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Thursday, February 22, 2024

Digital marketing in promoting banking organizations

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Due to the high competition in the market of banking products, the effective organization of the marketing activities of banks is one of the significant factors of their successful activities in the market. The changing technological and socio-cultural environment requires adjusting the current promotion practices, as well as the active introduction of modern promotion methods. As a result of the development of digital means of data transmission, their active use by the population, the direction of digital marketing is becoming relevant.

For a long time, banks have used various means to promote their own services and products. In the 70s, one of the first banking organizations began to develop marketing services in order to be able to stand out from competitors and form certain advantages in the eyes of the consumer. Currently, high competition in the banking industry stimulates the development and continuous improvement of the applied marketing technologies.

The development of the technological and socio-cultural environment determines the further development of methods for promoting products and services, as well as marketing in general. Actively developing communication technologies provide new opportunities for increasing the efficiency of companies’ marketing activities. Experts believe that at the moment it is important to use Digi-M technologies to promote banking services.

Smartphone users are the fastest-growing target audience in the digital space. The purpose of using social networks is to attract a client to a financial institution using online marketing tools. And the tasks: to maintain customer engagement, change and improve customer experience in the digital space, increase the number of loyal customers for their further participation in the development of a financial organization, support an additional platform for helping and advising customers, adapting offers to customer needs.

The standard media of Internet advertising are mainly used: online banners, landing pages, HTML blocks, public pages/groups in social networks. The advantages of these types of advertising platforms are targeting and, as a result, a more positive attitude of users to information, a relatively low cost of contact with the target audience.

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Banking organizations are increasingly using digital tools in their marketing activities. In order to promote their products, many develop mobile applications, such as “Tax Debt Check”, “Payment of Fines”, “Transfer from card to card”, which perform useful functions for users, while advertising bank services, including banking, insurance, and investment products for which there are separate applications. This allows the bank to actively advance in the segment of mobile and remote banking, which is currently experiencing growth.

Also, social media marketing (SMM) is an integral part of the marketing strategy of most large banks. Brand web pages play a significant role in promoting products and services. According to the results of the analysis, it can be said that most banking organizations actively use certain promotion tools using digital marketing. The largest banks, depending on their marketing goals, use traditional contextual and banner advertising, social media marketing, content marketing, and search engine optimization. It should be noted that marketing activities are not always systemic, which entails a decrease in the effectiveness of the marketing strategy, an increase in the value of each new attracted client.

From the data in this article, we can conclude that from modern communicative digital resources, social networks and blogs are some of the most effective tools for promoting on the Internet. At the same time, several key areas of their application can be distinguished:

  1. SMM – brand promotion through social networks.
  2. Influencer marketing is a way of promoting products/services through people who influence the opinion of the target audience. That is a promotion with the help of opinion leaders. For example, political leaders, show business stars, or bloggers.
  3. Blog on the official website of the company. Positive aspects of a blog: additional traffic, expert opinion, prompt feedback, the formation of a target audience, and an increase in its loyalty.
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I am a writer who is developing in the direction of technology and virtual reality. This world of technology is very diverse and interesting and I am glad to be a part of it.

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