Banks Have a Case of Digital Marketing Myopia

Recently, I came across the following article in American Banker:
http://www.americanbanker.com/bankthink/banks-have-a-case-of-digital-marketing-myopia-1069160-1.html


Reading through this article, it’s interesting to hear about some of the places where banks have tried to carry digital marketing goals where it may not be as successful. While I don’t actually agree with some of the segments that are identified where digital marketing may not be as effective, the article does clearly outline how important it is to have a very clear target in mind.

In one of the banks we are working with, they found that the costs of some of the most popular search terms on google were actually more expensive than the value they were deriving from the accounts. As a result, they had to completely refresh their approach to use lower cost terms instead. In the end, they targeted a strategy that targeted customers throughout the funnel, rather than strictly the last step where the search terms were most expensive.

I think many of the banks have just leaped into digital marketing because they believe they should be there, however, they didn’t have a true strategy around it, driving up some of the costs. Additionally, as the article highlights, targeting specific customers can help drive significantly more success, if it can be done cost-effectively. I’m curious to learn more about how to craft the strategies and what tools can be used to monitor and improve effectiveness of campaigns