The major competition for your bank is no longer only that other traditional bank across the street – it’s also the growing competition from national or international fintech companies.
Tim Pannell, president of Financial Marketing Solutions (FMS), Franklin, Tenn., spoke recently about the need for banks to execute smart marketing, by fully aligning marketing strategy with the organization’s strategic goals.
Tim outlines the key steps for the organization as a whole to understand the strategic importance of developing a strong bank brand, and developing a clear marketing process that delivers strong brand value. Define your passion, why do you exist? Then align marketing objectives with strategic objectives. From this comes messaging that communicates your brand and resonates with your target market. To say everybody is your target market means nobody is your target market.
Hear Tim outline the key steps to successful strategic marketing by clicking on the video below.
Tim’s remarks were recorded at the recent ABA Bank Marketing Conference in Denver.