A dramatic change in priorities for financial institutions this year is causing readers of the Guide to Financial Marketing to take notice. The report, which is sponsored by Duluxe and has been produced every year for the last five, provides a helpful survey about topics of interest to financial marketers. The 2018 report shows that the new number-two priority is “deposit/checking growth,” rising from number five last year; the previous number-two priority was “loan growth.”
According to The Financial Brand, “This was the greatest change (either up or down) by any priority in 2018. In fact, deposit/checking growth was the most mentioned ‘top priority’ in 2018 (mentioned by 25% of respondents).” This shift in priorities might mean it’s time to re-evaluate your marketing plan. “Financial marketers must invest in new technologies and revisit product and channel strategies that reflect the expectation of the consumer” (thefinancialbrand.com).
While you’re preparing for the coming year’s marketing plan, determine what your financial institution’s marketing priorities are and ensure your plan aligns with them. Consider the following:
- Your marketing collateral: If your top priority is to see deposit growth, does a significant percentage of your promotional materials focus on those account types?
- Your marketing budget: Do you allocate funds for campaigns aimed at your marketing priorities?
- Your marketing channels: This is key. The most effective campaigns send multiple offers for multiple account types through multiple channels, which can be accomplished easily with cross-media marketing, sending both print and digital collateral. It’s also important to remember the power of personalized, relevant marketing. This can mean using variable data to include recipients’ names on marketing materials. It can also mean taking advantage of technology like Marketing Automation, which tracks website visitors so that promotions match recipients’ interests. Wouldn’t it be ideal if a visitor to your checking account webpage automatically received an email about the benefits of your checking accounts?
If you want to create a modern, effective campaign that connects with your target audience and achieves your goals, image.works can help by making your priorities our own. We’re experts at crafting get-results financial marketing strategies with eye-catching collateral, quick turnaround, a bargain price and unbeatable personal service.
Sources:
https://thefinancialbrand.com/73365/banking-financial-marketing-research-trends-2020/?edigest
https://www.digitalbankingreport.com/trends/2018-guide-to-financial-marketing/