Business growth begins with lead acquisition - it’s no secret that developing successful lead generation techniques should be a fundamental part of a financial institution’s growth strategy.
There are a number of considerations when evaluating potential lead generation methods, including the size of your firm, its maturity, and its position in the market.
- Direct mail—Banks and credit unions are able to cast a wide net with flyers, cards or newsletters that are sent to a broad market segment. Businesses and households may respond especially well to discounts like free checking.
- Telemarketing—This may be helpful in B2C as well as B2B strategies. Using a reputable team to connect with decision makers is critical.
- Referrals—If your institution has private banking or wealth management services, it is important to encourage satisfied clients to refer business partners, family members and social acquaintances.
- Business section advertising—Despite its declining market share, newspapers remain important portals for many traditional and older market segments.
- Blog—A blog is an underrated way to attract new customers who appreciate your thought leadership, humanity or style of business.
- LinkedIn—While other social networks may boast more users, LinkedIn remains the king of B2B networking.
- Event marketing—Posting a booth and some talented marketing professionals at select locations like conferences and upscale shopping centers can raise brand awareness and draw in the curious.
- Cultivate existing relationships—Many customers are more than willing to encourage their friends and neighbors to try out a bank if they receive a discount or promotional item in return.
- Hire a lead generation agency—These specialists may be able to open up new markets to your business merely by making a few key introductions.
- Nurture your leads—Many of the leads that you have obtained can be converted if properly cultivated; persistence can be a surprisingly effective strategy.
- Direct people to your social media sites—Promoting your Facebook or Twitter site through contests and premium content can attract new customers.
- Brand development—Many financial institutions benefit greatly from marketing campaigns designed to elevate brand visibility and reputation.
- Follow up with emails—Any leads gathered from other channels should be solidified with emails that include numerous Calls To Action to prompt users to click and continue down a conversion funnel.
- Engage with consumers—It is very important to develop relationships with customers that will highlight your company’s personality through humor, entertainment or dependability.
Using the above tactics, develop a comprehensive lead generation strategy. Most financial institutions lack the resources to utilize all of them, so identify the most productive techniques for you and use an ongoing assessment system so that you can replace methods with dwindling returns.
Lead generation is at the heart of a successful business strategy, so working with the managers at your company to help design and implement ways of bringing in new customers is critical.
If you can convince your financial institution’s team to see all business interactions as a springboard for lead generation, your company’s expansion is almost assured.