Financial services digital marketing firm Digital Growth Institute has opened its annual State of Digital Marketing Survey for responses from bank and credit union marketing recipients. This survey gauges the state of digital marketing practices in the financial services industry, as processes, procedures, methodologies, and technologies continue to evolve.
According to Digital Growth Institute Founder and CEO James Robert Lay, this study is centered around the nine key areas of the Digital Growth Blueprint that provides clarity for banks and credit unions on their digital growth journey. Last year’s survey (more than 260 banks and credit unions participated) showed the average Digital Growth Score of 27%, which illustrated there was much room for growth for every bank and credit union as they trained, planned, and transformed their marketing and sales teams beyond branches and broadcast channels.
The 2017 findings also showed there was no correlation found between asset size and the average Digital Growth Score. Awareness, adaptability, actions, and attitude continued to remain more important than asset size for digital growth. The 2017 survey data also showed a recurring 80/20 split between the digital "haves" and "have-nots." This split is the result of an ever-growing digital divide for financial institutions.
“It will be interesting to see how financial institutions have grown in this area over the last 12 months – especially since digital marketing and technology have been major topics lately,” says Lay. “For this reason, we look forward to more participants to better gauge the evolution of digital marketing. The more data we have, the better we can market to consumers, who are getting more and more savvy in the digital arena. Expectations from financial institutions are higher than ever and we look forward to using this information to help them improve their efforts.”
The 2018 survey areas of focus include:
- Value Proposition
- Your Digital Experience
- Strategy and Budget
- Consumer Personas
- Product Positioning
- Consumer Journeys
- Staffing and Processes
- Technology Platforms
- Content Production
- Distribution Channels
- Key Performance Metrics
- Future Vision
To participate in the 2018 State of Digital Marketing Survey, visit www.digitalgrowth.com. The first 100 bank and credit union participants will receive a free $10 Starbucks Gift Card and an exclusive three-part video training series, "How to Transform Your Digital Marketing" – $499 value bonus.
James Robert Lay