Credit union digital marketing should be inexpensive, right?

by: James Robert Lay

American Banker recently ran an article arguing that banks have a case of digital marketing myopia. Ron Shevlin gave his take on the article in his own blog post, which focused around the author’s following comments:

“In the rush to embrace all things digital, many bank marketers have bypassed critical thinking and strategic planning. The truth is that digital solutions are ideal for some marketing challenges but a poor choice for others. In the financial services industry, digital marketing tactics can sometimes be too expensive, too limiting, or too impersonal.”

In his blog post, Ron quipped, “Too expensive? Since when are digital channels more expensive to advertise (or market) in than traditional media channels like TV, radio, or print?”

Ron is right.

Digital marketing should be less expensive when compared to traditional channels.

But let’s not be fooled.

There is a real cost to digital that many banks and credit unions are not budgeting for: digital marketing assesments and plans

This could be, as the author noted, that in the rush, “to embrace all things digital, many bank marketers have bypassed critical thinking and strategic planning,” which ultimately leads to digitoolitus.

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