Despite the rise in online and mobile banking over the last several years, many consumers still want to bank in person. That means proximity and convenience is still a factor and valuable for a branch to be nearby.
Brand Confidence Booster
Having a branch in the community boosts confidence. People still want to warehouse their money (in case of a Bank) where they can easily get to it. In the case of services, having a branch in close proximity enhances the Homey feeling!
Marketing in the Community
Having a branch in the community makes it easier to understand and get involved with the community. It raises and institutions profile in the local community. Some local institutions even band together to pool their resources and create umbrella marketing campaigns.
Position Your Brand as the Answer
Being inside the community gives you a good idea of what its members require. Consumers today look at the products first and institutions second.
"Provide value and establish yourself as having an in-depth understanding of the problems they are looking to solve. This takes the form of creating content via webinars, blog posts, guest blogging, and getting out there and physically networking with people. From all this you will start to attract a following, and as long as you have a structured sales funnel setup, you will be able to convert the followers/fans into paying customers."
Make Switching Easier
Make it easier to switch to your brand.