What’s The Single Biggest Financial Marketing Issue In 2012?
As part of the 2012 Bank & Credit Union Marketing Study, The Financial Brand asked survey participants an open-ended question about the single biggest marketing issue their organization was facing. From the 174 responses a few dominant themes clearly emerged. Financial marketers are deeply concerned about the size of their budgets, cranky customers, profitable relationships and loan growth. See what they said for yourself.
Consumers Are Cranky
Consumer apathy and disdain for banking.
Consumer sensitivity to fees.
Battling the headwinds of negative industry perception
Battling defections.
But Will They Be Profitable?
Profitably acquiring new relationships.
Increasing acquisition rates while reducing associated costs.
Growing share of wallet while reducing costs.
More profitable customers.
How can we drive customer behavior to be profitable for us while also making them happy?
Marketing Budget Woes & Worries
The single biggest marketing issue for 2012 will be budget constraints.
Convincing our board that this is no time to cut marketing budgets — it’s time to expand.
Reaching the right audience without wasting money.
Squeezing the most out of a shrinking marketing budget.
Making the most of a small budget, and making the money stretch.
Creating more innovative marketing strategy with limited budget.
Lack of budget.
Increasing loan growth and brand awareness with a decreased budget.
Managing an effective, impactful marketing program with fewer resources.
Doing more with less.
Tough Lending Environment
Marketing loans to people who aren’t borrowing.
Increasing loans in a sluggish market will be a challenge.
Increasing loan production in a soft economy.
Getting a larger share of wallet from existing customers.
Increasing revenues/profits in a still weak economy.
Politics & Dirty Laundry
Our department needs to stop trying to be all things to all people and concentrate on helping the organization reach its goals.
We spend too much time on low priority items just because some one person thinks they are important.
Time for proper planning.
Executing the strategic plan.
Gaining a commitment to following the marketing plan.
Getting staff excited when there will be no raises again this year.
Expectations not clearly communicated.
Marketing Strategy
Attracting younger consumers and ensuring the customer experience meets their expectations.
How to attract more mass affluent and millennial customers then effectively cross-sell them.
Move toward customer-centric marketing and away from product push.
Measuring, segmenting, personalizing communications and working every day on the client journey.
Keeping pace with the number of advertising channels and leveraging each to their fullest.
Rising above the noise. It’s a very competitive market.
Standing out in a saturated market.
Productive, value-driven, strategic use of social media.
Before we can move the sales needles we need to re-focus the conversation we’re having with our employees and customers about the role and relevance of community banking in peoples’ lives today.
