Although many banks have been putting a lot of their marketing efforts into digital strategies, word of mouth marketing is still one of the largest referral sources for banks. No matter what, if a customer is happy with your service they will spread the word to others. Let’s look into three ways banks can use word of mouth marketing strategies to gain new customers.
Encourage Customer Engagement
One word of mouth strategy actually stems from another digital strategy: social media. When customers like, comment, and share your posts on social media platforms, their followers will see it. According to Tribal Impact, an individual has 10x the social reach of a company or organization. Create content that is share-friendly like polls and quizzes. Feel free to ask questions in your post captions in order to get users to comment. Another great way to gain engagement is to post employee anniversaries. When you post anniversaries, you’ll receive an abundance of people commenting their congratulations.
Create Incentives
People are most likely to share information about you if there’s something in it for them. One option is to offer customers a $100 gift card if they refer someone to the bank. Or you can give fun promo items to customers who like or share your social media posts. Make sure to promote these campaigns in your branches, website, social media platforms, and email newsletters so that all your customers are aware.
Ask for Testimonials and Reviews
One thing everyone looks for when trying to decide on a company is reviews. Encourage customers to leave Google and Facebook reviews. Ask businesses for testimonials that you can post on your website and social media accounts. Prospects seeing others rave about you is essential to word of mouth marketing.
Word of mouth marketing is alive and well when it comes to the banking industry and it can be essential to growing your list of customers. Don’t be afraid to take a leap and start pushing more word of mouth marketing strategies. It’ll be worth it!
