This annual comprehensive scan of the marketing landscape in retail banking reveals financial marketers’ strategies, priorities and challenges in 2014. Roughly 300 financial institutions from around the world took the annual marketing survey this year — 54% banks and 46% credit unions.
Here is a brief summary of the results:
Financial Marketers Face Regulatory Burdens as Their To-Do List Grows Every year, the #1 problem facing marketers is insufficient budgets and/or manpower. The second biggest challenge is that financial institutions is taking on too many initiatives, and regulatory and compliance issues rounds out the top three biggest concerns to marketing folks.
Top 3 Strategic Marketing Priorities Survey participants were asked to rank their top three marketing priorities over the next 12-24 months. Loan growth, deposits and expanding/growing new markets were at the top of the list.
Most Critical Products & Services to Promote in 2014 Even though financial marketers cite "loan growth” as their most important strategic goal this year, they rank "mobile banking solutions” as the most critical thing to push (69% in 2014 vs. 63% in 2013). For the second year in a row, prepaid cards came in dead last, and PFM is still not a priority for most institutions.
Measuring Marketing ROI & Performance Nearly all financial institutions use deposit growth and loan volume to gauge the effectiveness of their marketing efforts, and 90% said they monitor growth in their customers (or members). The third most-common metric bank and credit union marketers look at is depth of relationship” (products or services per consumer/household).
Online Channels Thrive While Print Dies Online and digital channels are priorities for financial marketers including online and mobile advertising , and social media and email marketing. Over one-third of survey participants said print advertising, brochures and in-branch collaterals would be less important this year. The most useless channels? Billboards and outdoor advertising.
Adoption of Social Media Channels The overwhelming majority of financial institutions now have a presence on Facebook. More than half use Twitter and Facebook, and roughly two-thirds are using LinkedIn. A quarter of all respondents say they maintain a blog, and an equal number claim to be using Google+. Less than one in 10 are using Pinterest and Foursquare.