First you need to determine your marketing strategy. That will be affected by the type of bank you want to market. Will it be a commercial bank or a retail bank? A commercial bank is one that services businesses as its main focus. A retail bank focuses on serving the needs of consumers.
Formulating your marketing strategy involves looking at market demographics: who is most likely to buy/use your banking products and services in the area in which it will be located? And market economics: employment rates, absorption rates, types of households, median family incomes, etc. Also, how to establish a niche for your banking products and services in the market is an important part of developing strategy as it takes you through the process of identifying what is unique about your bank and the products and services you will offer.
Once you have the marketing strategy developed, you can write your marketing plan focusing on how best to expose your banks products and services to those you’ve identified as your primary prospects in the market area. Forms of advertising (what forms are your prospective customers most likely to use?), the use of networking for services (what networking groups are likely to get your products and services the best exposure?), the best methods of prospecting for customers.
Studying your competition will enhance your efforts at creating an effective marketing plan. Make sure you are pricing your products and services competitively, and make sure that your products and services are attractive compared to the competition. Remember that banking services are fairly generic: that is, prices for products and services will not vary greatly. So, in order to get the competitive edge, focusing on superior service is crucial: hours of business operation, moving the lines through quickly, and providing friendly and motivated bankers to help your customers, making their banking experience a positive one.
First, formulate your strategy: identify your market;
Then, write your plan: how to get the best exposure in your market;
Always: strive for the competitive edge in pricing and customer service.