Download BUILDING A POWERFUL MARKETING PLAN ON A TIGHT BUDGET

DELUXE MARKETING SERVICES
BUILDING A POWERFUL MARKETING PLAN ON
A TIGHT BUDGET
74
%
OF FINANCIAL
INSTITUTION
MARKETERS SAY
INSUFFICIENT
BUDGETS ARE A
CHALLENGE FOR
THEM
Virtually everyone in the financial industry is being called on to accomplish
more with fewer resources, and marketers are no exception to the trend.
In fact, nearly 74 percent of financial institution marketers say insufficient
budgets and/or staffing is a challenge for them, with a third calling it a major
challenge, according to “The State of Bank and Credit Union Marketing” from
the Financial Brand.
While waiting for your ROI benchmarks to demonstrate that your efforts
merit a bigger budget, you need to spend your existing funds wisely. It’s vital
to work smarter and identify marketing tactics that deliver the most bang for
the least amount of bucks.
When you’re building your marketing plan on a tight budget, keep these five
key considerations in mind:
1
Be smarter with your prospecting
Financial institutions have three basic sources of revenue – earnings
from existing accounts, enrollment of new account holders, and sales
of new products to existing account holders. While it’s important to
incorporate initiatives that target each potential revenue stream, on a
leaner budget it’s vital to direct your most effective efforts toward the
prospects who provide the greatest earning potential.
Perhaps your credit union has a small pool of potential new members.
Your greatest opportunities may lie in expanding the share of wallet
with these existing members. Maybe your bank typically targets every
consumer living within a certain radius around each branch, when
instead, you should be modeling your most profitable account holders
and targeting those with similar attributes.
2
Use digital marketing strategically
Like any other form of marketing, digital marketing requires a keen
understanding of your target audience and the media that reach those
prospects. Its very power and pervasiveness are what make digital
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DELUXE MARKETING SERVICES
BUILDING A POWERFUL MARKETING PLAN ON A TIGHT BUDGET
marketing fraught with peril for those who don’t proceed with a wellthought-out plan. Choose the wrong channel, and your message could
fall on deaf ears—such as sending out a mass email to a list of unvetted
addresses, or trying to connect with retirees through social media.
Precision digital marketing makes the most of your time and budget.
Determine how your key prospects spend most of their digital lives—on
social media, reading email, researching investments, keeping up with
the latest entertainment news—then direct your efforts into the digital
channels most likely to reach them.
3
Maximize mobile marketing opportunities
Fifty-six percent of Americans own smartphones, half of all
smartphone users say their mobile device is the main way they access
the Internet, and 80 percent of consumers plan to engage in mobile
commerce in the next 12 months, according to Pew Research Center.
With numbers like that, no marketer can afford to overlook mobile.
Your mobile marketing initiatives should encompass a mobile landing
page for your institution’s website, along with a well-designed free
mobile app that includes bill pay, RDC, mobile advertising, and social
media. Be mindful of the ways existing and potential customers use
mobile devices. Perhaps they are comparing types of interest-bearing
accounts, gathering investment information or accessing their existing
bank accounts. Your mobile marketing initiatives should capitalize on
how and when your account holders are interacting with their mobile
devices.
4
Invest in PR
When marketing budgets shrink, public relations programs are often
among the first to get cut—in large part because PR can be difficult
to quantify. Marketers may be tempted to set PR aside in favor of
initiatives where they can more easily measure and demonstrate ROI.
Yet PR remains one of the most cost-effective tools in a marketer’s
arsenal. Compared to other forms of marketing, PR is low cost and
high-credibility. Whether you opt for a traditional PR outreach such as
press or matte releases, or more modern techniques like viral video,
public relations can be a powerful, cost-effective (sometimes free) way
to build brand loyalty and engage customers.
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DELUXE MARKETING SERVICES
BUILDING A POWERFUL MARKETING PLAN ON A TIGHT BUDGET
5
Give guerrilla marketing a shot
An increasingly competitive marketplace and media-savvy consumers
mean marketers must find innovative new ways to reach their audience.
The concept of “guerrilla marketing” is nothing new, but financial
marketers must find original ways to make it relevant and exciting.
Look for initiatives that speak to your key audiences in ways that are
meaningful and beneficial for them. For example, one bank marketed
to small businesses by providing free billboard advertising to it’s small
business customers who wouldn’t have been able to afford the ads on
their own. Another promoted its convenience and customer service by
delivering free pizzas and doing customers’ laundry.
None of these recommendations alone will ensure success but having
a tight budget is no excuse for taking a passive approach to marketing.
Use technology and data to give you the upper hand on much of your
competition. If you don’t have the expertise to make these things happen,
look for a trusted partner that can help you create a strategic advantage
over your competition while proving your worth to your senior management
team. Do so and your budget will grow as your results improve.
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INFORMATION ABOUT
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SERVICES?
Contact us today.
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DeluxeFinancialServices
@deluxe.com
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