Cross-selling is a critical strategy to help your bank increase revenue, but it can be tedious and difficult without the right tools. This is where mobile marketing can really help out. By utilizing mobile ads, you can simultaneously reach both new and existing customers by targeting exactly who you want to attract and what product you want them to see.
So, how does it work?
Mobile agency RAIN, which specializes in banking and finance, gave us a glimpse into how their process enables banks to optimize cross-selling through mobile marketing and some tips on how to optimize your ads.
Now that we’ve taken a look at the mobile marketing process, here are some of RAIN’s tips on how to best utilize mobile advertising for cross-selling using the first-party data your bank already has within your core banking system and CRM software.
1. Data Lists
We’ve already gone over why data lists are important, but what’s even more important is making sure your bank’s first-party data lists are well segmented into categories such as age and income. This makes it easy to know which customers should be seeing which specific campaigns and ultimately makes that campaign more effective.
This tip is specifically for the ads themselves. It’s important to have a clear and concise call-to-action, or CTA, within your ad so the user knows exactly where the ad will be leading them. Be sure to have the ad link to a landing page that outlines all of your product’s benefits and requirements. We’ll cover more on landing pages in the next tip.
3. Mobile Optimized Landing Pages
Once you get the user to click on an ad, you want to be sure the next page they land on is easy to navigate, clear, and informative. Mobile users simply aren’t willing to do the research on your product or service themselves so you’ll want to make everything within your process as easy as possible. At a minimum, your landing page definitely should make it easy for customers to find the branch location near them and know how to contact you with questions. Since you’ll want customers to act on your offer immediately, your landing page should include a form or even a link to a secure application. Of course, you’ll also need to display applicable terms and conditions on your landing page to be sure your ads are compliant with “one-click-away” disclosure regulations.
4. Client Communication
Using mobile ads to keep existing customers up to date with any news about your bank is also an important part of cross-selling. Keeping your customers in the loop helps build trust and respect. For example, bank mergers can be a stressful experience for both existing customers and those that are joining your bank from the new institution. This is a great opportunity to run a campaign letting existing customers know what to expect and if there’s anything they need to do on their end.
Cross-selling can seem like a daunting task, but utilizing mobile ads is making it easier than ever before. There’s never been a better time than now to take advantage of the simplicity of mobile marketing. Consider these tips during your next cross-selling campaign and you’re sure to reap the benefits that mobile advertising has to offer.