FIs may be reducing overall costs, but they're increasing marketing budgets.
Boston, April 4, 2014 – It's true that insufficient budgets and manpower top the list of challenges that financial marketers face, but marketing budgets are actually on the rise, if only slightly. At U.S. financial institutions, senior management has recognized the importance of marketing, and the marketing department has convinced the rest of the organization of its crucial role. But bank and credit union executives still need to know how their marketing spend—and where those marketing dollars are directed—compares with that of other institutions.
This Impact Note addresses that knowledge gap, sizes FIs' overall marketing spend, and indicates how that spending is allocated to various marketing channels and marketing objectives. It is partially based on a Q1 2014 Financial Brand survey of senior marketing executives at 233 U.S.-based FIs.
This 14-page Impact Note contains nine figures and five tables. Clients of Aite Group's Retail Banking service can download this report.