- November 16, 2018
- Posted by: Mark Gibson
- Category: Customer Experience, Distribution Channels, Innovation, Marketing
Financial institutions that load up on digital and put their faith in Google, Facebook and other ad networks could be making a huge mistake.
Everyone hears so much about the benefits of digital marketing and how consumer behavior is gravitating away from traditional channels. Bank and credit union marketers have responded, shifting a substantial portion of their budgets to digital advertising.
The questions are: “Have we deployed digital effectively to accomplish our business objectives?” and “Have we deployed the right mix of digital and traditional tools?”
Here are five common pitfalls to digital marketing that banks and credit unions need to avoid in order to maximize their ROI, and the steps you can take to make sure your strategy dodges these potentially dangerous pot holes.
1. Digital Marketing Is The Wrong Tool For Many Jobs
2. Digital Often Gets More Budget Than It Deserves
3. You’re Not Reaching All The People You Think You Are
4. Potential Brand and Reputation Risks.
5. People Don’t Like Intrusive Marketing
Pulling It All Together
Find savvy partners that know a lot more about this than you do. Build a brand that people know and like. Think strategically about who you’re going after, what you’ve got that is going to make your target customers choose you rather than the brand across the street, and get that message in front of them in a way they find helpful and entertaining – using traditional and digital means.
Hey, maybe great marketing hasn’t changed that much after all. (more information about each “pitfall”)