How to Budget for Digital Marketing in 2023: Tips for Community Banks

• Evaluate your current marketing strategy and budget
• Determine where you can make cuts to free up more money for digital marketing
• Prioritize Target Audience, Goals and KPIs
• Research Which channels are most important to reach your target audience
• Consider your options - There are thousands of digital marketing platforms and services out there. What combination is right for you? Do you go in-house, outsourced, or some hybrid of the two?
• Don't forget budgeting for content creation
• Create a plan for implementing your strategy
• Factor in test scheduling, results monitoring, and making changes as needed

Also, for reference, here are some of the most common digital marketing tactics:

Strategy Development

An effective strategy will take into account the bank's goals, target audience, and budget.

Campaign Management

Once your strategy has been developed, it's time to start implementing it. Digital marketing agencies can help with everything from developing ad campaigns to managing social media accounts.

Website Design and Development

If your website is outdated or difficult to navigate, you could be losing out on customers. Digital marketing agencies can help you design and develop a modern, responsive website that will make a good impression on potential customers.

Search Engine Optimization (SEO)

SEO is the process of optimizing a website for Google search so your bank shows up higher in search results. An agency can help by conducting keyword research, optimizing web pages, and building links.

Local Listing Management

Local listing management is claiming and managing your bank’s branch locations, including information on local directories and search engines. It’s important for SEO because it helps your bank to appear in relevant local search results. Agencies can monitor and optimize these listing.

Social Media Marketing

Agencies can assist with developing strategies, creating content, managing accounts, and analyzing data.

Content Marketing

Content marketing helps community banks to attract and retain customers by providing them with valuable, relevant information. An agency can help with content development, curation, channels and distribution.

Email Marketing

Email marketing can help community banks to stay in touch with their customers, promote new products and services, and increase brand awareness. Agencies can help by developing email lists, designing email templates, and managing campaign distribution.

Conclusion

We hope these tips for budgeting for digital marketing in 2023 have been helpful. Keep in mind, budgets and strategies always evolve, so be sure to revisit your plan regularly and make changes as needed. If you need help getting started or want some more ideas, be sure to check out our other blog posts on how community banks can benefit from digital marketing.