Business

How to Entice New Customers to Open an Account at Your Bank

According to the FDIC, about 94% of American households had at least one member with an account in 2019. That means it is increasingly becoming difficult to net new customers.

What’s more, the old trusty means of advertising seem to have lost their magic. That’s why you need a modern and digital approach to lure potential customers into opening accounts in your bank. Here’s how to entice new customers to bank with you.

1. Digital Content Marketing

One of the best marketing plans to attract ideal customers is search engine optimization (SEO). It is a component of marketing that involves boosting a site’s visibility on search engines. New customers will find the service based on their search words.

Similarly, a local business can increase sales by using SEO techniques on the target market to attract online customers.

That’s because 76% of customers will make an online search of a business before deciding to visit the premises. Further, 46% will physically visit a company that appears on a local online search page.

Google My Business is an app that helps entrepreneurs provide details about their products, services, and location. The information will appear on Google Shopping, Maps, and, crucially, local Google Search results pages.

Create pages on popular social media platforms such as Facebook, Twitter, and LinkedIn to build your social presence. Post unique, engaging content on social media to boost awareness on account opening.

2. Digital Signage

Another tip on how to entice new customers is digital signage. Use the digital screens to display vivid content about account opening as it can grab your target audience’s attention.

It works better than conventional advertising too. When the target audience walks past, it can tailor the content to display ads for new products and opening accounts.

Additionally, display the bank’s services on digital screens to enhance brand awareness among loyal customers.

3. Incentives for Opening an Account

Everyone loves free stuff! One sure way to tempt new customers is to offer a cash bonus when they open an account. Naturally, this gives the impression that they will earn something if they open an account with your bank. However, this need not be a ‘free’ incentive.

Require a minimum deposit amount for a customer to enjoy the cash bonus. An example is offering low-interest rates for startup companies if they choose to bank with you. Incidentally, the bank grows its customer base while supporting small businesses.

Another way is to have a referral program. Offer cash or other rewards to existing customers that bring in new clients.

4. Online Advertising

Influencers hold sway over their audiences, and a bank can use this to its advantage. Through paid partnerships, influencers can create a buzz surrounding a bank and the products and services it offers.

Although influencer marketing appeals to a younger demographic, this marketing form is more sincere than traditional TV or newspaper ads.

Additionally, allow the influencers to offer honest testimonials on the bank’s products or services to increase authenticity. This is as good as word-of-mouth endorsement as it makes the bank appear more trustworthy, crucial for creating new business.

5. Flexible and Easy to use Options

Customers appreciate quick, convenient, and reliable services, and not everyone appreciates having to queue in person to do their banking. So, offer internet and mobile banking, allowing customers to handle their accounts online.

In addition, customers expect omnichannel support. Clients should contact the bank using their preferred channel, whether online, in person, or over the phone. Further, create a reputation for rapid response to queries and concerns.

6. Email Marketing

Unlike direct mail, emails offer a quicker and more informal way of reaching customers. Moreover, you can use a CRM to conduct an email marketing campaign, building an ongoing and personal relationship with target and current customers.

It is not enough to send an email with a catchy subject–effective email marketing needs to be a part of a comprehensive marketing strategy.

Ideally, it is okay to send follow-up emails to give target customers a nudge, but don’t overdo it. You can send promotional and onboarding messages to your email list to encourage people to open accounts.

7. Offer Unbeatable Value

Study the market and competition and find a way to offer unbeatable value to potential customers. That is a surefire way to encourage them to open an account.

For instance, you will gain many satisfied customers if you provide higher interest rates than other banks. Alternatively, you can offer reduced banking fees or a heady mix of the two.

Final Words – How to Entice New Customers

Since it is such a competitive field, it helps to increase your digital marketing efforts, offer incentives, and provide pain-free banking methods if you hope to convince new customers to open an account with your bank.   

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Editorial Staff at TechWaver is determined to inform their users regarding the latest tech news, tips & hacks, software & product reviews, and much useful information from all over the world.

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