The bank’s marketing effectiveness is determined by how well its Marketing department and other key departments understand their customers and prospects. This also depends on how well they break down the silos that often divide them and stop them being customer-centric.
When they have developed their brand position and message, the bank and its employees must ‘walk the talk’ and deliver what they promise. Failure to do this will destroy the brand and its value.
The bank must be clear on who its target market is, and who it is not. Otherwise it will waste marketing effort and budget trying to engage people who won’t ever consider the bank’s brand.
It must know how to go about acquiring new customers and growing and keeping existing clients using different marketing techniques – choosing the right approach, getting measurable results, learning, reacting dynamically to the data, and experimenting to find the optimal approach, without over-spending budgets. When using digital marketing, besides the above, it must also be open to new ways of reaching its target market, customers, and prospects that may not be mainstream.