The 2022 ABA Marketing Planning and Budgeting Survey reinforced the budget shift to digital marketing, and it provided insight into what bank marketers are planning in terms of staffing changes and budget allocation. The findings also suggest that the marketing function is working more closely with business lines than in past years:
Money is moving to digital. The 2022 survey reinforced the 2021 survey finding that bank marketers are shifting more of their budgets to digital tools, at the expense of traditional media.
Business lines influencing marketing budgets. Another factor that may be driving the shift from traditional marketing to digital is that lines of business are having a greater influence on how much is being spent on marketing, and how it’s being allocated. In 2022, 58 percent of respondents agreed that business lines have direct input on marketing expenditures, compared to only 40 percent in 2021.
Looking ahead. The crystal ball is clear—digital tools, marketing and sales partnerships and measurable results for an even balance of customer acquisition and retention are in the cards for the upcoming year. Budgets are increasing across channels and tactics, and marketing teams have allocated their resources to contribute to their institutions’ loan and deposit growth in meaningful ways. Darkening economic clouds could be on the horizon, but provided bank marketers have the internal capacity to do so, they will remain agile and flexible as their institutions’ goals pivot throughout the next 12 months.
Read the full article on ABA Bank Marketing.
This article is part of a continuing series on ABA surveys of bank marketers. Previous articles include 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.
