As we pass the halfway point of 2024, it’s an opportune time for community banks to reassess their marketing efforts, particularly in regard to increasing SBA loans and core deposits. Here’s a look at key trends shaping the marketing landscape and how community banks can leverage them effectively.
Embracing Generative AI
Generative AI continues to revolutionize marketing, offering community banks powerful tools to streamline operations and enhance customer interactions.
- Chatbots and Customer Support AI-driven chatbots can significantly improve customer service by providing instant responses to inquiries, troubleshooting assistance, and directing customers to relevant resources around the clock. For community banks, integrating AI chatbots can enhance customer experience and free up human resources for more complex issues, ensuring that personalized service remains a priority.
- Predictive Analytics Using AI for predictive analytics allows community banks to analyze extensive datasets to uncover patterns and insights that can inform strategic decisions. By understanding customer behaviors and trends, banks can tailor their marketing strategies to better target potential SBA loan applicants and depositors.
- Content Creation and Personalization AI tools can automate content creation, producing relevant blog posts, social media updates, email campaigns, and more. While AI can handle initial drafts and data analysis, human oversight ensures the content remains engaging and authentic. Additionally, AI allows for hyper-personalization, crafting messages and recommendations that resonate with individual customer profiles, thereby improving engagement and conversion rates.
Maximizing In-Person Meetings & Events
The return of in-person interactions presents valuable opportunities for community banks to build relationships and showcase their services.
- In-Person Events Community banks should capitalize on local events such as conferences, mini-trade shows, and Chamber of Commerce meetings to demonstrate their offerings, form partnerships, and gain industry insights. Pre-event marketing campaigns and personalized engagement strategies can really enhance the effectiveness of these interactions.
- Hybrid Approaches Combining in-person and virtual elements allows banks to reach a broader audience while accommodating preferences for virtual participation. A well-thought-out hybrid event strategy includes seamless online registration, interactive virtual sessions, and comprehensive post-event follow-ups.
Adapting to the New Digital Advertising Landscape
With the decline of third-party cookies, community banks must adapt their digital advertising strategies to remain effective and compliant.
- Focusing on First-Party Data Collection Building and maintaining data repositories through direct customer interactions and opt-in mechanisms ensures a reliable and compliant data source.
- Exploring Alternative Targeting Methods As third-party cookies become obsolete, community banks should explore contextual targeting, cohort-based targeting, and partnerships with trusted publishers to effectively reach their target audiences.
- Embracing Privacy-Focused Practices Transparency and user consent are crucial in the post-cookie era. Adopting privacy-centric practices that respect user choices and comply with regulations will help maintain customer trust and loyalty.
As community banks progress through 2024, it’s essential to evaluate their marketing strategies and adapt to evolving trends. By integrating generative AI, maximizing in-person interactions, and adapting to new digital advertising methods, community banks can enhance their efforts to increase SBA loans and core deposits. Studio/D has the expertise to help community banks stay ahead of these trends and position them at the forefront of marketing innovation as they plan for the remainder of the year and beyond.
Studio/D is a full-service marketing communications firm working with mid-market industrial and manufacturing clients, together with companies that support the manufacturing ecosystem. We’re a team of “makers” who simplify complex communication challenges with messaging that engages and drives results. Learn more about us at StudioD.agency, or call our president, Scott Dieckgraefe at 314-200-2630.