BAI, a nonprofit independent organization that delivers the financial services industry’s most actionable insights, launched its new Marketing Benchmarking Research Program.
This program provides marketing leaders with comparative analytics to help them understand how their marketing budgets, organizational structure and acquisition costs compare to their competitors. Additionally, the program helps leaders better understand their investments and effectiveness in relation to their peers as they set and assess their strategic plans.
The BAI Marketing Benchmarking Program will provide meaningful comparable metrics for the following categories:
Marketing Spend
- Overall;
- Spend by channel, such as marketing through print, digital channels or television;
- Amount spent on partnering with third-party marketing agencies, such as marketing spend overall, the cost of produced content, creative and production; and
- Marketing technology expense.
Marketing Organization Structure
- Evaluating whether a financial services organization has a centralized, decentralized or matrixed marketing structure and how it compares to competitors; and
- Staffing level comparisons, including turnover rates and time to hire;
Marketing Efficiency and Effectiveness
- Marketing acquisition costs at both a customer and product level;
- Marketing spend as a percentage of assets or deposits; and
- Marketing spend in comparison to overall revenue or income figures.
“Marketing has become one of the most heavily discussed and rapidly changing aspects of the financial services industry throughout the past few years, yet there is little information available on how banks compare to their peers in terms of marketing spend and effectiveness,” said Karl Dahlgren, managing director for BAI. “By supplying comparative analytics on budgets, infrastructure and acquisition costs, financial services leaders are equipped with the information they need to understand how their marketing investments compare and perform relative to their competitors and determine opportunities for greater efficiency and effectiveness.”
BAI is inviting banks to participate in this comparative analytics program. For more information about joining the BAI Marketing Benchmarking program, please contact BAI.