Successful and Effective Event-Based marketing for Banks

From reading this blog, you will gain an understanding and find a guideline to follow, for a successful and effective event-based Marketing initiative for a Bank.

Event-Based Marketing is a concept that has been in existence for a while. It takes on a significant importance in the banking and financial services sector because it can identify key events in the customer and business lifecycle. The changes in customer interaction trigger a signal for a bank to personalize a communication with the specific customer. EBM enables the bank to meet an individual customer at a point of need, and turn the dialogue into a value producing one. Therefore progressive banks must invest in this compelling mode of marketing, to enhance the relationship the bank has with its customer.

A 5-point guideline for an effective event based marketing campaign.

•  Define the objective and goals

The specific objectives and goals need to be aligned strategically to the banks overall plan to drive growth and profitability.

•  Budget

The determined budget needs to be strictly adhered too. Intelligent investments should be made for EBM campaigns to be an ongoing part, of the banks marketing plan.

•  Develop a Strategic Plan

The plan should reflect a strong understanding of the target customer, along with being consistent, bold and creative, so the EBM will leave an impact on the customer. The ROI should be measured after the event.

•  Execution plan

The banks brand image, should not be compromised in any way, so the banks credibility, and the customer trust is only enhanced. Clearly, incorporate a schedule and timeline, with accountabilities, responsibilities and contingencies. Investment should be made to integrate the marketing tools, and platforms to boost customer intelligence.

•  Feedback and Insights

The captured information and data needs to be analyzed and responded to, via revised initiatives. The customer needs to be valued in every interaction with the bank. On review, all stake holders of the bank need to be communicated with the relevant updates.

  By following the 5-point guideline provided above, one can gauge the constituent factors of a successful EBM strategy. It should be noted that, Event Based Marketing could consolidate a bank’s brand message and make it resonate with the customers. It is all about relevancy and delivering information in a thoughtful and well-meaning way.

The challenges in flawlessly executing an EBM initiative can be overcome, with a strategically aligned plan and right timing. Despite the number of options available to the marketing division of a bank, to connect with customers, they should not underestimate the immense benefit in incorporating EBM as part of the overall marketing plan.