Read the original full article from ABA Bank Marketing here.
Here is a brief summary of the article:
- Bank marketing professionals are focused on budgeting and measurement of marketing activities, according to a recent survey by ABA.
- Marketers are being asked to deliver more for less, especially with technological advances, and their role continues to expand.
- Marketing budgets are unlikely to expand much going into 2024, and marketers will be asked to justify any changes or additions to their budget.
- The size of a bank’s marketing budget correlates with the total assets of the bank – roughly 0.06 percent of the bank’s total assets on average.
- Business lines are now giving direct input to marketing expenses, which can help marketers understand where their budgets should go but also means they have less control.
- To justify an increased (or similar) budget for next year, marketers will need to prove and calculate the value of initiatives and programs, including the directives from the business lines.
- Calculating the value of a new customer and the goal number of new customers times the acceptable CAC can help determine the marketing budget of a campaign.