Magazine article Independent Banker

On-Target Marketing

Magazine article Independent Banker

On-Target Marketing

Article excerpt

It's a bank marketer's dream: getting the right message to the right person at the right time, says Jana Jurukovska, ICBA's vice president of marketing and creative director.

"Community banks have always been the leaders in relationship banking, and by using data and technology, they can deepen their relationships by creating a more high-tech, high-touch experience for their customers," she says.

MainStreet Bank in Fairfax, Va., has launched a comprehensive digital marketing strategy that includes "geofencing," or granular, location-based campaigns, says R. Bruce Gemmill, the $1.2 billion-asset community bank's senior vice president and chief marketing officer. "We are actively planning to make geofencing with radii around each of our branches a key marketing strategy," he says.

So what does location-based marketing look like to the average consumer? "That average consumer looks at their mobile phone about 150 times each day," Gemmill says. "If I want to reach consumers within, say, a one-mile radius around one of my branches, I simply use GPS to have my ad displayed on their phones."

MainStreet Bank aims to drive new customer conversions and increased deposits primarily through promoting its various products and services, he says. The marketing campaign will also focus on increasing value for existing customers via new offerings. Timing and messaging are key. "For example, if I target people on payday, a creative piece suggesting they put some of their pay into a high-interest-bearing CD might be the ticket," he says.

Staying top of mind

While the object of all marketing is an eventual sale, raising brand and product awareness usually precedes the sale, such as with prospective customers who currently bank elsewhere.

For example, Gemmill could input all of the competing banks within a given radius, and whenever a consumer he is targeting enters a competitor branch, MainStreet Bank's ad would pop up on their phone.

"To visualize this, let's say Mr. Smith wants a home equity loan," Gemmill says. "Mr. Smith Googles 'home equity loans near me,' and voila! His interest in home equity loans is now public [in the form of an IP address], and I send him an ad to appear on his cell phone that offers a better rate than my competition, and I even include directions to my branch."

He believes taking the time to switch banks is not necessarily a priority for most people, so the best long-term strategy is to stay visible. "There will come a time when a person requires a solution their current bank can't provide," he says, "and I want MainStreet Bank to be at the forefront of mind. …

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