Step Seven: Marketing and Outreach

As with any new product, the success of Bank On accounts and services requires effective marketing. In addition to developing a product that meets the needs of unbanked residents, program teams should develop a targeted marketing and outreach strategy to reach these individuals. Marketing messages not only encourage use of the product, but also incorporate important public service messages about the importance of saving and keeping money safe.

Identifying and Understanding the Target Audience

Marketing teams must identify and understand all segments of their target audience, including barriers that may prevent their message from having its intended effect. The unbanked population often encompasses a disproportionate share of low- to moderate-income residents, immigrants, the elderly and individuals who have long used high-cost and often predatory financial services. To develop an appropriate outreach strategy, Bank On teams will find value in looking at local or national research on their target population. Focus groups or surveys of unbanked residents can provide insight into specific characteristics of the population, as well as barriers that keep them from accessing the financial mainstream. National organizations such as the Center for Financial Services Innovations (CFSI) have also conducted research that highlights the characteristics of the un- and underbanked population, as well as effective marketing and outreach techniques to reach these individuals.

Crafting an Effective Message

Successful programs find that an effective message demonstrates the benefits of mainstream banking and the heavy costs incurred when using fringe financial service providers. They employ a variety of messages to encompass the range of issues faced by the unbanked and how Bank On helps overcome these issues. For example, “I saved $800 when I opened a checking account,” “I have more money for my family because I opened a checking account” or “I don’t have a social security number but I do have a checking account.”

Developing Materials and Advertisements

Local media outreach typically involves making public service announcements, printing op-eds in local newspapers, placing materials in voter information guides and airing sound bites on television and radio. Distribution of printed materials is also a key component of most Bank On marketing campaigns. Outdoor marketing options may consist of billboards, bus advertisements and posters placed in bus shelters and other public locations. Fliers and buck slips, which are generally considered essential marketing materials, can be made available at banks and community-based organizations and should be distributed to employers, affordable housing providers, city agencies and other places frequented by unbanked residents.

Choosing Effective Delivery Channels

It is important for Bank On campaign leaders to engage trusted voices in the community in promoting the program. Local elected officials and leaders of established community-based organizations often serve as effective spokespeople. City agencies and community-based partners that work with the target population are excellent points of outreach as well. Distributing marketing materials through these channels, as well as training staff from these organizations to provide information about the program, have proven to be effective outreach strategies.

Creating Effective Outreach Partnerships

Focusing outreach efforts on organizations that provide personal finance services, such as Volunteer Income Tax Assistance sites or financial education classes, is an essential component of any successful Bank On program. Programs can also build on their communities’ existing infrastructure for social services and asset building by disseminating information about the Bank On program. These efforts may include marketing Bank On products and services through an Earned Income Tax Credit (EITC) campaign, including fliers in utility bills or putting information about the program on the city’s 2-1-1 or 3-1-1 information lines. City programs and services are also good outreach mechanisms. Banks and credit unions should also serve as key access points for a Bank On program. As part of a broader marketing strategy, program leaders often train frontline bank staff on how to interact with potential Bank On clients. Additionally, financial institutions can participate in community outreach fairs and other events, particularly if they occur in targeted, low-income neighborhoods.

Creating a Website

An online presence not only provides information to the public, but also allows for the dissemination of important information and materials to Bank On committee members and other partners. Most initiatives either buy website URLs or host content on community organization websites. Programs also leverage social media tools, such as Facebook and Twitter, to get the word out. Many Bank On programs have created online tools to allow clients to find the right account for them and to direct them to an appropriate financial institution.

Tracking the Impact of the Outreach Campaign

Program teams may use customer surveys administered by financial institutions or community groups that ask why respondents were interested in opening a Bank On account and how they heard about the program. This information can be valuable for assessing which marketing and outreach techniques are most effective.