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NEWS RELEASE
Dec. 8, 2008
ABA Media Contact: Carol Kaplan
(202) 663-5471
E-mail: ckaplan@aba.com
ABA SURVEY: BANKS VALUE MARKETING IN TOUGH ECONOMY
Marketing expenditures see only a slight decline compared to previous year
WASHINGTON – Economic conditions may be tough, but a recent survey by the American Bankers Association shows that bank holding companies spent more than $10 billion in non-salary marketing expenditures in 2007, only a slight decline (-1.6 percent) compared to 2006. The data comes from the ABA Bank Marketing Survey Report, an online survey sent to commercial and savings banks, as well as savings and loan associations. This is the 22nd annual bank marketing survey.
Among key findings:
- Customer acquisition was the top marketing goal in 2007 and 2008.
- One in three banks (32.6 percent) identified deposit growth as the biggest marketing challenge they may face in the next 12 months. Competition (22.8 percent) and the economy (21.7 percent) were the second and third most cited future issues.
- Nearly all banks (98.5 percent) had a Web presence. Almost two-thirds of banks conduct marketing online. Both rich media ads (video/audio) and business blogs were rated as the most effective Internet marketing methods.
- The larger the bank, the more likely it was to have a formal cross-selling plan. In 2007, banks cross sold an average of five products to customers.
- Community relations campaigns, such as donations and contributions, made up more than half of bank public relations expenditures. Public relations was the second largest non-salary annual marketing expenditure after advertising.
"The marketing survey results confirmed what we suspected: that in today's challenging and even more competitive banking environment, marketing remains one of the most valuable contributors to a bank's bottom line," said Maggie Kelly, ABA vice president of marketing. "The business intelligence contained in the report will inform bank marketing strategies across the country in all banking categories," she added.
To obtain a full copy of the ABA Bank Marketing Survey Report, visit www.aba.com/Surveys+and+Statistics/2008BankMarketingSurvey.htm or call 1-800-BANKERS.
The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America's economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry's $13.6 trillion in assets and employ over 2 million men and women.
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