Network marketing is a booming business that is helping banks make money and help businesses thrive.
For banks, it’s an effective way to promote their services and get more customers to take the plunge into digital banking.
“We’ve got a lot of opportunities for network marketing in this market,” said Dan Schreiber, a marketing executive at U.S. bank TD Bank.
“It can help the bank reach a lot more people, as well as attract customers from other markets.
We’ve got to be very proactive in terms of the content we put out there.”
One way to get in on the action is to post a short video on YouTube, a video game, a photo or video.
“They’re trying to get the word out about the product,” said John Mather, managing director of marketing at Wells Fargo, which has more than 10,000 employees in Canada.
“There’s some great content out there that can help drive engagement.”
Network marketing can help to promote the bank’s services by giving its customers a chance to interact with the brand.
“A lot of times when we put our brand out there, we don’t really have a way to interact,” Mather said.
“So when people see that, they can really engage with it.
And they’re also going to want to buy our products.”
One such product is the popular social media platform Snapchat.
It has become a popular way for businesses to promote themselves and their services.
In its most recent fiscal year, it generated more than $50 million in revenue for the bank, and it’s gaining momentum in other sectors as well.
For example, the bank launched an advertising campaign that featured a young boy holding a smartphone, and a new app is being developed to connect brands to children.
“You’re going to see more and more of this kind of marketing as we continue to invest in digital marketing and reach out to more people,” Maitland said.
He said he also sees a shift in the way banks are promoting their services, particularly in their online channels.
“I think the majority of people don’t realize how valuable the channel can be in helping to drive engagement,” he said.
In other words, if you’re a bank and you want to promote its services, you can put out a video and you can get some eyeballs.
Mather also sees an opportunity in social media for businesses, particularly small businesses.
“What we’re seeing now is a lot companies that don’t have social media, they don’t use social media to sell their services or to reach out, they’re doing it in their email,” he added.
For instance, in the U.K., where there are fewer and fewer customers, it can be a challenge to get people to sign up for accounts on LinkedIn.
“LinkedIn is one of the best places to get leads to sign on to, so we have a lot in there for small businesses,” said Mather.
For TD Bank, it was also important to promote bank products on social media.
“If we can get people talking about the products and the products we’re selling, then we can really build that relationship,” Manton said.