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Why Publishing is the Future of Bank Marketing
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Why Publishing is the Future of Bank Marketing

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Most financial service providers today lose nearly as many clients as they acquire each year. …

Most financial service providers today lose nearly as many clients as they acquire each year.
With a shrinking pool of business customers, and a challenging economic environment, the competition to keep your profitable customers is reaching an all-time high.
Experts agree that the way to win in this race to retain and grow profitable customers, is to engage them with relevant, solutions-based information that will help them to thrive during their own economic battles.

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  • Content marketing is the lead-generation tool for bank marketers today.
  • Wells Fargo, one of the leaders in content marketing through a variety of channels such as newsletters, blogs, case studies and other solutions-oriented content, is reaping a healthy financial reward for their efforts.Realizing that 70% of sales come from existing customers. As you can see from just a few of many statistics, the cost of doing nothing is likely much greater than that of giving your clients what they want from you.
  • Today 90% of purchasing decisions begin online, so78% of business decision makers say they are spending less time face-to-face with sales representatives. This may in part be caused by mistrust. A financial consulting firm found that even before the economic decline, 76% of customers say they don’t trust their bank to act on their behalf rather than its own. And recently, an article in the NYT, stated that the increasing mistrust of banks by their respective customers is creating a higher than normal client defection rate.
  • In fact, if you can keep even 5% more of your current corporate clients from leaving, you can increase profitability by as much as 95%.”
  • So what exactly is content marketing? Here the definition from Joe Pullizi, our webinar co-presenter.
  • This challenge may be an opportunity for financial institutions to prove yourselves trustworthy. By delivering on the needs of the customer, rather than those of the bank, you can build trust, and that trust makes it less likely for them to defect. Experts agree that by providing this kind of business intelligence to clients, there is a big pay off in your profitability.
  • Keybank offers an extensive content library that contains highly customized information to assist corporate clients, by job title or industry sector. This enterprise wide reorganization toward customer centricity, a few years ago, seems to be paying off. Chief Customer Experience Officer, Kevin Riley, said that their content-driven loyalty strategy, within it’s first year, resulted in reduced customer churn, an increase in the number of services per client, as well as an increase of 5% in client acquisitions.
  • Deutsche Bank is another successful proponent of content-driven marketing. Based on the success of their U.S. communications, last year they added a European and Asian version of this newsletter as well.
  • The same thinking, providing the right content to the right customer at the right time, resulted in these newsletters offered by Capital One Bank, this one for mid level Treasury management
  • And within this newsletter is a section that tackles high-level strategic issues and solutions, broadening the appeal of the publication to financial managers having responsibilities beyond treasury management.
  • For instance, because each of your relationship managers can be given access to the reporting stats of their client and prospect base, their hot prospects can be quickly spotted and responded to.So let’s suppose the reporting shows that Joe Prospect clicked on an article on Remote Deposit and then went on to watch a remote deposit demo. His sales representative can call Joe up and say something like “Joe, a lot of my clients are looking into remote deposit these days, is that something you might want to have a conversation about?”
  • Your content can also be re-purposed to fill your pipeline for a number of distribution channels, making great content very feasible economically. Newsletters can be aggregated into white papers, white papers and videos can be posted on your website and social media and all content can be used to build an online resource library.These are all opportunities to reach your hidden market, gain new content subscribers, and continue to build your most valuable marketing asset, your email database.
  • One huge added plus here, is that in generating online problem/solution type content, you’re not only engaging your readers, but you’re also much more likely to be found on search engines by those seeking similar solutions or services.
  • Finally, by consistently engaging both clients and prospects in this way, you can decreases the sales cycle from months to weeks.Produce an average increase of 78% in qualified leads.Improve conversion rates by one and a half to three times your prior average. And, increase average transaction Size.
  • Transcript

    • 1. Why content marketing is the future of bank marketing
    • 2. Wells Fargo leads the way in content-driven marketing. The results? Reduced client defections, impacting net profits by $20M in one year.
      –Case Study by Exametric, Inc.
      “70% of your sales come from existing customers.”
      CSO Insights
    • 3. “90% of purchasing begins online” Forrester Research
      Content marketing is about being there to anticipate and deliver the information these prospects will need as they go down the consideration path and on to the buying process.
      “76% of bank customers don’t trust their bank”
      Yankelovich Inc.
      “Increasing mistrust of banks by their respective customers is creating a higher than normal client defection rate.” New York Times
    • 4. “If you can keep even 5% of your current financial clients, (who would otherwise defect), from leaving, you can positively impact your bottom line up to 95%.”
      FredrichReichheld, The Loyalty Effect
    • 5. Defining content marketing
      “Content marketing is the art of understanding exactly what your customers need to know, and delivering it to them in a relevant and compelling way to grow your business.” Junta 24
    • 6. “Readers are searching for content that helps educate them about key business issues … those marketers that stay ahead of the curve on content will ultimately drive more leads …to their sales team.”
      Andrew Gaffney, Editor of DemandGen
      “The best revenue-generation tool is content consisting of industry intelligence.” —Financial Insights
    • 7. Samples of Banks Using Solutions-Oriented Content to Drive Loyalty, Optimize Cross-Selling, and Lead-Generation:
    • 8. Keybank’s Content Library by Industry
      Content strategy resulted in 5% less defections, increase in cross-sells
    • 9. Deutsche Bank’s Client Newsletter
      Recently added an Asian and European version as well
    • 10. Capital One’s Newsletters get an average 70%+ open-rate
    • 11.
    • 12. 12
      FPS newsletters get their bank clients an average of 80% in open rates
    • 13. 13
      Plus detailed reporting on who engaged with what content , by individual
      Delivered: 920 UniqueReads: 357 (39%)
      Total Reads: 930 (101%)UniqueClicks: 114 (12%)Total Clicks: 232(25%)Hot Prospects: 163 (18%)Percentages are rounded to nearestwhole number.
    • 14. 14
      And what Pages Were Visited On Your Website
    • 15. This sales intelligence shortens sales cycles, improves close rates and cross-selling
    • 16. Re-purpose your content for economies of scale
    • 17. Make it easy for prospects with similar issues to find you on search engines, plus …
    • 18. Decreases the sales cycle from months to weeks
      Increases your qualified lead pool 78%
      Improves conversion rate speed 150% to 300%
      Increases transaction size
      BearingPoint, Management and Technology Consultants
    • 19. Our areas of custom content expertise
      Treasury and Cash Management Services
      Commercial Card & Merchant Card Services Management
      International and Trade Services
      Wealth Management
      Correspondent Banking
      Small Business Banking
      Venture Capital Development and Investment
      Equipment Leasing
      Pension Fund Management
      Financing
      Investments
      Credit and Accounts Receivable
      Risk Management
      Strategic Business Management
      Trust Accounting and Custody
      Retirement and Benefits Planning
      chris@fpsc.com
    • 20. You too can achieve extremely high client and prospect engagement rates
      • We collaborate with you to develop compelling, customized content for newsletters, case studies, white papers, social media and videos, that your clients will welcome and that you can measure to determine impressive ROI.
      • 21. Real-time reporting tools to help you identify hot prospects .
      PLUS … we’ve just made it easier to choose your unique custom-content , delivery and tracking system, through our new subscription-based content pricing!
      Contact us at 847.858.9499 or via e-mail at info@fpsc.com, We can discuss your specific needs and provide a custom content marketing package ,built to your specifications.
      See how our powerful sales and marketing tools work in harmony to keep you on top of your game in the ongoing competition for customers.
      www.fpsc.com

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