It takes money to win. Most CEOs recognize this when it comes to recruiting and hiring top producers, investments in technology and infrastructure, employee training and the amount of time they personally invest to build their companies. After all, time is money too.
Unfortunately, many in the financial arena do not adequately invest in the resources necessary to fund effective marketing efforts.
A recent article in American Banker reveals that the median marketing allocation of community banks is a whopping 30% below a 40-year-old benchmark. When you consider the explosion of digital marketing, competition for millennials and FinTech advances over just the last few years, realistic investments in marketing are tantamount to success. Reducing marketing budgets and doing marketing “on-the-cheap” will hold your organization back from the success you want and deserve. Remember the story of the man who sold hot dogs and decided to start taking down some signs…?