The credit unions and banks of today face a critical challenge: attracting and retaining consumers in a competitive market. Traditionally, bank and credit union marketing relied heavily on local partnerships and community outreach. And while these efforts still have value… the digital age opened a world of possibilities outside of your local community.
That means you have access to a lot of potential marketing partnerships outside of your local area. Oftentimes, these partners offer advantages local firms simply can’t provide.
Here's why location shouldn't be the sole deciding factor when choosing a partner:
1. Industry-Specific Expertise
Imagine the difference between visiting a general mechanic and a specialist who understands the intricacies of your specific car. The same applies to bank or credit union marketing.
Many local firms are generalists who won’t have deep familiarity with the industry. A partner with experience in financial industry marketing has a clear advantage. They understand the regulatory environment, the challenges of member acquisition and the unique needs of your target audience.
This specialized knowledge translates into:
- Targeted Messaging: Generic financial advertising might not resonate with your consumers. A bank or credit union marketing specialist crafts messages that connect with your specific demographics.
- Effective Campaigns: A specialist understands proven strategies for bank or credit union marketing, ensuring your campaigns deliver results. Think targeted social media ads, engaging blog posts and email campaigns that encourage engagement.
- Increased Consumer Acquisition: Ultimately, partnering with an expert in bank or credit union marketing leads to increases in consumer acquisition.
2. Easy Access to Your Partner
Gone are the days when geographic proximity was essential for a successful partnership. A fruitful relationship with your bank or credit union marketing partner is now far more about access than being local.
Today's technology allows for seamless collaboration regardless of location. Video conferencing, project management platforms (like Asana) and instant messaging tools keep communication open and efficient. Many non-local partners can also be on-site quickly with a quick flight to your location.
Here's how this ease of access can even be an advantage:
- Responsive Account Management: A remote partner may dedicate skilled account executives to your institution. These individuals are fast at responding to concerns and have more versatility than local firms.
- Flexibility: Remote teams often offer flexible working hours, which cater to your time zone and schedule.
- Talent Pool Expansion: You're not limited to a local talent pool. You can choose a partner with the best bank or credit union marketing expertise, regardless of location.
3. A Diverse Array of Clients
A local agency might have a limited client base, restricting their ability to offer a wide range of perspectives and solutions. A marketing partner with a diverse client base brings a wealth of experience and insights to the table. They've likely worked with institutions of various sizes, in different geographic locations and with varying consumer demographics.
The broad experience of a non-local partner enables them to:
- Identify Best Practices: By analyzing successful campaigns across multiple clients, they identify strategies that are most likely to resonate with your target audience.
- Avoid Common Pitfalls: Learning from the mistakes of other clients helps you steer clear of costly errors and optimize your bank or credit union marketing efforts.
- Offer Tailored Solutions: Their experience working with different institutions ensures they develop a customized marketing plan that aligns with your specific goals and challenges.
The Bottom Line
By focusing on industry expertise, accessibility and broad experience, you can find the perfect bank or credit union marketing partner. And remember…the perfect partner isn’t always local. On The Mark Strategies helps financial institutions all over the country with their day-to-day marketing, freeing up time for leaders to run their institutions.
Book a free consultation now and find expert relief from the five hats you’re wearing every day.
