The Financial Brand Insights - Fall 2022

By Wendy Coburn Director Industry Strategy, Financial Services at Acxiom

MEASURE WHAT MATTERS

Understand the Challenges of

In recent years, marketing and branding have become a bigger part of banks’ strategies, because marketing, not branch or ATM share, is playing a larger role in driving customer acquisition. Today’s marketing team must be able to innovate and execute flawlessly in an intensely dynamic landscape, while accounting for each dollar spent. Bank marketers acknowledge that a top challenge is accurate people-based marketing measurement. One reason for this is the way people-based marketing works online. Identification happens at the device level via cookies, but marketers need certainty that the person who responded is the person they meant to reach. They have that certainty offline, because personally identifiable information (PII) such as name and address can be used. But direct marketing alone cannot meet the aggressive growth goals. Digital channels have to be a part of the mix, if not the primary drivers of growth. Marketers must be able to target and measure effectively both offline and online. In 2014 Facebook introduced the term people- based marketing, which is the expansion of individually targeted marketing online, powered Marketing and branding have become a bigger part of bank and credit union strategies, because marketing, not branch or ATM share, is playing a larger role in driving customer acquisition.

Bank Marketing

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THE FINANCIAL BRAND INSIGHTS FALL 2022

THE FINANCIAL BRAND INSIGHTS FALL 2022

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