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In the space of a few weeks foot traffic to retail banking locations has fallen 51.2%. Yet even as consumers pivot to working from home while making their own morning latte, the need for financial transactions continues. To address the unprecedented situation, and to keep business operations running as smoothly as possible, banks and credit unions quickly changed customer strategies. In short order, institutions ranging from the largest of banks to the smallest credit unions announced plans to reduce walk-in visits. Some have already closed physical locations completely; many others have shifted to drive-thru service only, while others began offering virtual meetings or lobby visits by appointment only — or some combination of all three.
Sources: Foot Traffic by Category, InMarket InSights (2/1/2020 – 3/30/2020)
Targeting Strategies
- Audience targeting – Existing customers of your bank, At-risk/vulnerable consumers,
- Location targeting – Target by radius and current location down to the block level to reach stay at home consumers
- Loyalty targeting – Based on frequency of visit and engagement to your brand as well as competitive brands
- Predictive targeting – Target based on past history including visitation and banking/finance patterns and preferences
- Contextual targeting – Mobile App Banking Customers, Finance and Investing Apps
Channel Strategies
- Consider reallocating media spend based on changing consumer behavior and reduced consumer movement caused by stay-at-home orders.
- Decrease Budgets on: Out of Home (OOH)
- Increase Budgets on: InHome Digital (online/mobile/apps), Radio and TV including streaming services, direct mail and email
Content Strategies - Product/Services offerings
- Deliver Alternatives with Digital Banking – promote “no contact” service options including online banking, deposits, and transfers
- Virtual Appointment Sign-Up
- Promote Drive Through Services
- Leverage Your Existing App
Messaging
- Accept that technology now connects us all and gives your institution and an important lever to help. More than ever, customers are reliant on digital and mobile devices and are using an array of digital channels to get their information — from your website, mobile apps, email marketing, text, social media and more. Make sure these channels provide info that is helpful, clear, and transparent during this unprecedented period.
- For older and long-term customers, provide improved call center help – offering them tutorials for online banking or allowing them to get the support they need over the phone.
Download the Covid-19 Finance Playbook Below!
For more information and strategies specific to your brand, please contact your InMarket representative, or contact us today and we’ll get back to you promptly.