Why More Community Banks Should Focus On PR
In the banking industry, many seem to believe that marketing efforts should remain rather conventional. Many banks still rely on direct mail campaigns, email marketing, banner ads, and similar strategies as the only component to their marketing efforts, but banks need to consider the fact that a large and growing percentage of their target audience now consists of Millennials, who don’t take well to these traditional means of mass-marketing. In order to thrive in a changing business environment, banks need to adapt just like other businesses or risk being snuffed out by more progressive-minded competitors.
So why hire a public relations agency? When working with a good PR firm, banks should receive a service bundle consisting of a reasonable balance of traditional public relations efforts, a solid social media strategy, and creative marketing initiatives. The last two points are key: social media integration and creative marketing initiatives are some of the most effective ways for banks to reach Millennials and other target demographics. In order to earn the business of Millennial consumers, who are increasingly wary and less trusting of financial institutions, banks must speak to them through outlets they trust, and take an innovative and bold approach to marketing.
At Platinum Brands, we have revitalized public awareness and perception of financial institutions that previously lacked a presence across social media channels and relied solely on traditional marketing efforts. Modern and innovative public relations and marketing initiatives have consistently proven to help our financial clients grow and achieve their goals in reaching new demographics as well as staying relevant with existing audiences. Although many organizations within the financial industry are notoriously traditional with their marketing efforts, it’s time for more institutions to try something new in effort to stay relevant in a rapidly evolving business environment. We know it may seem scary at first, but nothing is more rewarding than watching your brand grow and become more popular. Even traditionally conservative businesses like banks and other financial institutions can create hype and buzz, but they must first join the conversation to do so.