captures attention and drives action.
Q: What are some of the KPIs banks should be looking at when evaluating the success of a program? Are there some that should be disregarded?
BAZIH: With so much data available in digital marketing, it’s easy to get lost in the weeds or sidetracked by vanity metrics. You’re really looking for KPIs that reflect the health and growth of your business. Customer acquisition cost (CAC) and customer retention rate are usually good places to start. CAC helps you understand the cost-effectiveness of your marketing efforts, while retention rates provide insight into customer satisfaction and loyalty. These metrics together give an accurate picture of how well you’re attracting and keeping customers.
Net Promoter Score (NPS) is another valuable KPI, measuring customer satisfaction and the likelihood of customers recommending your bank to others. Alongside NPS, business metrics like deposit growth and loan origination volume help show the financial growth and effectiveness of your product offerings. These KPIs reflect trust in your bank’s services and the success of your lending programs.
Vanity metrics such as social media likes, impressions, or the sheer number of transactions don’t always necessarily correlate with profitability or business growth. They’re nice to share in meetings for positive morale and to validate your efforts, but you ultimately want to measure your marketing by tangible financial results.
WHITE WHALE SOLUTIONS: Customer Venn Analysis: Our methodology involves a comprehensive analysis of our client’s performance by tracking the convergence of three critical areas—high deposits, electronic services, and lending products—within a Venn diagram framework. Over time, we aim to shift these areas into the center of the Venn, where their intersection represents optimal client performance and synergy across all three categories, leading to a more balanced and profitable banking strategy.
Deposits: Measuring the amount of deposits can indicate the success of a savings or investment product launch.
New money: Tracking the influx of new money into accounts and/or into the bank helps gauge the product’s attractiveness and customer trust.
Account openings: The number of new account openings is a direct measure of customer acquisition efforts.
Marketing Return on Investment (ROI): Calculating the ROI of marketing campaigns helps determine the efficiency and profitability of marketing spend.
Channel performance: It’s crucial to track which marketing channels generate the most engagement and conversions. This data informs future campaign optimizations, ensuring resources are allocated to the most effective channels.
No metric should be entirely disregarded: While all KPIs provide valuable insights, it’s important to differentiate between primary KPIs (direct measures of success) and secondary or softer metrics (like engagement). Setting clear, upfront goals for each metric ensures a balanced evaluation of performance.
Q: How important has digital marketing become to a bank’s strategy since COVID?
BAZIH: COVID brought significant changes to banks, many of which will remain relevant for the long term. Digital marketing strategies—like content marketing, search engine optimization, email marketing, and social media engagement—are becoming more targeted, scalable, and, in many ways, more powerful. Digital marketing also funnels into digital banking, which was becoming more popular long before COVID.
Today, banks must prioritize a seamless digital experience to stay competitive, as the demand for online convenience and personalized digital interactions continues to grow. Meeting customers where they are—on their devices and in their everyday lives—is essential for sustained success.
WHITE WHALE SOLUTIONS: Since COVID, digital marketing has become a cornerstone of banking strategies. An integrated cross-channel approach is vital, ensuring that digital channels complement traditional ones. Banks must engage their target audiences where they spend a lot of their time—online. This includes social media, email, online banking portals, and mobile apps. Digital marketing allows for precise targeting, personalized messaging, and real-time data analysis. It’s essential to tailor digital strategies to demographic and psychographic insights to maximize effectiveness.
Q: To that point, how should banks stay on top of marketing trends and make decisions that benefit their customers?
BAZIH: It’s all about data. Banks should invest in gathering, organizing, and analyzing data. Understanding customer behavior through data allows you to anticipate customers’ needs and tailor your strategies accordingly. That includes keeping an ear to the ground on what customers are saying across social media and other platforms, so you can spot emerging trends and consumer preferences in real time.
Adopting a customer-centric approach is key. This means putting the customer at the heart of every decision, from product development to marketing campaigns. It also requires being adaptable—continuously testing, refining, and optimizing strategies to ensure they remain effective and relevant as trends evolve. Staying proactive in this way ensures that your bank not only meets customer expectations but exceeds them.
WHITE WHALE SOLUTIONS: Attend industry conferences: These events offer valuable insights into emerging trends, networking opportunities, and case studies from peers.
Lean on your vendors/partners: Partners often have access to cutting-edge tools and industry expertise. Collaborating with them can provide strategic advantages.
Sign up for Google alerts: Staying updated with the latest news and developments in the banking sector through alerts helps banks react swiftly to changes.
Follow industry news publications via newsletters and social media: Regularly consuming content from reputable sources ensures banks stay informed about market shifts, regulatory changes, and innovative practices.
Q: Are there new tools and technologies that bank marketers should be looking at if they’re not already?
BAZIH: Absolutely. You can probably guess the two letters: AI. In particular, the analytics available from artificial intelligence can help banks sort through vast amounts of data, providing insights that can drive more effective marketing strategies. Customer data platforms (CDPs) are another powerful tool, enabling banks to unify customer data from various sources to create a more cohesive and personalized marketing approach.
Personalized marketing automation tools are becoming essential as well. These tools allow banks to deliver targeted messages at scale, ensuring that each customer receives relevant content based on their behavior and preferences. Additionally, chatbots are increasingly popular for enhancing customer engagement by providing real-time assistance and support. Finally, blockchain technology is something to watch, particularly for its potential to ensure secure and transparent transactions, which is increasingly important as digital banking continues to grow.
WHITE WHALE SOLUTIONS: Banks should explore tools and technologies that enhance customer experience and improve marketing efficiency. These include:
Customer Relationship Management (CRM) systems: To manage and analyze customer interactions and data.
Marketing automation platforms: For streamlining and optimizing marketing efforts.
Data analytics tools: To gain insights into customer behavior and campaign performance.
Artificial Intelligence (AI) and machine learning: For personalized marketing and predictive analysis.
Chatbots and virtual assistants: To enhance customer service and engagement.
Q: What should banks be doing to maintain and strengthen their brand image in the community through marketing campaigns?
BAZIH: Brand image grows not just from consistent marketing, but with genuine community engagement. At Spencer, we’ve always prioritized participating in local events, supporting meaningful causes, and being an active, positive presence in the communities we serve. Highlighting your bank’s support for local initiatives in your marketing campaigns reinforces your commitment to your communities and helps build trust and loyalty.
Once again, it all ties back to delivering personalized customer experiences. When customers feel understood and valued, their connection to your brand deepens. That connection opens up more opportunities for your bank to grow.
WHITE WHALE SOLUTIONS: Target your marketing campaign appropriately: Ensure content resonates with the target audience’s lifestyle and needs. Personalized and relevant content fosters stronger connections and brand loyalty.
Listen to your customers: Engage with customers through surveys, feedback forms, and social media interactions. Use their input to create content and services that address their needs and preferences, reinforcing the bank’s commitment to customer satisfaction.
Education: Customer education is crucial for empowering informed financial decisions, which in turn builds trust and long-term loyalty. By connecting product needs with process steps—such as explaining to young home buyers the significance of interest rates and how to manage them effectively—we not only enhance their understanding but also position the bank as a valuable partner in their financial journey. Educated customers are more likely to engage with the bank’s products and services in a way that benefits both their financial health and the bank’s business goals
Community involvement: Participate in local events, sponsorships, and charitable activities. Demonstrating a commitment to the community enhances the bank’s reputation and builds trust.
Consistent branding: Maintain a cohesive brand image across all channels and touchpoints. Consistency in messaging, visuals, and tone strengthens brand recognition and reliability.
