Marketing Advisory Services for Community Banks

BankBound’s marketing advisory team partners with your community bank to develop a growth-oriented marketing plan for your product/service lines. We’ll work closely with your team, providing expert guidance every step of the way.

Our collaborative, four-phase process, grounded in The 5C Analysis framework (Company, Customers, Competitors, Collaborators, and Context), ensures your marketing strategy is aligned with your growth goals and delivers measurable results.

Phase 1: Discovery & Assessment (Understanding the Landscape)

Phase 2: Strategy & Objectives (Setting the Direction)

Phase 3: Tactical Plan (Bringing it to Life)

Phase 4: Implementation & Measurement (Making it Happen)

The 5C Analysis

The 5C Analysis is a marketing framework to help understand market position and develop effective strategies. It involves a deep dive into five key areas:

1. Company

Analyze the bank’s internal strengths and weaknesses specifically related to the chosen product/service line. This includes assessing:

• • Product-specific resources: Financial resources allocated to the product line, dedicated personnel, and relevant technologies.
  • Current marketing efforts: Existing marketing materials, campaigns, and channels used to promote the product/service line.
  • Performance metrics: Key performance indicators (KPIs) for the product line, such as sales figures, market share, customer acquisition costs, and profitability.
  • Internal processes: Internal processes related to the product line, including product development, customer service, and operational efficiency.

2. Customers

Gain a deep understanding of the target audience for the specific product/service line. This involves:

• • Segmentation: Identify and segment the ideal customer profile for this product/service line, considering demographics, psychographics, financial needs, and behaviors.
  • Needs and pain points: Analyze the specific needs and pain points this product/service line addresses for the target audience.
  • Product usage: Understand how customers currently use or interact with this product/service line, including frequency, channels, and potential pain points in the customer journey.
  • Satisfaction and loyalty: Assess customer satisfaction and loyalty levels for this specific product/service line, identifying key drivers and areas for improvement.

3. Competitors

Identify and analyze the key competitors specifically targeting the same customer segment with similar product/service offerings. This includes:

• • Competitive products/services: Detailed analysis of competitor offerings, including their features, benefits, pricing, and marketing strategies.
  • Strengths and weaknesses: Assess each competitor’s strengths and weaknesses relative to your bank’s product/service line.
  • Market share and positioning: Analyze each competitor’s market share and positioning within the target segment.
  • Competitive advantages: Identify what differentiates your bank’s product/service line.

4. Collaborators

Identify potential partnerships and alliances that can specifically support the marketing efforts for this product/service line. This could include:

• • Technology/fintech partnerships: Collaborations with technology/fintech companies that offer complementary products or services that enhance the value proposition of your product/service line.
  • Community organizations: Partnerships with local businesses or community organizations that serve the same target audience and can help extend the reach of your marketing efforts.
  • Internal departments: Collaboration with other departments within the bank (e.g., customer service, sales, branch operations) to ensure a consistent customer experience and leverage cross-selling opportunities.

5. Context

Analyze the external factors that could specifically impact the marketing and performance of this product/service line. This includes:

• • Economic conditions: Assess how economic factors, such as interest rates, inflation, and local economic health, could influence demand for this product/service.
  • Regulatory environment: Identify any regulations or compliance requirements that specifically affect the marketing and delivery of this product/service line.
  • Technological advancements: Analyze how technological trends, such as mobile banking adoption or fintech innovations, could impact customer expectations and create opportunities or threats for this product/service.
  • Sociocultural trends: Assess any social or cultural trends that could influence customer preferences and behavior related to this product/service line.

What to Expect from the 5C Analysis

The 5C Analysis, when focused on a specific product/service line, provides a targeted and actionable understanding of the market landscape, enabling informed decision-making and the development of effective marketing strategies for that offering. Here are the key outcomes:

• Deep understanding of the target audience: In-depth knowledge of the specific customers who are most likely to use and benefit from this product/service line, including their needs, preferences, and behaviors.
• Identification of product-specific opportunities and threats: Pinpoint opportunities to leverage and threats to mitigate unique to this product/service line within the market.
• Development of targeted marketing strategies: Insights from the Analysis inform the development of highly targeted marketing strategies that resonate with the specific audience for this product/service line and address competitive challenges within that niche.
• Stronger competitive advantage: Understand the strengths and weaknesses relative to competitors offering similar products/services, develop strategies to differentiate your offering, and gain a competitive edge within that market segment.
• Improved resource allocation: Effectively allocate resources specifically to the marketing efforts for this product/service line, maximizing ROI and impact.
• Enhanced decision-making: A data-driven foundation for making informed decisions about product development, pricing, distribution, and promotion strategies specifically for this product/service line.

Walk Away With:

1. Go-to-market strategy, including a marketing channel plan with tactics, action items, and a timeline.
2. Identified KPIs aligned with business goals.
3. Executive scorecard for tracking KPIs
4. Marketing performance reviews with leadership

Benefits of Partnering with BankBound

BankBound is passionate about empowering community banks to thrive in today’s competitive landscape. We understand that your needs extend beyond just digital marketing solutions, which is why we’ve expanded our solutions to include growth advisory services.

Here’s how our growth advisory services can benefit your bank:

1. Holistic Perspective – This 360-degree view allows us to develop strategies that address your broader business goals, not just your online presence.

2. Strategic Alignment – Align your digital marketing strategies with your overall business objectives, ensuring every campaign contributes to your growth goals. This means your marketing efforts will be more focused, effective, and impactful.

3. Data-Driven Insights – Leverage data and analytics to identify growth opportunities and provide you with actionable recommendations for product development, pricing, distribution, and customer engagement.

4. Increased Efficiency – Optimize your resources and maximize your marketing ROI by aligning your marketing with your overall strategy.

5. Sustainable Growth – Build a strong foundation for long-term success by developing a comprehensive growth strategy that addresses all aspects of your business.

With BankBound’s growth advisory services, you’ll gain a trusted partner dedicated to helping your community bank thrive. We’re passionate about #banklocal and committed to providing you with the strategic guidance and support you need to achieve your goals. Contact us to learn more or get started.