Marketing Strategy with Community Banks

Question: Discuss about the Marketing Strategy with Community Banks. Answer: Introduction: All nationalized banks are now drastically losing a huge amount of foot traffic in their banks and the record showing 50% decrease in the branch transactions over the years. So to bring new customers is a challenging job for all banks. Through online and different mobile channels we can again attract new customers (Andrew, 2014). Due to the simple and convenient use of mobile technology more and more customers are nowadays attracted towards the bank for taking the banking facility. There are few marketing strategies which we can apply to make more customers for our banks. Have to increase the option of online instant account opening. We have to make the rate cheaper for investing online account acquisition. Implementing more card less ATM facilities to the customers. Allowing customers to deposit their checks through banks own mobile app (Andrew, 2014). Prepare a brand building strategy for Al-ALM to capture a higher market share and win a competitive edge over other competitors. To build up the brand value Bank AL-ALM can take few marketing strategies through which they can understand their customer. By applying these strategies they can move faster and smarter to edge past their competitors in the competition market. Those strategies are mentioned below one by one (Growth Insights for CEOs, 2013). Adopt the best technology which can give you more value: We all know the latest trend which is depending more on clicks, so we can deposit checks by taking the picture through our phone will give us that additional benefit to edge past our competitors. Always try to understand and improve the banking processes: We should develop a process map which will help the lending team to recognize so many areas where exchanges are not so much smooth enough. Identify your customers need: Without good customers, we cant run any bank as customers are everything for a bank. So we have to check our customers need and their concern as they are not dollars or cents. By understanding our customers need, if we design our products and services then definitely we can gain enough enthusiastic customers from our competitors (Growth Insights for CEOs, 2013). References Andrew, (2014). How are banks attracting new customers? By keeping them away.Let's Talk Payments. [online] Available at: https://letstalkpayments.com/banks-attracting-new-customers-keeping-away-501346/ [Accessed 8 Dec. 2016]. Growth Insights for CEOs. (2013).5 Marketing Strategies Community Banks Use to Move Past Competitors. [online] Available at: https://www.chiefoutsiders.com/blog/bid/100598/5-Marketing-Strategies-Community-Banks-Use-to-Move-Past-Competitors [Accessed 8 Dec. 2016].