The Power of Partnership in Your Bank Marketing

This content is provided by our sponsor, and neither is written by nor provides endorsement from ICBA.

Marketing is most often seen as a cost center, an area of the business that requires spending money with no real guarantee of return. But what if we told you the key to strategic, high-impact marketing comes in the form of partnerships? Read on to find out more.

What do we mean by partnership marketing?

The theme of this month’s content centers around partnering for success, so we could not be more excited to talk about a marketing channel that has partnership at its core.

Influencer marketing, also sometimes referred to as affiliate marketing, is a tactic that has grown significantly in popularity over the past twelve months as financial brands (and fintechs) look to build their reach and credibility through digital means.

Fundamentally, this type of marketing involves collaboration with trusted, third-party marketers that promote financial brands and services on a performance basis. Partnerships like this come in all shapes and sizes and often orient around providing shared value. Partners earn commission for recommending great products to their audiences who go on to successfully open accounts, and banks drive new customer growth where spend is tied to bottom-line value.

What can marketing partnerships do that vendor relationships can’t?

The traditional agency model drives value by providing expertise and offsetting resource-intensive marketing tasks such as maintaining digital content and planning and executing strategic campaigns. Often these initiatives can be costly: return on spend can vary greatly, and campaigns do not always guarantee new customers.

With partnership-based marketing, there are three key values this channel brings:

  1. Earn free exposure and visibility for your bank’s products and services in front of a targeted, high-intent audience
  2. Gain trusted, third-party endorsements that highlight the value your bank has to bring – and hear directly from the source about customer feedback and interest
  3. Only pay for real results on a cost per acquisition (CPA) basis

What are the keys to successful marketing partnerships?

Like any collaboration, there are a number of key pillars to success with this type of marketing.

The first is to consider these partners as an extension of your marketing team. The more they understand your objectives, key focuses, and product value propositions, the better they’ll be able to tell your bank’s story and help attract the right customers through to sign up.

The second is to provide transparency. These publishers and influencers rely heavily on data and analytics to optimize their performance and understand what is working best to deliver results.

The third is to think long-term. A collaboration that is driving value for your bank is one that can continue to expand into new product areas, tactics, and initiatives beyond an initial pilot campaign.

Getting started with partner marketing

Partnerships in marketing are a powerful way to expand your bank’s reach and do so in a meaningful, cost-effective way. This type of marketing is scalable and brings value whether you start with one partnership or take on hundreds like the largest banks and fintechs do today. Learn more about the elements of successful partner marketing and the power that partnerships in marketing can bring to your bank.