ABA survey: Three trends driving change in bank marketing.
ENPNewswire-July 13, 2022--ABA survey: Three trends driving change in bank marketing
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Release date- 12072022 - A recent ABA survey of bank marketing leaders reveals several important organizational shifts are underway within bank marketing departments.
First, it's clear that banking is following in the footsteps of other industries in terms of broadening its marketing focus from its historical brand communications origins to also include data and technology-driven campaigns to drive revenue. And the role marketing is playing is shifting to accommodate this focus on performance.
This is the third of a series on an ABA survey of bank marketers. Previous articles focus on bank marketers as leaders and the prominence of digital marketing.
Second, most marketers are relying on a cadre of specialized outside resources to augment their internal resources and 'supercharge' their efforts.
And third, the vast majority of organizations have centralized their marketing functions.
This article explores each of these three trends to better understand where marketing is headed, and what organizations hope to accomplish.
Taking a seat at the 'growth table'
Wendy Kagan, EVP and chief engagement officer at BankNewport, points out that her bank has seen an important shift. 'We have been pleased with our brand building over the years, but we saw the need to augment our marketing team's skills in the analytics and marketing technology area in order to identify and capitalize on new growth opportunities,' she says.
The Bank has recently invested in CRM and marketing technology to enable the automation of cross-sell campaigns based on personalized next best product modelling. The bank has also invested in the Medallia CX platform to provide near-real time customer insight to fuel process enhancements and even product innovations.Speaking of customer experience, organizations are putting their 'money where their mouth is.' Nearly 65 percent have invested in a customer experience role in their marketing department, while 55 percent say marketing has roles for data and analytics and marketing technology management.
How does a marketing leader organize and harness this newfound power to fuel an organization's growth? While some bankers report growing pains, there are clear signs of success.
'We are primarily a business bank and the traditional marketing approach really doesn't work that well for us,' says Charlene...
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