“I have … had a disturbing dream in which I break through a cave wall near Nag Hammadi and discover urns full of ancient Coptic scrolls. As I unfurl the first scroll, a subscription card to some Gnostic exercise magazine flutters out.” -Colin McEnroe
Gonzo denizens, in our travels we have seen the role of marketing in banks change and vary quite a bit in the last few years. In some banks, it is viewed as a necessary but limited function with mixed reputation and credibility, and one that is the first to be looked at when budget cuts start. In others, marketing is a key role that leads strategic planning and is an integral part of execution of sales and service goals at every level, a group that line of business managers always consult when thinking about their next move. This is an area where we see the widest differences in role and relevance bank by bank.
However, if you look at the incredible landscape changes in banking that are occurring now and will continue – channel changes, payments changes, branch sales culture evolution, the changes in profitability of products and services – Marketing has a huge re-invention challenge and opportunity. The “new marketing” function will need to lead and support the behavior migration banks will see customers undergo. It has to be at the core of the delivery changes required. And it has the opportunity to be more relevant and important than ever.
So, let’s look at the “new marketing” group and some of the key attributes they will need to have.
The challenges are enormous, but there has never been a better time to be in Marketing. The bank never needed you more. The opportunity to increase marketing value and relevance is right there, and it’s big. The risk of not doing this, or not doing it well, is equally big. What Marketing manager could ask for better than that?
While talk of social media and Web-based marketing has increased, most mid-size banks are doing relatively little with online marketing and almost nothing at all with social media, according to The Cornerstone Report: Benchmarks and Best Practices for Mid-Size Banks.
Maybe it’s time to get some serious marketing discussions on your strategic planning agenda.
For more than a decade, Cornerstone Advisors has helped hundreds of financial institutions develop focused strategic plans that result in: