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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 © DELUXE ENTERPRISE OPERATIONS, LLC. ALL RIGHTS RESERVED. 2 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. © DELUXE ENTERPRISE OPERATIONS, LLC. ALL RIGHTS RESERVED. 3 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. WANT MORE INFORMATION ABOUT DELUXE MARKETING SERVICES? Contact us today. EMAIL DeluxeFinancialServices @deluxe.com SEARCH fi.deluxe.com/acquire/ acquisition-programs/ CALL 877.214.2513 Listen. Solve. Deliver. © DELUXE ENTERPRISE OPERATIONS, LLC. ALL RIGHTS RESERVED.