Investing in Marketing Seeds Growth for Financial Institutions

The Story: New data from a survey of community banking leaders finds a majority plan to increase digital marketing budgets in 2022. Further, the same study finds 91.6% of leaders spending the same or more on overall marketing efforts in 2022. Given that the average consumer interacts with nine different channels on the path to purchase, multichannel marketing strategies are a critical part of any brand growth strategy.

The Takeaway: In 2022, consumers expect brands to be present across all traditional and new media channels. However, simply being on the latest social media platform isn’t enough to deliver a boost in revenue and engagement. Instead, FIs should use using high-quality data to determine preferred channels for each customer demographic and convey resonant messaging on those channels to foster long-term customer relationships.

Source: Independent Banker, “Community Bank CEO Outlook Survey,” December, 2021