Top Drivers of Marketing Success – What to Budget for in 2015
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The document outlines key marketing strategies for community banks in 2015, emphasizing the importance of digital marketing, social media, and content marketing to enhance customer engagement and brand awareness. It highlights a continued focus on expense control, the necessity of integrating various marketing channels, and the need to understand target customer personas for effective messaging. Predictions indicate that deposit acquisition will gain priority and rapid implementation of new technologies will be crucial for competitive advantage.
Top Drivers of Marketing Success – What to Budget for in 2015
- 1. Top Drivers of Marketing Success – What to Budget for in 2015 Mark Gibson SVP and Chief Marketing Officer Rockland Trust Rolland Johannsen Senior Consulting Associate Capital Performance Group
- 2. Page 2 The Retail Banking Dilemma REVENUE EXPENSES RETURN INVESTMENT Retail Banking Financials are Challenging
- 3. Page 3 The Retail Banking Dilemma Build the Brand Improve Customer Experience Design New Products Support Sales Activities Integrate Delivery Channels Differentiate Drive X-Sell Increase Customer Loyalty Acquire Profitable Customers Demands on Marketing are Increasing
- 4. Page 4 The Retail Banking Dilemma Continued Pressure to Control Expenses and Increase Productivity
- 5. Page 5 The Retail Banking Dilemma So Many Choices – So Few Guarantees
- 6. Page 6 The Retail Banking Dilemma • Understanding the options • Focusing on a few high potential options • Determining what each channel/medium can do • Establishing realistic success criteria • Creating an integrated mix across all marketing and distribution channels LET’S EXAMINE TWO OPTIONS – DIGITAL MARKETING AND SOCIAL MEDIA The Challenge for Community Banks
- 7. Page 7 • $6 Billion Commercial bank based in Eastern Massachusetts • Founded by business owners for business owners • “The Regional Alternative to large national banks” • Very colleague and customer focused • First in market to introduce “mobile banking” TWICE! Who We Are
- 8. Page 8 Brand Building in the Digital Age • Branding is no longer simply about a prospect’s exposure to your bank • It’s about their experiences and various interactions they have with your brand • Traditional media still has a place, but now there’s websites, social media, content, mobile apps, blogs, video and countless other channels It only takes 50 milliseconds—a blink of the eye—for users to form an opinion about your website and therefore your brand* *Thomson Reuters Web of Science
- 9. Page 9 Marketing Investments in 2015 SEO and Social Signals will become even more codependent Social Media Marketing will require more content diversity Social Marketing Content Marketing will be bigger than ever Materials need to be more than copy – think infographics, podcasts, webinars, videos Mobile-Friendly content will be necessary Video is a trusted source for research YouTube is the #2 search engine Content Marketing & Video Maintain your Paid Search Program Improve through testing, keywords, offers, content Increase or start your Display advertising for wider reach Paid Search & Display Advertising Go the next level in your keywords: • Golden keywords • Low hanging fruit • Top 100 PPC Keywords • Top 100 Search Volume Ensure your website is built to enhance indexing Organic Search Performance Put Your Money on Digital Marketing
- 10. Page 10 Why Digital? • 93% of online experiences begin with a Search Engine. • 81% of all consumers research online before making a decision • 45% of Baby Boomers and 53% of Gen X’ers (age 34-59) start research online • 59% of consumers use Google every month to find a reputable, local business. • Online shoppers tend to have higher-than-typical incomes. – 55% of e-commerce shoppers in the U.S. live in households with incomes above $75,000 – 40% in households with income of $100,000 and above. Your digital channel will reach farther than your traditional channels
- 11. Page 11 Digital Building Blocks Search Engine | Website Optimization Display Advertising Content Marketing Video Marketing Paid Search Social Media Marketing Start with the basics and grow – the best results use all these tactics but you need to walk before you can run. Of course, budgets increase with each tactic added to your toolkit. Good + Better + Best Analytics tools to review and optimize performance
- 12. Page 12 Focus Your Efforts • A “Buyer Persona” is a representation of your ideal customer which provides a detailed description of a typical buyer preferences, habits and values • By defining a Buyer Persona, you will be able to figure out: – How can you solve their pain points – The tone and style you should use – The topics you should focus on – Where they go online and what sites they use – How they respond to advertising, brand messaging • Delivering the RIGHT MESSAGE to the RIGHT PEOPLE at the RIGHT TIME is critical to persuading prospects to select your products Before you spend a dime on Digital Marketing, narrow your scope to the few critical customer groups that create the most revenue Understanding what keeps your prospects up at night will allow you to better target services to them.
- 13. Page 13 SEO | Website Optimization • Golden Keywords: keywords based on a quantitative and qualitative analysis of what the highest priority keywords are for traffic growth and lead-generation opportunities. • Low-Hanging Fruit: keywords for which you are currently ranking between 11 - 50. Focus on content you create for these keywords with the goal of pushing them into the Top 10 listing positions. • Top 100 PPC: the 100 keywords with the highest associated pay-per-click costs. • Top 100 Search Volume: keywords with the highest number of monthly searches. • Everything impacts how you perform in organic search – How your site is built – How your content is keyworded – How your URLs are structured – Review at least once a year Reinvigorate Your Organic Search Tip: Google Trends is a great tool to see what terms people search for
- 14. Page 14 Paid Search and Display • According to a study by Zenith Optimedia, 2015 will see spending on display ads pass paid search for the first time since the dawn of the internet. – Display spends will swell by 21% – Paid search is expected to top out at 13% Why? • 42% of internet users don’t consider a single network their primary social platform. They use more than one search engine for research. Brands may have to double-dip and purchase ads on multiple networks to reach target customers. • Facebook, Twitter and Linked|In are just a few of the social media sites that have rolled out or improved the targeting on their networks. 2015 Will Be the Year of Display Advertising
- 15. Page 15 Display Advertising Example • Impressions 1,154,368 • Total Cost $8,200 • Clicks to Microsite 1,507 • Entrances to Application 97 • Account Open Conversions 11 Pay Per Click/Banner Ad Campaign
- 16. Page 16 Content Marketing – Beyond the Basics • Useful, informative content establishes authority and gains trust – Steadily build rapport with your target demographics – Offer valuable, engaging content designed for your specific audiences – Increased publishing improves your SEO rankings more than any other tactic • Don’t forget mobile: – Create an alternate mobile version of a website – OR, Utilize responsive web design – It’s important to provide a positive experience – 87% of sales by 2017 will be on mobile devices Content Marketing Is Money Well Spent
- 17. Page 17 Content Marketing • Blogs • Brochures • Case Studies • Data Sheets • FAQs • Feature Articles • E-books and E-zines • News • Podcasts • Press Releases • Tips • Videos • Webinars • Web copy • White Papers Marketing Assets Banks and Companies are Using Effective marketers allocate 30% of their marketing budget to content marketing versus less effective marketers who allocate only 18%.
- 18. Page 18 Video • YouTube is now the #2 search engine • Testimonial Videos are powerful: – Recommendation from someone else still remains the most trusted source of information. – A well-scripted Video can resolve customer objections and reduce the time it takes to convert a prospect – Videos on websites aren’t just powering conversions; they are also keeping consumers on your website 60% of all consumer traffic on the internet is now video Tip: Use smaller short video clips as “snackable” social media assets
- 19. Page 19 Why Social Media? It’s Where the Customers Are Source: www.sociallystacked.com; Search Engine Journal, 2014. • 72% of all internet users are now active on social media • 89% of 18-29 year old internet users are active on social media • 93% of marketers use social media for business • 70% of brands have a presence on Google+, up from 4% from Q4 of 2012 • Twitter is the fastest growing social network, up 44% between June 2012 and March 2013 • Google+ grew 33% during the same period • Facebook has 1.15 billion monthly active users • Google sites handle about 100 billion searches each month • YouTube hosts nearly 14 billion videos • Google+ has over 500 million users • Twitter has over 550 million accounts • LinkedIn is at 225 million users • Pinterest has more than 70 million users
- 20. Page 20 Why Social Media? • Online distribution channels were designed to replace human interaction – transactions, information, etc. • Social Media is designed to support and enhance the human interaction • The true value of Social Media is intimacy and engagement • Social Media can be effective in building networks, enhancing individual relationships, establishing trust, and increasing banker productivity • Need to go beyond institutional presence to personal relationship building and management Supports the Community Bank Value Proposition
- 21. Page 21 Social Media – Dos and Don’ts Which FB Page got more Likes and Why?
- 22. Page 22 Social Media – Dos and Don’ts DO DON’T Create Many Individual Networks Expect a Large Institutional Following Tailor Messages to Individual Situations Create Generic Institutional Messages Use Social Media to Listen to Customers Use Social Media to Preach Establish Credibility and Promote Capabilities Try to Promote or Sell Individual Products Identify Opportunities to Engage Interactively – Be Prepared for Negative Feedback Eliminate Negative Feedback or Discourage Input Have Some Fun Be Boring Take Some Risks Let Everyone Take Risks Monitor and Control Content Allow Widespread Content Creation Treating Social Media as an Extension of Traditional Media is a waste of Time and Money
- 23. Page 23 Social Media – Dos and Don’ts Be Prepared for Negative Comments
- 24. Page 24 Social Media Challenges • Understanding the Economics – May appear inexpensive but costs can be significant • Cutting through the clutter and noise • Exercising some control in an essentially uncontrollable environment • Countering internal reluctance and skepticism – Getting started • Getting and Staying relevant • Dealing with compressed timeframes and short shelf lives • Committing to constant management and monitoring • Understanding and dealing with new, confusing, and changing compliance requirements Social Media Presents Different Challenges than Traditional Media
- 25. Page 25 Social Media Critical Issues • Do your homework – understand the options and the capabilities and challenges of each • Determine how well each option aligns with overall business and marketing objectives • Set clear expectations – define what each media should and should not do • Analyze thoroughly and objectively existing internal capabilities, identify gaps and define implementation requirements • Create a “test and learn” environment • Integrate Social Media activities within other marketing initiatives and across all distribution channels • Build enterprise-wide buy-in and commitment Successful Implementation Requires a Clear Game Plan
- 26. Page 26 Takeaways and Predictions for 2015 • Continued focus on expense control requires achieving greater productivity from marketing spend. • It is becoming more difficult to create differentiation and achieve required business results with traditional media alone. • The proliferation of alternative media channels requires community banks to choose wisely which options have the highest potential for success. • For the first time in many years, deposit acquisition will become a high priority in 2015. • The ability to implement new technology capabilities quickly will become a significant competitive advantage. Takeaways Predictions