Marketing is a key component of a financial institution’s business strategy. Marketing drives customer acquisition and retention, promotes high-margin products, builds brand equity, facilitates cross-selling and up-selling, improves customer experience, expands market reach, enables data-driven decision-making, and reduces risk. All of these elements contribute to generating revenue and ensuring the long-term profitability of the financial institution.
So marketing isn’t a cost, it’s an investment that can pay off big time by generating profits for your bank or credit union. However, as a bank marketing professional, it’s up to you to prove that your efforts are generating profits or you run the risk of being the first department to lose funding when budgets are cut.
In our C-suite survey, just over half of executives said that marketing is a critical component to their financial institution’s growth.
This leaves a majority of decision makers and budget approvers who don’t believe marketing contributes to the bottom line or believe they can’t quantify the results of marketing activities, thus jeopardizing their ability to operate effectively when budget cuts occur at financial institutions.
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