In a rapidly evolving digital world, community banks are under pressure to keep up with the changing needs of their customers. At the same time, they face increased competition from online-only banks and large corporate banks. In order to stay relevant and compete for business, community banks need to strongly consider digital marketing.
Digital marketing offers community banks a number of advantages. It is more cost-effective than traditional marketing methods, and allows community banks to reach a wider audience with targeted messaging. Additionally, digital marketing provides community banks with the ability to track results and adjust their campaigns accordingly. By embracing digital marketing, community banks can level the playing field and better serve the needs of their customers.
Our digital marketing budget tips for 2023:
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?
Also, for reference, here are some of the most common digital marketing tactics:
An effective strategy will take into account the bank's goals, target audience, and budget.
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If your website is outdated or difficult to navigate, you could be losing out on customers.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 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 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.
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.