In a crowded market, establishing a financial institution can be challenging. Competition that has been around for years can make it difficult for your business to develop brand awareness and trust. One of the best ways to become a household name is to participate in community initiatives. Investing in a well-thought-out community marketing strategy can help your financial company differentiate itself from the competition and grow a solid clientele.
What is Community Marketing?
Community marketing is a strategy for building a loyal customer base through involvement in local initiatives. By sponsoring causes and building partnerships with organizations that work to benefit others, a community-minded brand establishes itself as one that cares about its customers and is interested in giving back.
Companies that engage in community marketing enjoy brand recognition and repeat business.
Your Brand Will Be Known for Community Focus
When you establish loyalty to your community, the community, in turn, is loyal to your business. In fact, 89% of consumers report being willing to switch to a brand associated with a good cause.
The benefits of community-focused marketing include:
- Developing your brand as a responsible part of the community. Organizations that align themselves with charities and social causes get enhanced exposure that is positively viewed by consumers.
- Getting to give back to the community. Members of the community benefit from your actions while your image is enhanced. It is a win-win situation for everyone involved.
- Enhanced customer loyalty. Customers prefer to do business with companies that share their values and concerns.
- Fostering employee satisfaction. Members of the workforce prefer to work for companies that support a cause, with many employees admitting that they wish their employers would do even more to support the community.
A marketing plan that includes cause-related efforts in the budget is a positive step toward securing your financial institution as a pillar of the community. Your media partner can pair you with organizations whose commitments resonate with your brand.
Consumers prioritize businesses that are caring (85%), responsible (86%), advocate for issues (81%), and donate time or funds to important causes (73%). Best practices of community marketing involve being genuine in your support for the long-term. Consumers will see right through half-hearted tactics, and this can ultimately have a negative effect on your business.
One example of a successful community marketing initiative conducted by a financial business was a collaboration between Citibank and Motiva, a leader in bike share. Through this joint effort, Citibike was created. As part of the commitment to transportation equity, the goal of this bike share is to increase access to bicycles in low-income neighborhoods and underrepresented communities.
In a commitment to advancing racial equality, Bank of America partnered with Major League Baseball, ESPN and Boys and Girls Clubs of America to provide a virtual field trip to the National Baseball Hall of Fame. The initiative included free streaming of the PBS re-released Jackie Robinson documentary and a courageous conversation event exploring the intersections of sports, race, and culture. As part of the campaign, the bank donated $10,000 to Boys and Girls Clubs of America to assist clubs across the country in addressing critical needs brought on by the coronavirus.
In Las Vegas, Valley Bank of Nevada has always been a true partner in the community by helping local businesses and families financially survive through recent economic downturns. To show their commitment, Meredith Las Vegas helped them partner with Habitat for Humanity Las Vegas and local TV station FOX5 in its Super Build program, an initiative that built a home for a Navy veteran. “People who had not previously heard of us are now aware of us,” stated Valley Bank’s Marketing Director Julie Goe.
Efforts like these help communities move forward while building a reputation of commitment for your financial institution. Invest in your community and they’ll invest in you. Talk to your media partner about ways you can make a difference.
Market Your Financial Institution
To get your financial institution established in the community, consider marketing it around a cause. Meredith Las Vegas has many community initiatives, including the Super Build program.
Through this program, a new home is built for a local person in need. This team-building activity strengthens a positive workforce culture, and is an excellent opportunity for staff members to get their boots on the ground while giving customers an additional reason to partner with your brand.
Contact us to get involved in this or another of our community efforts. Experienced marketing professionals can help you develop a community marketing strategy that will be most beneficial to your business goals.