How much do you invest in your marketing budget every year? Now divide that amount by the number of calls or inquiries it generates.
For most banks, the marketing budget is driven by shiny new ideas from conferences that marketing people attend or based on what was done the year before.
If your marketing department is like a lot that I’ve seen, it’s filled with “creative” types. They make things that are pretty, produce lots of “stuff,” and throw great parties.
But when it comes to quantifying ROI, well…who wants to talk about that uncreative stuff, right?
Where did they get that attitude? They learned it in marketing school. But quick, name a few marketing professors who’ve made a fortune with their marketing strategies.
It’s not that they aren’t teaching anything. It’s just that they are usually setting their students up to succeed brilliantly in 1992.
Picture yourself in the driver’s seat of your dream car, ready to go—but the windows are all painted black, and there are no gauges. You turn the key, and the engine roars. You push the pedal to the floor, and away you go!