Whenever passing through a small town, do you get the feeling of nostalgia seeing a bank that appears to be “stuck in time?” For a moment you begin appreciating the bank’s original charm, while reflecting on the history that remains in that building. Then, you begin to ponder on how something so traditional remains open considering the modern-day, fast-paced, digital world we live in.
It’s simple: banks know their customers
We see this especially in smaller communities where everyone knows each other. Small town banks really get to know customers personally and tailor their service to their needs. That’s why you see those older banks still around — they know their customers.
Even as communities have grown and suburbs of neighboring big cities have become more populated, the component of customer service is still just as crucial — maybe even more so. No matter the location, whether it’s in a big city like Dallas or a small town like Marfa, banks thrive off customer service.
The timeline of marketing
Before technology came about, banks had to draw in customers through quality service and building relationships. Word-of-mouth from happy customers was key to keeping a bank — or any business — thriving. It wasn’t until the mid-twentieth century when banks began mass media advertising. This included radio, television and print forms of marketing for a bank. As technology advanced in the late 20th century, banks started to adopt more modern marketing techniques through mail and telemarketing. Targeting specific groups became easier.
Then came the Internet boom, which led to banks shifting to online marketing. Banner ads, email marketing and the use of search engine optimization (SEO) to target even more people became the norm for marketers. While a lot of these marketing tactics are still widely used today, currently the biggest form of marketing is digital marketing through social media.
Banks market to customers by understanding the needs and preferences of the individuals. They then tailor those messages or campaigns to meet the customer’s needs. The marketing messages focus on building long-term relationships, including words like “loyal,” “trust,” “friendly” and “community.” This allows customers to not just feel like a number, but an active member of the bank and gaining a sense of trust knowing they have a bank to rely on.
An example from the past
A highly successful advertising and memorable campaign from the mid-twentieth century by First National Bank of Fort Worth, now known as First National Bank of Texas, featured a cartoon character named Mr. Bagley. The ads featured Mr. Bagley in a variety of situations, such as helping a customer with something more complex like a loan, or something simple, such as enjoying a cup of coffee with a customer.
Mr. Bagley ads helped create significant growth for the bank and were so effective the bank trademarked the character as he became a beloved symbol. The character was seen as friendly and humorous — creating a face to the relationship of the bank from a customer standpoint, while boosting customer service. This example of marketing is one of the many ways Texas banks attract and keep their customers, through a customer-centric approach.
The focal point
While several forms of marketing have emerged over time, the focus of every message or campaign is to serve their customers. The customer-centric approach has always been on the top of every bank’s list — banks know their purpose is to serve as a cornerstone for their community.
Whether it’s marketed through email, billboard, a banner ad or social media, banks know their customers come first. No matter how much the marketing world changes or how modernized financial institutions become, banks will stay true to how they started by prioritizing customer service and building relationships with them.