3 Reasons to Increase Marketing Output Now:
In conjunction with the sad and horrible toll the COVID-19 virus has wreaked on the lives and health of humans around the world, it has also upended the US economy as well as global markets. With recent unprecedented financial events, including record drops in the stock market and employment rates, the natural inclination of most businesses is to pull back on all costs, including marketing costs. This reflexive thinking is erroneous, in particular for financial institutions. Although there are many other good reasons to increase marketing spending now, here are three of the most important.
COVID-19 Virus
- Offering A Lifeline-Crisis Intervention
Times are uncertain and people are stressed more than ever. For most people, financial concerns rank high, right after health concerns. For some maybe even ranking first. During these destabilizing times, consumers are looking for stability and guidance, placing financial institutions in a unique position. Reassurance from a bank or credit union can go a long way. This is an opportune time for banks and credit unions to gain new customers, increase their consumers’ confidence and strengthen customer relationships. Through continuity of services where safe, new offerings and improved communications and marketing financial institutions can be a comforting force.
- Increased Online Traffic-Zigging When They Zag
Taking the Bad with the Good. Despite sales revenues being down across all advertising platforms, traffic is up. Google, Facebook, and Twitter have seen record usage. With more people working remotely ushering the #WFH, it’s no surprise that online and social media traffic is surging. This “captive audience” combined with sales pullback translates to more available eyeballs and less competition, albeit, caused by a pandemic affecting a huge loss to humanity, a good scenario for smart advertisers. With smart and effective messaging, increased advertising spend translates into increased market share now and in the long run.
- Because This Too Shall Pass
Like grandma used to say, “This too shall pass”. Maybe things will never be the same, but This Will End! So where will your institution be when it’s over? Will you be in a better position than you currently are because you played the hand that was dealt better than the rest? By avoiding the herd mentality, hopefully so. With strategic planning and thinking beyond the current circumstances, banks and credit unions can position themselves as safe harbors during rough seas, anchoring customers and members well into the future.
