There are some massive changes occurring in the banking space today, but none so dramatic as what is happening in marketing and advertising.
Direct mail offerings have been declining rapidly since 2006. In 2009, less direct mail was sent by banks than in the year 2000. Direct mail has declined 32 per cent since 2007 alone. Direct mail is not unique - TV, Radio, Newspaper, Print are all declining in total Ad spend and in effectiveness. So what will marketing look like in 5-10 years time?
These changes require a complete rethink of the structure of the marketing department, and a complete new set of tools. This is the biggest fundamental change to the marketing department of the bank...well ever. I'm not surprised that quite a few of the banks I'm talking to are not sure how to make this transition, but that doesn't make it any less likely.
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