With over half of 2016 behind us, we have now entered planning season. Have you started thinking about your goals for next year? As you begin to piece together your next marketing plan, here are seven key imperatives to keep in mind for 2017:
1. One to One Marketing
How many years are we going to have this on our wish list and be disappointed when Santa doesn’t leave it under the tree? You may still not have marketing automation, but there are steps you can and should take now to help build your case to invest in it. Using an analytical partner to automate your propensity modeling for onboarding and cross-sell programs is a great place to start!
2. Marketing ROI
The days of marketers being able to say “trust me” are over. The C-Suite is demanding to know payback on the marketing investment. You need to calculate the financial benefit of your major programs, and include that in your plan. This includes how much you should be spending in total to achieve your institution’s market share growth objectives. If you don’t know, do your research to find out!
3. Customer Segmentation
Banking as “one size fits all” or “being the bank for everyone” just doesn’t work anymore. And it’s Marketing’s job to do the analytics to understand just who your bank is good at attracting, where in your trade area the growth is occurring, and just who actually contributes the most profit. That allows you to optimize your marketing investment for the greatest return to your bank.
4. Marketing Automation
CRM has been a “dirty word” in our industry, and to some, marketing automation sounds similar. The truth is that Marketing can’t get done what it needs to today without some automation, but there is a wide spectrum. You don’t need to boil the ocean. Start small with a campaign management system like WorkFlow or a compliance approval management system like Kadince. Prove the value then build from there to a more comprehensive solution.
5. Customer Experience
As brands move from being what you tell the customer, to what they tell you on social media, the Chief Marketing Officer becomes the Chief Experience Officer. What are you doing to make sure that the customer’s user experience at each touch point is consistent with your brand promise? Are you integrally involved in functionality and usability of mobile banking enhancements, for instance?
6. Digital Marketing
“Go Digital or Go Home!” should be the marketing mantra for 2017. Financial institutes have seen their marketing budgets shift pretty dramatically to digital, but for most institutions, it’s still a paltry amount (less than 20% of total). This allocation is not keeping up with the speed at which consumer behavior and eyeballs are moving to digital and mobile.
7. B2B Lead Generation
I can’t tell you how many FI marketers I talk to who say, “We don’t support Commercial. They do their own thing.” That’s only because you haven’t convinced them of the value of providing their sales force with vetted warm leads from a thought leadership content marketing program. And you don’t need fancy technology or HubSpot to deliver value to your business bankers!
Want to learn more about ways to maximize your marketing budget next year? Register for our "Seven Imperatives for 2017" webinar on Oct. 20.