Online Reviews Are Critical to Bank Marketing: Here's How to Get More – The Financial Brand

September 16, 2022
3
Views

Increase efficiency and decrease costs when you switch to an easy-to-use cloud-based software — and catch delinquencies sooner.
People-inspired innovation – the heart of Jack Henry™ technology modernization efforts.
Find out what’s top of mind for other FIs, and hear from industry leaders who’ve been there—from both the fintech and financial institution side and all stages of the process.
Read More about Webinar: Hard Truths About Digital Transformation
Register for this webinar on the sunset of universal analytics and what you need to know about Google Analytics 4.
Read More about How to Prepare for The Next Generation of Google Analytics
CX leader’s guide to winning with journey-based customer experience measurement in financial services.
Read More about Customer Journey Measurement 101 for Financial Services [eBook]
By Craig Guillot
Stay on top of all the latest news and trends in banking industry.
Whether buying a new set of sheets, ordering takeout, or searching for a car loan, consumers often use their phones.
That means a bank’s mobile marketing strategy — or lack thereof — can have an outsize influence on its ability to get noticed by potential new customers who are shopping for what it offers.
This starting point in the customer journey is also where community banks can flex their marketing muscle in a way that puts them on equal footing with competitors like Bank of America, according to experts from marketing communications company Podium who spoke during a webinar hosted by The Financial Brand.
Even better it can be done as easily and cheaply as sending an automated text. Mobile searches for “bank near me” have increased by more than 60%, according to data from Podium.
Even consumers who do a general search for “auto loans” will often find a map with recommendations on the first page. And while major players like Capital One or Bank of America may dominate top results if they have a branch in the community, local banks and credit unions have an equal opportunity to land on page one results in a mobile map display.
Listen to the brightest minds in the banking and business world and get ready to embrace change, take risks and disrupt yourself and your organization.
Read More about Banking Transformed Podcast with Jim Marous
Learn what financial institutions need to reduce deployment times and costs, break away from legacy tech, and engage more deeply with their account holders.
Read More about Speed, Freedom, and Flexibility: How to Innovate at Scale
One of the most important factors in a Google Maps search is the star rating. While banks want to ensure they are in the top results, these ratings are impacted by several factors, including the number of reviews, relevancy, quality of reviews, length of reviews and how recent they are.
get more clicks by getting a higher google maps ranking
“Banks need to understand what impacts search rankings, and that is really focusing on reviews,” said Pat Johnson, manager of product marketing at Podium during the webinar. “Your marketing team needs to be thinking about how to grow those reviews.”
The most important thing banks can do to optimize their Google rankings is to simply start asking customers for reviews. While many consumers will take to social media to rant about a negative experience, few will take the time to leave a positive review unless the bank asks for it, said Johnson.
One of the best places to ask is via text immediately after a customer makes a purchase, opens a new account, or gets a loan, said Johnson. Be sure to include a link that makes it easy for the customer to follow through.
When it comes to increasing the number of online reviews for your bank, text is one of the most powerful and underutilized tools, according to Johnson. Unlike email, which often lingers in inboxes or ends up in spam filters, 98% of text messages are opened and read, Podium’s data shows. Additionally, 76% of consumers say they will complete a review request if it is made through the right channel.
In one example, Ogden, Utah-based Tab Bank increased reviews by 12x in three months and raised its Google star rating from 2.4 to 4.7 by adopting a text-based system.
Automating the request for reviews helps bank and credit union marketers avoid missed opportunities. “It’s important to have a mechanism that streamlines that ask. Having that and the right channel is very important. You want to automate the request,” said Johnson.
Read More: 62 Digital Marketing Statistics Every Financial Marketer Should Know
Text is a useful option for delivering the automated request. Text messaging removes the friction from collecting and giving reviews, making it easy not only for customers, but for bank staff, said Marc Hansen, senior director of Americas revenue marketing at Podium.
Sending review requests via text can also open the door for a conversation, he said. While many banks are finding success through web chat capabilities, moving those conversations to text can result in even better performance due to its higher open rate and faster response.
“Once you open up text messaging as a feed for your customers, there are a variety of things you can do through marketing,” said Hansen. Examples include: collecting Google reviews, scheduling appointments, capturing internal net-promoter-score feedback and even outbound campaigns targeting small business owners.
Though many banks and credit unions have shied away from text in the past, consumers have become more open to using that channel for communication with all types of businesses. Three-quarters of consumers say they want to receive marketing messages via text, and 95% of those texts are read within three minutes, according to data from Podium.
Nobody wants to receive three texts a week about specials on pepperoni pizza, but they do welcome the occasional relevant text from their bank, Hansen said. “Text messages are personal and intimate, and you want to treat it as such,” he said. “That’s not to say you don’t leverage phone or email, but you may want to consider adding text as an option to see what it does for your customer base.”
Another critical component is to ensure that the text message offers an option to communicate directly with a human. With complex products like a home or business loan, consider it essential, Johnson said. “I want to talk to a human because my question and the process is more complex,” he said. The handoff should be seamless and ideally should pass along the relevant messaging so that the customer doesn’t have to repeat the details.
Read More:
Johnson suggested bankers think of the customer journey as a “series of conversations.” Today, most of these conversations start online — and often on mobile devices — but they may continue in a mix of other channels.
Johnson cited a survey in which 46% of the respondents reported that they actively seek out companies that provide alternatives to the phone, such as text and chat. Banks and credit unions that can seamlessly transition a conversation to any channel a customer prefers will have a competitive advantage.
Like many businesses, financial institutions tend to do what is best for themselves, not necessarily what’s most convenient for their customers, Hansen said. But to deliver great customer experiences, what matters most is the channel.
“Even if the service is great,” he said, “it could be a terrible experience for the customer if it’s inconvenient for them.”
Join nearly 3,000 financial industry executives at THE FINANCIAL BRAND FORUM, the biggest and best conference on CX, marketing, and digital growth strategies in the banking world. The Forum 2022 all-star celebrity lineup features Jay Leno, NBA legend Magic Johnson, the Shark Tank’s Daymond John, and world-class speakers from Apple, Disney, Pixar, Southwest Airlines, and more. VISIT FORUM WEBSITE.
This article was originally published on . All content © 2022 by The Financial Brand and may not be reproduced by any means without permission.
Stay on top of all the latest news and trends in banking industry.
How can you preserve what truly makes you a community institution while embracing innovation that works? Learn how in this webinar.
Read More about Navigating Disruption While Preserving the Heart of Community Banking
Open banking and open finance are becoming household names. But, what exactly is open banking, and why is it so important?
Read More about Open Banking Explained: The What, Why, and How
New insight highlights the importance of partnering with a known and trusted curator of specialized and nuanced data sources.
Read More about The Right Data Mix Delivers Better Results
FIs overwhelmingly agree that competitive success requires a digital-first strategy. But how can you provide an exceptional digital member experience?
Read More about 2022 Digital Maturity Index Report – Learn from the Leaders

source

Article Tags:
Article Categories:
Social Media · Technology

Leave a Reply

Your email address will not be published.

The maximum upload file size: 512 MB. You can upload: image, audio, video, document, spreadsheet, interactive, text, archive, code, other. Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded. Drop file here