Marketing isn’t what it used to be. For many banks, it’s changing how you should be investing your marketing dollars and the strategies that you should be using.
Video: Marketing Isn’t What It Used to Be
In my book, “The Breakthrough Banking Blueprint,” I quote some of Tom Farrell’s research:
“Businesses think that 13% of their marketing messages are unsolicited, but contrast that to the opinion of consumers who believe that 85% of the messages they receive are spam. Businesses believe that 81% of their marketing messages are useful. And yet, consumers and customers are saying that 84% of the marketing messages that they receive are not even slightly useful. Businesses believe that 75% of their communications are personalized, but consumers see it differently. They say only 17% feel that it is personal.”
The problem is that we are still talking at people, not talking to them, not bringing the value, trying to schlep our stuff, and those days are over.
In a market like this, that can be seen as being very out of touch.
We’re now living in a world where they need information more than they’ve ever received before about how they can more effectively be running their businesses, managing their money. Your customers want information from you, but they don’t want to hear your marketing messages. So how do you convert those messages?
Well, one of the strategies is through “Smarketing”.
The problem is most marketing departments think that their job is to develop leads, and then they think their job is done. They believe that they are in a silo. The problem with that is that that lead has not yet paid for itself, and it doesn’t until that lead turns into a customer.
Until marketing understands their role and what to do to help convert that lead into a customer, we’re going to have a lot of low return on investment from our marketing dollars. In fact, I would guarantee a negative return on investment from those marketing dollars.
We’re living in a new world where marketing now needs to be very one-to-one focused on the right people with the right messages and take it all the way to the end, so that that lead becomes your customer.
Ready to take that first step? Join me for the ALL-NEW ELITE BANK SALES & MARKETING BOOTCAMP.
– Roxanne Emmerich
Please watch the video above and share it with your exec team and board.