4 Toughest Digital Marketing Challenges Financial Brands Face Today

4 Toughest Digital Marketing Challenges Financial Brands Face Today

Article from: The Financial Brand

The largest banking institutions have marketing departments with more staff than most banks and credit unions have total employees. And yet institutions of all sizes tend to face the same challenges — the same tectonic forces of change in both technology and consumer behavior.

Financial marketers at institutions of all sizes crave assistance in how to cope with the ever-growing set of issues, without tearing their hair out in frustration.

In a webinar hosted by The Financial Brand, James Robert Lay, CEO of the Digital Growth Institute, addressed the angst banking providers wrestle with as he discussed common challenges — and solutions to them — in a rapidly changing marketplace. Here are four of the seven biggest digital marketing hurdles covered in the webinar.

Challenge #1: The Marketing Strategy Isn’t Digital-First

Two-thirds of financial marketers admit their institution lacks a clear digital marketing strategy. That’s a problem… a big one.

Like “muscle memory,” many legacy institutions default to a traditional marketing tactics centered around a branch-based strategy. As a result, financial marketers spend too too little time accelerating their digital learning curve.

“I hear from financial marketers all the time,” says Lay, “telling me that, ‘We’ve rebuilt our website and placed some digital ads, we’re sending out emails and posting content on social media. But we’re still not seeing the results that we hoped for’.” He labels these efforts: “dabbling in digital,” and says the results will never be satisfactory.

Solution: Flip the revenue model to where digital is recognized as the primary driver for future growth and where the branch supports digital. Lay believes that the branch still plays a role — despite what some believe — but its role has vastly changed and will continue to evolve.

Making this “mindset shift,” as Lay calls it, will create space and time for the marketing team to focus on digital growth.

  

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