We’ve been having a lot of healthy conversations about marketing automation lately. We feel that it has the potential to radically change how community banks and credit unions market. Here’s how we think it can jump start yours.

Recently at MarketMatch, we’ve been having a lot of healthy conversations about how marketing automation has the potential to impact community bank and credit union marketing for the better. We (MarketMatch) are also big proponents of the “crawl, walk, run” approach to biting off steps of large marketing projects (such as marketing automation) when it comes to leading our clients.

So that we’re all on the same page, we’re defining marketing automation as a key tool in creating a steady stream of direct (prospective) and cross-sale (existing customer) lead generation while also enhancing the financial knowledge and value we bring to our customers or members.

Marketing automation is the gateway to streamlining your marketing efforts and producing effective communication strategies with your consumers.

Back to Basics

A study performed by Deloitte Center for Financial Services found that 42% of your customers or members are considered to fit into the “Basic User” segment of banking relationships. This is the largest of the four segments identified. “Basic Users” are identified as young-to-middle aged respondents with basic financial needs and – get this – being the least satisfied with their financial partner. They also tend to have a less favorable perception of their bank or credit union.

This segment of your consumers are prime candidates to jump-start automation efforts and hone the craft before rolling it out to everyone.

We know that marketing automation is a great tool to provide any one of the following:

  • Consistent, clear brand awareness and presence
  • Consistent lead generation
  • Consistent cross-sell opportunities
  • Consistent content for financial guidance

And by targeting your “Basic Users,” you open the door to automating literally any one of those avenues and seeing lift in your organization.

Why the Basics?

Deloitte points out that “Basic Users” tend to err on the younger side of your consumer population. By strategically targeting a younger audience, your channel selection becomes invariably more digitally-focused, and measurement of success becomes much easier.

Armed with an attractive product and service mix along with the targeted age demographic, your automation strategy practically maps itself. All that’s left to do is  to communicate your message in a value-oriented way that casts a favorable light on your bank or credit union.