No matter how big or small your institution is, marketing is crucial element in the success of your bank. If your institution is not currently implementing a good marketing strategy, or does not currently have someone utilizing that role, I’m not suggesting you start typing up a job description to post. You can, of course, but you might be surprised as to who you might already have in your doors that is the perfect fit for the job.
A fun fact about me: when I was approached about the marketing position at my institution, my CEO knew I held a marketing degree — but I was a lending assistant who had started her banking career as a teller. It was one of those “right place at the right time” kind of moments. The transition has opened doors I didn’t even know were a possibility, like getting the opportunity to write this article for you today.
So, what can you do as a bank marketer to help your institution? In this article, I’ve listed three important guidelines you can use to add value to your marketing approach.
1. BE PRESENT
Marketing being present in multiple aspects of your organization is key when developing your marketing approach. It should affect every single department in your bank as it plays an important role with multiple departments, such as commercial and consumer lending, operations, wealth management and even human resources.
Think about it. As a bank marketer, it is your job to develop a marketing plan, execute said plan, monitor the results and change if necessary. But who will implement that plan? The entire organization, of course! Marketing permeates every action and every decision a bank makes; therefore, marketing shouldn’t be just an activity an institution takes to sell a product or promote your institution to a potential new employee, it should be considered a necessity to create successful branding for all divisions of your bank.
Not only should marketing be present inside your bank, it needs to be present externally as well. The role of a bank marketer includes always advancing the brand of your organization. The strategic placement of your brand is a crucial element when developing your marketing plan. Consider this when planning what sponsorships you select, events you’re present at and even the civic organizations your employees are involved with. Do those sponsorships align with the mission your bank has set?
2. NEVER STOP LEARNING
Marketing is always evolving, so continuing education is imperative to the success of your institution. We have amazing tools at our fingertips such as webinars, schools and conferences that are designed to develop and advance our skills for bank marketing success.
I highly recommend the American Bankers Association’s Bank Marketing School. The curriculum is taught by individuals who are experts in their field and addresses exactly what should be expected of a bank marketer’s role. After completion, attendees receive an Advanced Certificate in Bank Marketing, which is also a requirement toward becoming a Certified Financial Marketing Professional (CFMP).
Earning your CFMP is also one of the best ways to invest in your bank marketing career. Not only are you demonstrating mastery of topics such as leadership, strategy, data and analytics or branding and compliance, you’re differentiating yourself among other bank marketing professionals in your area, making yourself more valuable. As an added bonus to your institution, it also ensures that their marketing team is current and up- to-date with the necessary skills for their field. It also looks great to bank regulators at exam time. Win, win!
3. UTILIZE YOUR RESOURCES
There are so many resources available to bank marketers to help make their role easier than ever before. For example, Texas Bankers Foundation offers free books and lesson plans to encourage institutions to get involved with their local educators and teach students the importance of financial literacy. I know several banks who use these services during Financial Literacy month to give back to their school, be present in their community and get their institution that CRA credit (your CRA officer will thank you, I promise).
Another great resource to utilize are your peers. I have a great group of bank marketing professionals I met during Bank Marketing School. We constantly email back and forth, bouncing ideas off each other.
Having an external network of individuals who are essentially tasked with the same role as you not only gives you an outlet to explore what other institutions are doing, but also serves as a group who are also willing to geek out and celebrate all the success stories with you! TBA can be a great source to reach out to for a group of mentors, or feel free to email me! We bank marketers need to stick together!
CONSTANTLY CHANGING
To conclude, no matter the size of the bank, a bank marketers’ role is more than just posting ads here and there or updating Facebook pages — it’s multi-dimensional. How financial institutions define, position and utilize marketing has a direct impact on customer relationships and the overall performance of the bank.
From one banker to another, I encourage you to always be open to change because that is exactly what marketing is – constantly changing.