For all the stress on relationships, banks rarely surpass the promises in their ads. Change begins with getting to the heart of consumers’ lives.
Branding expert Jonathan Salem Baskin says bank marketing needs to focus more on improving customer interactions than building brand image.
Bank marketers possess enormous amounts of data but need disciplined analysis to extract actionable customer insights.
An effective branding program requires a disciplined process of deciding on the appropriate components of your brand value and following through.
Retail bankers must start coming to grips with social media as an emerging marketplace. Defensive PR is one thing, but the larger goal is proactively building online rapport.
To encourage mutually rewarding relationships with their customers, bankers need to create experiences that show the institution values them as people.
Paul Kadin of Citibank describes how marketing executives can work with other departments of the bank to align brand promise with the customer experience.
Citigroup’s Linda Descano says the bank’s Women & Co. Website is designed to foster consumer engagement rather than an immediate return on investment.