The Marketing Communication Rules Have Changed.
The series ‘Mad Men’ was set in the advertising world of the 1960’s. While the world has changed dramatically, much of those same marketing strategies and tactics are still being employed by many traditional advertising and marketing firms.
Most of those approaches start with a big idea that works in one medium and is translated to every other medium included in the client’s media mix, regardless if the message cannot be effectively communicated in some of those media vehicles.
Today, the gulf between what worked in traditional media versus the ever-evolving digital platforms has widened dramatically. The digital landscape has grown to the point that some traditional media, that were the cornerstone of community banking, are now facing extinction.
Digital transformation in the financial services industry has reached the stage that community banks need the assistance of outside marketing communication specialists to help navigate the new digital platforms and more traditional media channels. Those specialists should have an in-depth understanding of banking products and services to maximize the impact of the media spend on producing new accounts and return on that investment.
To illustrate the changing media landscape, take a moment to look at the change in digital ad spending in the U.S. Financial Services Industry. Digital media is forecasted to increase by nearly 20% in the next two years. In fact, since 2014 digital media spending is forecasted to increase by 113% in 2019. Those spending increases are primarily focused on display, search and social media marketing channels.
Competition, speed to market and the right media mix can make or break a community bank reaching their annual deposit or loan growth goals. In traditional banking organizations the marketing department needs the help of outside marketing communications specialists to navigate the rapidly changing media landscape.
In Leap Marketing’s opinion, the status quo is no longer acceptable. Bank marketing departments, and the people who are in charge of the marketing function, need to embrace the change and utilize outside marketing specialists to help them find ways to differentiate their organization in the new media marketplace and cost-effectively help achieve the bank’s goals.
And that is exactly why a community bank should consider hiring Leap Strategic Marketing. We are community bank marketing and communications specialists.
The agency employs former financial services marketing and marketing communications executives that have an in-depth knowledge of the industry. This is one of the things that makes Leap Marketing unique and allows us to develop strong partnerships with our financial services clients.
We have been serving community banks for many years and have specialized in helping institutions with $100 million to $3 billion dollars in deposits tackle virtually every facet of the business.
We are navigating and helping our clients thrive in the ever changing media environment and would love to put our expertise to work for you.
You can learn more about Leap Marketing’s community bank marketing expertise by sending us an email or giving John Verre or Laura Bonesteel a call at 262-436-4080.
We look forward to hearing from you and helping accomplish your goals.