At Alcott Whitney, our leadership team comes to the table with combined experience of more than 30 years helping banks grow and exceed their marketing targets. Based on our work with some of the brightest clients in the industry at institutions like Wachovia, Regions Financial and National City Bank, we've put together 5 top to-dos for bank marketers. In the business? Let us know what we should add to this list.
1. Understand your market opportunities and allocate resources accordingly. For example, we know that last year, upwards of 30 million business tax returns were filed in the United States. Just getting started are the roughly half of those businesses that are bringing in less than a million in annual revenue. At the top of the pyramid - and likely to have long ago chosen their business banking partner - are the 35,000 who are pulling in $100 million or more. That leaves a sweet spot of somewhere in the ballpark of 1.2 million small businesses earning between $1 million and $100 million each year. That's an awful lot of opportunity for financial institutions whose expertise lends itself to helping successful small businesses take the next big leap.
How to: Marshal your in-house marketing expertise, or hire a data and analytics agency that can pinpoint these opportunities and tailor messaging to them.