The world of marketing stretches across thousands of different industries and products. From your local hairdressers to global companies, all of them have to market their services in some shape or form.
Banks are no different, and although we might think of them as a staple part of our high streets, the rise of online banking means there’s a battle for screen time as the retail giants go head to head with challenger banks.
No longer are we just talking about the likes of NatWest, Barclays and Lloyds, who have had a presence in town and cities for as long as we can remember.
Companies such as Starling Bank, Monzo, Revolut and Monese are just as popular online, especially with the smartphone generation, who like the easy access to their finances through apps and websites rather than over the counter.
In decades gone by, we’d have associated bank marketing with adverts in newspapers, billboards and local radio or TV. Many of them are still part of the marketing mix, but now these organisations need to be considering a whole range of digital marketing including SEO, Media Buying and CRM – and that’s just the start.
Of course, the main aim of a bank’s marketing is to get potential customers to open new accounts or current customers to take on more products. Whether that be in the shape of savings accounts, ISA’s or even additional products such as credit cards or travel insurance.
Bank Marketing: Facts and Figures
Recent studies suggest that as of June 2020, companies and organisations within the banking and financial sector are spending an average of 13% of their overall budget on marketing.
This continues to rise from closer to 6% in 2017, to then around 12% in 2019. Which gives us clear evidence that the banks are putting more emphasis on digital marketing to gain new customers.
It’s unlikely to stop there either. The current COVID-19 pandemic means that less people are physically visiting banks or wandering around towns and cites.
Digital marketing for banks really is booming, and with more people working from home and sitting on laptops or digital devices, the banks have got to be seen online.
Developing Your Marketing Budget
That means a change of strategy for some, and that doesn’t just apply to banks either. The current situation means that many brands are rethinking their digital marketing plans for the coming months and years.
To help with that, we’ve put together a few pointers to consider when it comes to planning out a digital marketing budget.
Check Last Year’s Figures
There’s no better place to start than your own data. It’s unique to you and will help to give a clear picture of exactly what your brand or business is able to do.
Look at what worked and what didn’t, and then set goals in place for exactly what you’d like to achieve. Put all this together and you’ll have a rough idea of where you can afford to spend more and where you can cut back.
Research What Competitors Are Doing
Every company will vary on what they are happy to spend on marketing, but lessons can still be learnt from what they are and aren’t doing.
Remember to consider size, location and competition when comparing your business. Not all budgets are going to be similar to yours and it’s important not to stretch beyond your means.
This is probably one of the most important factors to think about. Before confirming any marketing budget, you need to have an idea of exactly what you want to achieve and how quickly you want to try and do that.
Is your aim to attract new customers, retain current ones or simply just to increase brand awareness in your industry? This should help to give you an idea of how much you are happy to spend.
For example, marketing through SEO can be more of a long-term gain, whereas PPC is more useful if you are looking for short-term success, although sometimes more expensive.
Financial Marketing with ActiveWin
We are proud to work with businesses from a number of different sectors including the financial industry, and have a dedicated team in place to help improve your digital marketing.
If you’d like to hear more on the services we offer, or need some advice on the next steps for your marketing budget, then get in touch and we’ll be more than happy to have a chat about how we can help you succeed in the future.
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