In a recent ABA survey of bank marketers across the country, several trends emerged revealing how bank marketing departments are staffed and managed. The 2023 ABA Marketing Organization Survey was taken by 179 bank marketers between April and May.
General economic trends appear to be impacting bank marketing departments, with the vast majority of institutions reporting no additional hiring in the next year, and slightly less outsourcing to third-party agencies. However, the move toward digital and analytic resources is continuing. Major findings include:
- Marketing remains a highly visible unit and has become increasingly responsible for business initiatives.
- Although marketing departments are slightly less reliant on outside experts for many day-to-day activities than last year, a significant proportion are utilizing third parties to assist with data and analytics.
- Lastly, marketing departments are likely to stay the same size over the coming year, despite growing responsibilities. These facts combine to create a challenging environment for marketing leaders, making it imperative that departments improve their nimbleness and efficiency, as well as continue to measure and prove their effectiveness.
If you are interested in benchmarking your team’s resources against peers, keep reading!
