Maybe it’s time to re-think that. I’m not going to bash digital, so no #okboomer from you younger, far better-looking people wearing beanies and reading this blog on your cell phone. 😉
I’m here to say that nothing is more awesome than traditional advertising! Digital is a great avenue to include in the mix, but it does have its limitations. Let’s face it, there’s not a lot of room for creativity on tiny banner ads.
So, I propose that marketers stop looking for the next big, inexpensive thing, and get back to what actually works. What actually brings a return on investment. Get back to maximizing your dollar returns, not just your click-thru rates or website conversions. Hell, a billboard on the side of the road could be the cause of a ton of website “conversions.” As could the other 5,000+ messages we see, hear, smell and feel every day!
So let’s look at all the avenues that a brand should use to make money. That is the name of the game, right? Businesses (yup, including banks and credit unions) need to make money. Number one on the list. Sorry for being so blunt.
Let’s stick with financial institution marketing for now. What is a solid marketing mix for a community bank or credit union? Obviously, you’re limited by the marketing area and budget. But even if you cannot be everywhere, at least you can “own” where you are being seen, heard and felt. Here’s a great list for a community bank or credit union with a limited budget:
- TV (local network or cable)
- Radio – terrestrial (on air or streaming) or targeted satellite
- Newspaper (for your all-important aging depositors)
- Outdoor and transit (depending on availability)
- Paid media buys on social media (where most of your younger audience is)
- Emails from custom audience lists that follow you on social
- Google PPC to track your digital marketing efforts
- Direct mail (yup, actual physical mailers)
- Blogs on your website (to prove you know what the heck you’re talking about)
- Merchandising in and around all branch offices
- Web video archived on your site or on your YouTube Channel
Do you see how the above mix is all-inclusive? I guaranty that if you follow this list, you will make money for your organization. That’s why they hired you.
Don’t try this at home kids! I highly recommend hiring experts that do these activities everyday to assist you. The one thing they may be able to add here is real creativity. Customers, members and prospects respond to great creative and an excellent offer. They really like it—without pressing a little heart on the screen. They actually press your number on their phones and sign up for something you’re selling.
So, once again, not beating up on digital marketers out there. Just hoping to add some value to your job performance. Please don’t ever say traditional advertising is dead. That will never happen. Embrace its awesomeness!