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Online Marketing At FIs Dominates Traditional Channels
MADISON, Wis. (2/19/13)--The attention of marketers at banks and credit unions is clearly shifting to online and digital channels, according to The Financial Brand, a website for financial services marketers.

Seven in 10 bank and credit union marketers were asked about which media channels would be most important in 2013.  Their answers: online advertising and social media, said The Brand's  2013 State of Bank and Credit Union Marketing study, conducted this year in partnership with Aite Group.  This is the third year the Brand has produced the study.

The gains in online ads and social media come at the expense of print ads, which lost the most ground in the study, said The Brand's report. About half (47.3%) of all financial marketers surveyed said print advertising is less important, an increase of 9.3% over last year's survey. However, nearly one in four (39.9%) said print advertising's importance was about the same as last year. Only 10.6% said print ads are more important.

For online ads, 71.7% of financial marketers surveyed said they were more important, while 19.4% indicated these ads' importance was about the same.  More than seven in ten (70.5%) said social media are more important, while 18.9% indicated social media are about the same.

Less than one-third said TV/radio ads (28.3%) and outdoor/billboard ads (30.7%) were less important. However 45% said the tv/radio ads are about the same and 23% said they were more important than last year. For outdoor/billboard ads, nearly half (48.1%) indicated these ads were about the same in importance, while 16.4% indicated they were more important.

Onboarding (following up a new membership with a contact to deepen the relationship and solidify loyalty) also increased in popularity, with 59.3% deeming this as more important, and 25.4% saying onboarding's importance is about the same as last year.

Other channels that saw increases in importance:

  • Database/matrix marketing (MCIF), 48.9%;
  • Public relations/community events, 44.2%;
  • Data analytics/ big data, 43.9%;
  • Guerilla/word-of-mouth campaigns, 40.3%;
  • Direct mail, 36.9%;
  • Customer Relationship Management system, 31.1%;
  • In-branch video merchandising, 28.4%;
  • Incentives/giveaways, 27.5%; and
  • Sales collateral and brochures, 16.9%.
For the full report, use the link.
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