It’s safe to say the upcoming months will be unlike any other. Amid the COVID-19 pandemic, economic recession, presidential election, and retailers and restaurants now competing in the digital realm, ad space for marketers is going to be tight — and expensive.
But at a time when interest rate margins are being squeezed so tight they could fit into skinny jeans, the end of 2020 is not the time to pause your marketing. In fact, it could be just what your community financial institution needs to attract new account holders, start generating stable income, and begin 2021 on solid footing.
The end of the year is the perfect time to ramp up your marketing.
In general, it’s always a good idea to keep your marketing active, even during uncertain times. Putting it on hold could cause you to lose the momentum and awareness you’ve spent valuable time and dollars creating.For Q3 and Q4, having a solid and continuous marketing strategy will become even more important. In fact, more than 1 in 5 Americans are planning to open a savings or checking account in the next 30 days, and 19% are planning to apply for a credit card in the next 30 days.¹
Now that people are also online more than ever, all eyes will be on channels like social media, email, and streaming audio services.
Q3 and Q4’s marketing space will be more competitive than ever.
If you think you’ll be floating alone out there in ad space, you might want to think again. After marketing lulls in Q2 (and some cheaper cost-per-clicks), over half of advertisers say they are ramping up spending in Q3. That means reduced inventory and higher costs.
That doesn’t even include the countless election and news ads we’ll see this year. For a big marketing push starting around September, you’ll want to start planning your budget and strategy now.
Break through this year’s ad noise with these tips from Kasasa marketing experts.
1. Target the right audience.
Getting more account holders is good. Getting more transactional, younger account holders who will generate stable income for your institution for years to come is better. Consumer segmentation can help you identify and target the people you’d most like to attract.
For example, when designing campaigns for our clients, Kasasa targets account holder profiles based on interest and behavioral attributes from consumer studies to target the right consumers, who are also the most likely to convert.
2. Finetune your channel mix.
To market successfully, you must be on the right channels for your goals and desired audience. Digital display, streaming audio, social media, and email are all effective digital channels that meet consumers where they spend the bulk of their time — online.
Direct mail, physical collateral sent directly to consumers’ mailboxes, is one of the oldest and most reliable forms of marketing, especially when generating brand awareness.
Paid search can help you capitalize on the search traffic created by these digital channels or direct mail by making sure your institution appears at the top of Google search pages for terms like “reward checking account.”
3. Use relatable creative.
Incorporating the seasons into your ads offers a great opportunity to create an emotional connection with consumers. Make sure you tailor the imagery and messaging in your collateral to match the specific season.
Below are some examples of collateral for end of summer/back to school, Halloween, Thanksgiving, winter holidays, and new year:
Futureproof your institution by investing in your seasonal marketing now.
The upcoming months will be make or break for many institutions. Will you be able to attract the right consumers — and more of them? Consumers who will generate non-interest income for your institution and offset margin compression to set you up for future success? And those ad spaces are being taken up fast. So if you’re executing a seasonal campaign, it’s a smart idea to start planning it sooner rather than later.
Kasasa’s seasonal campaign, running from September 2020 to January 2021, was created to help community financial institutions get a jump on the Q3 and Q4 ad rush. You’ll get the best deals on pricing while driving those crucial consumers that will bring in new income.
If you’re a Kasasa reward checking client who would like some help planning and executing your seasonal marketing campaign, reach out directly to your Client Success Manager or visit Kasasa.com/contact-us. We’d love to help you execute a cost-effective, income-generating campaign for the months to come.
Craving more information on the importance of seasonal marketing? Check out this episode of Thinking Outside the Vault, where Kasasa Director of Digital Marketing, Star Exton-Raymor, and Alyson Daniel, Senior Marketing Manager, join our show to discuss how community banks and credit unions can still attract new account holders and position their brands for growth, despite tough economic times.
1. Survey Method:
This survey was conducted online within the United States by The Harris Poll on behalf of Kasasa from July 8-9, 2020 among 1,040 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact Catherine Laws at Catherine@williammills.com.