In the American Bankers Association’s most recent survey of bank marketers, digital reigns supreme. Digital media consumption has increased, digital media’s ROI has been clearly showcased and bank marketing budgets are beginning to reflect the push toward a digital future. This shift toward a digitally focused marketing plan will not be easy, however, as digital marketing expertise is hard to come by for banks of all sizes. Results are from an October 2022 survey of 126 bank marketers which focused on bank marketers’ priorities for 2023.
Marketers’ prioritization of digital media is based on a solid foundation of evidence. Statistica reports that the time consumers are spending on digital versus traditional forms of media has completely inverted. While formerly just a support to traditional, digital media consumption continues to outshine its traditional counterparts. In 2023, the average daily time spent with digital media is expected to reach more than eight hours per day.
Traditional media is still a major facet of a comprehensive marketing strategy, and consumers are still spending upwards of 40 percent of their daily media consumption on these channels. But using both in tandem has allowed bank marketers to see greater returns on marketing spend.
Read the full article on ABA Banking Journal.
This article is part of a continuing series on ABA surveys of bank marketers. Previous articles focused on marketers working closely with more bank business lines; trends in bank marketing; how marketers use data; choosing and using the right customer data tools; bank marketers as bank leaders; analytics and strategy; and budget expectations.
