Open Enrollment | Subscribe to Target Marketing HERE
Connect
Follow us on
Advertisement
 

7 Ways Banking CMOs Need to Change the Status Quo

November 14, 2012 By Heather Fletcher
Get the Flash Player to see this rotator.
 
Sure, consumers don’t trust bankers. Yes, the distrust resulting from the banking collapse and bailouts spawned laws thwarting previously profitable practices. That has marketers at the institutions projecting less than 5 percent growth in 2012, with those increases only coming from taking other banks’ market share. And, no surprise, that has marketers at those institutions worried that their budgets will be slashed.

“Yet no bank has ever cut expenses exclusively as the path to growth,” according to “Marketing in the New Normal: Insights from Acxiom’s Survey of Bank CMOs.”

During the first quarter of 2012, New York-based publisher SourceMedia conducted a survey on behalf of Little Rock, Ark.-based data solutions firm Acxiom that found: “Better data infrastructure, better analytics and better insight generation are the keys to changing the status quo.”

The research also states:

  • The chief marketing officer needs to direct the customer experience, rather than branches or IT;
  • Banks need to build “a 360-degree view of the customer” to deliver that customer experience;
  • Regional and small bank marketers have to realize that, yes, they are far behind in terms of analytics and they do need to catch up;
  • Concentrate on proactive rather than reactive analytics;
  • When hiring outside strategists, pick professionals who tell the truth rather than what the institutional hierarchy wants to hear;
  • Accurately attribute activity in all direct marketing channels, rather than in single channels; and
  • Focus on quality customers rather than quantity.

 

Companies Mentioned:

SPONSORED CONTENT

MORE ON DATABASE, LISTS AND CRM >>

FROM THE BOOKSTORE

Written by Millennials about Millennials, Cause for Change: Examines how Millennials communicate, volunteer, take action, influence their peers, and choose to give their time and moneyExplains how Millennials view their role in the workplace, and how their approach is re-shaping nonprofit culture from within Cause for Change: The Why and How of Nonprofit Millennial Engagement

Written by Millennials about Millennials, Cause for Change:
Examines how Millennials communicate, volunteer, take action, influence their peers, and choose to give their time and moneyExplains how Millennials view their role in the workplace, and how their approach is re-shaping nonprofit culture from within...

ORDER NOW

Reading The Ultimate  Insider’s Guide to Winning Foundation Grants is like peeking at someone’s  secret diary or personal email.  You feel  guilty.  This is privileged information.
Only in this case Martin Teitel WANTS to reveal everything  to you. A
 long-time foundation CEO, he’s fed up with the smoke and mirrors of  
grant seeking. Ultimate Insider's Guide to Winning Foundation Grants

Reading The Ultimate Insider’s Guide to Winning Foundation Grants is like peeking at someone’s secret diary or personal email. You feel guilty. This is privileged information. Only in this case Martin Teitel WANTS to reveal everything to you. A long-time foundation CEO, he’s fed up with the smoke and mirrors of...

ORDER NOW

 

SPONSORED CONTENT

MORE ON MARKETING STRATEGY >>

FROM THE BOOKSTORE

Written by Millennials about Millennials, Cause for Change: Examines how Millennials communicate, volunteer, take action, influence their peers, and choose to give their time and moneyExplains how Millennials view their role in the workplace, and how their approach is re-shaping nonprofit culture from within Cause for Change: The Why and How of Nonprofit Millennial Engagement

Written by Millennials about Millennials, Cause for Change:
Examines how Millennials communicate, volunteer, take action, influence their peers, and choose to give their time and moneyExplains how Millennials view their role in the workplace, and how their approach is re-shaping nonprofit culture from within...

ORDER NOW

Reading The Ultimate  Insider’s Guide to Winning Foundation Grants is like peeking at someone’s  secret diary or personal email.  You feel  guilty.  This is privileged information.
Only in this case Martin Teitel WANTS to reveal everything  to you. A
 long-time foundation CEO, he’s fed up with the smoke and mirrors of  
grant seeking. Ultimate Insider's Guide to Winning Foundation Grants

Reading The Ultimate Insider’s Guide to Winning Foundation Grants is like peeking at someone’s secret diary or personal email. You feel guilty. This is privileged information. Only in this case Martin Teitel WANTS to reveal everything to you. A long-time foundation CEO, he’s fed up with the smoke and mirrors of...

ORDER NOW

 

COMMENTS

Click here to leave a comment...
Comment *
Most Recent Comments: