In this article, we’ll dig into marketing strategies and techniques you can utilize to increase those bonds, as well as introduce ways PrintMail can assist you in achieving your goals.

Before we strap on our helmets and cruise through these important topics, let’s take a look at one incredible bit of data that illustrates why investing in customer relationships is critical for banks. According to The Harvard Business Review, increasing customer retention rates by just 5% can increase profits by 25%–95%. Simply put, banks with strong customer relationships see higher retention rates and more cross-selling opportunities. Honestly, it is hard to imagine any other lever producing as much ROI.

So, where to start, and how?

Key Strategies for Strengthening Customer Relationships

Create Personalized Banking Experiences

Personalized experiences have been shown to increase customer satisfaction and loyalty, leading to a higher lifetime value for customers. For many banks, the in-branch experience has long been a point of pride. Innovation, as well as the adoption of best practices from other entities, can continue to fuel this engine. From making people feel welcomed to making them feel seen (i.e., birthday and anniversary cards, representation in marketing materials); the possibilities are endless, and some of the best ideas can be verified by how they’d make us feel if others showed similar care and attention towards us.
- Translating the in-branch experience to online channels and other forms of tailored communications can be key to building a cohesive customer experience. PrintMail offers digital marketing solutions that are measurable, and our team can help you interpret data (as well as make decisions on other suitable KPIs) that can increase engagement and propel growth.

Make Effective Use of Available Data and Analytics

In the modern world we are swimming in data, with few industries capable of topping the sheer volume and variety of data created and collected by financial institutions. Without a plan, this much data can feel daunting and burdensome, and making the best use of it can feel like pushing a big rock up a hill. But data gets exciting when it becomes actionable, and assigning resources to develop and deploy a plan make it exciting and the results tangible.
- Banks that are tuned in to their data can leverage it to understand customer needs and preferences and use that data to segment customers and tailor services to meet seemingly specific needs.
- Data analytics can be leveraged in creating targeted marketing campaigns that resonate with different customer segments. Narrowing in on a client’s preferences or behaviors can help foster the feeling of “being seen” and heard by their bank.
- Here are some examples of where data can catalyze digital marketing campaigns:
  - Display/Social Ads – Image and video ads can cost-effectively generate a lot of visibility for new branch openings, special rate offers, local events, and other one-off promotions. Data can inform choices made in messaging and design.
  - Email – with its ability to personalize at scale, email presents the perfect opportunity to communicate directly to individuals with on-target messages.
  - SMS/text – You’ll want to proceed with caution, but when done right you can expect extremely high visibility, as most everyone who receives a text from their bank will read it.
  - Read more in our Banking Digital Marketing Strategy guide.

Ps: Before you create that brilliant plan you might want to start with earning buy-in from the top. There are a lot of compelling reasons to invest in digital marketing, but we all know the best plans can often look a little different after returning from the boardroom!

Take An Omnichannel Marketing Approach

Omnichannel marketing is a strategic approach that integrates and coordinates various communication channels to provide a seamless, consistent customer experience. An omnichannel approach ensures a seamless customer experience across all touchpoints.
- Starbucks’s integration of mobile and in-store experiences via rewards and notifications is an example of an omnichannel approach.
- Banks should aim to create a seamless customer experience across various channels (e.g., mobile, online, in-branch), ensuring that customers can easily switch between channels without disruption.
- According to a study by Aberdeen Group, companies with strong omnichannel strategies retain 89% of their customers, compared to 33% for those with weak strategies.

Marketing Automation Tools and Their Benefits

In banking, automation can help in delivering timely, relevant messages. It can also reduce the manual effort involved in campaign management and reporting.
- Automation can be used for common customer notifications such as reminders for bill payments or notifications about new products. Helping customers succeed in paying bills on time can help ensure a positive opinion of your brand. Learn more about how PrintMail’s compliance communications solutions can assist in satisfying your regulatory requirements.
- According to a report from Nucleus Research, marketing automation can lead to a 14.5% increase in sales productivity and a 12.2% reduction in marketing overhead.
- Curious to learn more about how marketing automation can help you increase engagement, centralize lead management reporting, align your marketing goals, and increase digital marketing ROI? Schedule a consultation.

Building Trust Through Transparent Communication

To paraphrase business icon and former General Electric CEO Jack Welch, “Trust happens when (organizations) are transparent.” Customers feel more secure and valued by their financial institution when they experience your efforts at transparency.
- Banks must continually strive to maintain clear and honest communication with customers, as an ethical stance as well as in achieving regulatory compliance. This includes providing detailed information about fees, interest rates, and financial products.
- Numbers back up the push towards transparency. In a recent survey by Edelman, 73% of respondents said they were “willing to recommend a bank that is transparent in its dealings.”

Best Practices for Implementing Bank Marketing Strategies

Consistent Branding: Consistent branding enhances recognition and familiarity, reinforcing your brand’s identity and values, and providing a clearer, smoother customer experience that boosts credibility and professionalism. Instagram’s former head of design once credited consistency as a key factor in the social media company’s success, noting, “Brands, logos, and products develop deep connections and associations with people, so you don’t just want to change them for the sake of novelty.”
Customer Feedback Loop: Actively listening to our customers allows businesses to continuously refine their services based on real input, leading to improved customer satisfaction and loyalty. Promptly addressing customer concerns can also foster trust and demonstrate a commitment to meeting customer needs. Developing systems for soliciting and properly routing feedback is equally as important.
Employee Training: Well-trained employees play a vital role in delivering excellent customer service, significantly impacting customer relationships. According to a report from BGC, banks that invest in employee training experience a 10% increase in customer satisfaction, demonstrating the value of a skilled and knowledgeable workforce.

Partner with PrintMail to Enhance Your Marketing Efforts

As financial institutions strive to enhance customer relationships, adopting robust marketing strategies is essential. PrintMail is your trusted partner in this journey. With our expertise in statement processing, eStatements, direct mail, and bank marketing solutions, we help you connect with your customers more effectively and efficiently. Start transforming your customer engagement today! Contact us to learn how we can support your marketing efforts, and subscribe to our blog for additional tips on techniques to grow your financial brand.