Content marketing for banks and credit unions can be challenging. With new content marketing channels constantly emerging and regulatory and compliance requirements you may feel like your content marketing efforts have been challenged the last year and a half.
The Financial Brand reached out to bank and credit union marketers with a series of questions to help describe the current state of financial marketing. The research shows that financial industry marketers have been highly adaptable since the pandemic and are using new tools as the digitization of marketing has accelerated. Here are a few noteworthy findings from their research:
- Marketing budgets have not decreased
- A number of banks and credit unions have increased their marketing staff or supplemented them with agencies or freelancers
- Video continues to be one of the best ways to reach consumers
- There is a growing awareness that financial institutions need to pay more attention to ‘financial inclusion’
- Agility in financial marketing is a must
What does financial marketing accomplish?
Many financial marketers used the pandemic as a reason to pause and reflect on their message to consumers and examine if previous marketing tactics were beneficial. The research found that focusing more on the community than the bank or credit union was impactful in their marketing efforts resulting in revenue growth. Highlighting your customers is a great way to place your organization in a positive light without promoting your services directly.
Digital marketing is on the rise
The pandemic has prompted financial institutions to utilize digital channels rather than options like billboards, bus benches, and local newspapers. It is clear that using digital channels such as email, video, social media and website blogs will continue post-pandemic to reach consumers.
However, financial marketers still utilized some direct marketing as remote workers were more likely to check their mail each day. Financial marketers also relied more heavily on email which provides more detailed tracking on results.
Changes in the financial services industry will continue to create opportunities for financial marketers to adapt and learn new ways to reach consumers in 2022 and beyond.