4 marketing challenges community-oriented financial institutions can’t afford to ignore
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” John Wannamaker famously coined this phrase, and nearly 100 years later, it still rings true. The question of marketing dollars’ efficiency is one that is asked repeatedly and one that we know you’re ready to tackle head-on.
As a community-oriented financial institution, you know that efficiency is everything, and so is proving your marketing efforts’ effectiveness. If you are one of the people tasked with creating and getting marketing budgets approved, you know more than anyone how important it is to spend dollars wisely.
That said, it’s essential to address some of the common challenges facing many financial and bank marketers. In many cases, these challenges can prove to be costly in more ways than one. Do any of these sound familiar?
Challenge #1 – Developing customer profiles: understanding who your customer is
Being a community-oriented financial institution, you might think that you know your customer reasonably well. After all, you’re the primary sponsor of little league games and more community activities. Nevertheless, one challenge we consistently see with marketing is the challenge of truly understanding the customer and their needs.
For example, though you may know where your customers live, you might miss out on other aspects of their lives and preferences, especially purchasing behaviors or intent. Your customer data can be a banker’s best friend. Take the time to slice and dice the customer data that is right at your fingertips, and you’re better able to deliver more personalized services, recommendations and more.
Challenge #2 – Siloed marketing strategies: why an omnichannel approach works best
When it comes to marketing, nothing exists in a vacuum. In 2019 and beyond, the most effective marketing strategies are ones that are integrated, working together, for maximum impact, reaching customers at various stages of purchasing. An omnichannel approach to marketing maximizes results, which gives you a much better chance for a return on investment.
Customer experiences in multiple channels can have a direct impact on their overall perception of banks and credit unions. There’s no question that community-oriented financial institutions provide best-in-class customer service. Imagine extending that idea into every aspect of your marketing!
Challenge #3 – Creating a measurement strategy: what gets measured, gets managed
Are you struggling to prove marketing’s effectiveness to your internal leadership? If so, you’re one of the 92% of bank marketers who struggle with providing ROI of marketing initiatives.
When we know how campaigns are performing, we’re better able to track success. We believe that if you continuously measure campaign effectiveness, you’ll better understand how your marketing directly contributes to business outcomes, and, more importantly, whether or not your dollars were spent wisely. With our TargetSmart program, our analysts will review your campaign progress every 30 days to provide visibility into your return on investment.
Challenge #4 – Making time for marketing: limited resources and personnel
More than likely, marketing is not your only role, but a host of other responsibilities as well. In many community-oriented financial institutions, this is the norm. Having partners who will work with you to ensure marketing success is paramount to overall success.
In spite of all these challenges mentioned, community-oriented financial institutions are poised to succeed in today’s banking climate. To grow, they need to know more about their customers and prospects–where they live, what motivates them and how to reach them. Utilizing customer data-driven profiles and actionable strategies will improve your marketing efficiencies and effectiveness. By facing these challenges, and coming up with solutions within your organization and with partners like Main Street by your side, you can clearly show the return on your marketing investment.
Since 1998, Main Street has been providing superior solutions and services to community-oriented financial organizations nationwide. Now we have rolled out TargetSmart Data-Driven Marketing Solutions, which offers marketing tools to help you win in today’s market. We’ll work with you through a simple, 3-step process for gaining customer insights, reaching customers with turnkey marketing campaigns, and measuring the effectiveness of your efforts to give you growth power you never thought possible. For more information, reach out to us here, or give us a call at 866.278.5981.
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