Most bank marketers have their budgets approved for 2020. Now the question is how much of that budget to allocate to digital versus traditional marketing techniques.
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ABA Bank Marketing presents a five-part series based on its exclusive 2019 report, The State of Social Media in Banking.
The key to digital marketing is to remain focused on your business objectives, start small, experiment and build out a program—in concert with your traditional programs—to see what works best in your markets with your target segments.
Give your digital and traditional marketing planning a jump-start by considering these must-do’s.
Digital marketing is here to stay—and it’s a full-time job understanding it, keeping up with its latest developments and using it effectively. However, that doesn’t give bank marketers a license to abandon traditional marketing.
Some banks remain hesitant to invest heavily in developing and driving traffic to their website. Think of it this way: you wouldn’t build a new branch and then decide not to put up a sign. Likewise, your website needs a signpost (or two) and directions to help potential customers find it.
Take time to look at what happens when your customers are waiting. With a little planning, you’ll set the stage for deepening relationships by adding more value and opening more accounts.
In bank marketing departments all over the country, a longstanding debate rages on over the use of digital versus traditional marketing. Often enough, it’s framed in existential terms: Can the bank survive if it doesn’t adapt to a changing marketplace? By the same token, can it survive if it abandons the marketing approaches that have always delivered results?
You look at a product online, maybe you add it to your shopping cart, but then decide to leave the site without checking out. Be prepared for that shopping cart to follow you. Everywhere. For days, or even weeks. That’s retargeting at its finest—and done well, it can be incredibly effective at driving conversions.
A recent lawsuit against Facebook was just the latest wrinkle in the challenge of digital marketing compliance, an area that poses challenges to bankers because of its rapid change, its relative newness and a variety of regulatory implications—challenges that are usually outweighed by the benefits of digital marketing.