Top 8 Financial Marketing Resolutions For a Successful 2014

For the past three years, I have published an article on resolutions bank and credit union marketers should make for the upcoming year. While these posts have always been extremely popular and well read, many marketers still have difficulty achieving some of the most important resolutions.

Despite this lack of success by some, I am again providing suggested resolutions for financial marketers since research shows that people who make resolutions are ten times more likely to attain their goals.

When I published my first financial marketing resolution post in 2011(Ten Bank Marketer Resolutions for 2011), the primary emphasis was on replacing lost fee income caused by the Card Act, Reg. E and the Durbin Amendment. Most of the other resolutions addressed ways to either generate new revenues or reduce costs. I did discuss the need to test social media marketing, deliver on the mobile banking promise and reconfigure the branch model, but these were not the highest priorities in 2011.

My resolution post for 2012 (10 Resolutions Bank Marketers Can't Ignore in 2012) enlisted the support of more than 20 global banking industry leaders to help develop suggested strategies for the upcoming year. While the focus of many of the resolutions were similar to the prior year (communication channel mix, customer centricity, social media testing and building share of wallet), discussion expanded to include the importance of leveraging big data and embracing innovation.

As with any list of resolutions, last year's banking industry leader crowdsourcing post (22 Industry Leaders Provide New Years Resolutions for Bank Marketers) included several resolutions from prior years that still presented a challenge, such as enhancing the customer experience, improving measurement of results, integrating the mobile channel and continuing to innovate. The major difference last year was the increasing importance of focus and grabbing the lower hanging fruit due to all of the distractions caused by new regulations and compliance initiatives.

This year, I again collected ideas from some of the most prominent names in the banking industry in the development of my top resolutions for financial marketers. I also researched trends in other industries that are served by my firm, New Control. While some of the suggested resolutions are similar to those in the past, the impact of digital shopping, big data, the mobile channel and a contextual customer experience is evident.

22 Industry Leaders Provide New Year's Resolutions for Bank Marketers

CROWDSOURCING SERIES

This is the third annual installment of my financial institution marketer resolution series which I started two years ago with 'Ten Bank Marketer Resolutions for 2011' and followed up with 'Ten Resolutions that Bank Marketers Can't Ignore in 2012'.

Unsurprisingly, there are similarities from year to year as bank marketers continue to be challenged by increasing regulations, new competitors, expanding channels and products, new technologies and a much higher emphasis on measured results. In addition, the need to focus on the customer experience and find ways to generate additional revenue has become a requisite for bank and credit union marketers.

As I did for the marketing resolutions in 2012, I collected ideas from my travels across the country meeting with banks of all sizes in addition to asking industry leaders to provide insight into what they believe bank marketers should focus on in 2013. I appreciate the fantastic response I received from almost two dozen blogging, tweeting and LinkedIn friends in the U.S. and abroad who provide me with insight and inspiration on a daily basis.

Here are the resolutions that industry leaders believe are most important for financial institution marketers in 2013:

Improve Focus

The fact that I have fewer resolutions this year than in the past is intentional. While I could have easily presented 10, 13 or more resolutions for 2013, it has become apparent that the inability to focus is hampering the ability for most financial institution marketers to accomplish what is required. The noise created by multiple (sometimes conflicting) initiatives is distracting financial marketers and making it difficult to move the marketing needle for many organizations.

Tim McAlpine, president and creative director of Currency Marketing says it best in his response. "Retail financial institutions should resolve to focus. This could be a focus on a singular product or a singular type of customer. Don't forget about everything else, just put 70% of your energy into one big thing that your institution can be the best at in your marketplace."

In the same vein, Ron Shevlin, senior analyst from Aite Group and publisher of the Snarketing 2.0 blog states that, "bank marketers should resolve to NOT fall in love with every new buzzword that comes along." Knowing Ron, this would include, but not be limited to 'big data', many concepts around social media and even some marketing roles/titles. Before moving to the next 'shiny object', make sure you are doing the basics well.

Being focused should not come at the expense of flexibility, however. As Matt Wilcox, senior vice president of Zions Bank and proficient financial blogger points out, marketing plans should remain nimble and fluid. "Marketers should not fall into the trap of making a detailed calendar that must be followed at all costs. Consumers have changed and so should marketing. Seasonality will always play a role, but cater your marketing to your opportunities and go after the business that supports your overarching objectives."

10 Resolutions Bank Marketers Can't Ignore in 2012

2011 was year that many bankers, and especially bank marketers would love to forget. Not only was focus diverted by the need to respond to new regulations for the second consecutive year (this time it was the Durbin Amendment), but the image of our entire industry was challenged as foreclosures and bank failures continued to be in the news. 

The biggest impact of all of this noise was that attention was diverted from what should have been accomplished in 2011. As I reviewed my post from last year, Ten Bank Marketer Resolutions for 2011, it is clear that most bank marketers lacked the time/focus to make much progress on any of last year's goals. 

So, in writing this year's Bank Marketer Resolution post, I could have simply posted the same resolutions from last year (similar to what I do with some of my personal resolutions). Instead, I reached out to bank industry leaders from across the globe for their ideas. There was surprising uniformity in their suggestions, and a sense of urgency around the need to achieve much more than last year.

So here are the resolutions bank marketers should not ignore in 2012 according to industry leaders:

1. Validate The Value of Marketing Through Measurement: As highlighted in my recent post 100 Years Later, Marketers Still Have Difficulty Measuring Up, there is still a tremendous gap between what bank marketers implement and what is measured. Not only are there almost 20% of marketers who don't find measurement of results imperative according to recent research by Ifbyphone, but less that 50% of any channel is measured. Dan Marks from First Tennessee says, "Bank marketers should resolve to measure and optimize true marketing ROI – having the courage to seek out the unproductive part of the marketing mix and replace it with other activities that generate real shareholder returns." Serge Milman, CEO of Optirate states, "In 2012, bank marketers should resolve to have a more diligent focus placed on business drivers that can help manage and grow the bank," while Bradley Leimer, vice president of online/mobile strategy at Mechanics Bank said that,  "The number one resolution for bank marketers in 2012 must be to 'put data first,' since the proof of any program resides in the measurement of results." 

Jeffry Pilcher from The Financial Brand added a common sense resolution that is not always followed . . . "stop doing things that don't work." It is clear that if only one resolution can be accomplished in 2012, the measurement of attribution and program results is the most important.