PRESIDENT’S MESSAGE Community Banks Are Essential @tmbender Tyler Bender MIBA President Midwest Regional Bank Clayton, MO “Marketing and business development are essential to any community bank’s strategy to grow and expand its customer base.” Community banks at their core are financial institutions that serve the local population in a specific region or area. We not only provide generic financial services, such as savings accounts, loans, mortgages, and investment products, but can tailor to the customer’s unique needs. We differ from larger national or multinational banks because we tend to be smaller and more focused on the local market. Marketing and business development are essential to any community bank’s strategy to grow and expand its customer base. There are several critical marketing and business development strategies that community banks can use to strengthen their brand, attract new customers, and retain existing ones. 1. Build strong relationships with customers. Community banks differentiate themselves from larger institutions by offering personalized services and building strong customer relationships. Community banks should strive to be more than just a place where customers go to deposit or withdraw money. They should aim to become a trusted financial advisor for their customers, providing tailored financial solutions that meet their unique needs. To build strong customer relationships, community banks should offer excellent customer service, be accessible and responsive to customer needs, and provide financial products and services that meet their needs. Building strong customer relationships takes time and effort, but it is a crucial aspect of community banking. 2. Leverage digital marketing. In today’s digital age, community banks must have a solid online presence to attract and retain customers. Digital marketing is an effective way for community banks to promote their services and build their brand. Community banks should leverage social media platforms like Facebook, Twitter, and LinkedIn to engage with customers and promote their products and services. They can also use email marketing to reach customers and keep them informed about new products or services, promotions, or other relevant news. 3. Offer personalized products and services. Community banks can differentiate themselves from larger institutions by offering personalized financial products and services that meet the unique needs of their customers. For example, community banks can provide customized loan packages tailored to the specific needs of small businesses in the area. 6 | The Show-Me Banker Magazine
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