How to fight for your marketing budget today … and all year
Marketing stokes the growth engine, but chances are this year your marketing budget likely already suffered some cuts. That sound you hear is the ax being sharpened for round two. Here's how to overcome management's urge to slash your budget by proving your worth — plus effective answers to 5 common objections budget chieftains bring up when financial marketers defend their budgets.
In the face of economic uncertainty, banks and credit unions face immense pressure to reduce costs and streamline operations. Marketing budgets are often among the first cut. However, this can be short-sighted and can harm an institution’s long-term growth.
Here’s how to hold onto your marketing budget this year and how to build a strong case that justifies your initiatives and proves their worth.
With regular reporting and communication, you can turn the perception of your marketing budget into an investment to be optimized, rather than an expense to be minimized.
Banking industry challenges tighten budget vise
Since the pandemic, bank marketing budgets have remained stagnant or declined, even as banks have grown and evolved. In 2024, banks are continuing to face compressed net interest margins and funding challenges as interest rates remain high, putting pressure on minimizing expenses until interest rates begin to moderate — increasingly less likely at least in 2024.
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