Wednesday, October 5, 2016 / #CaseStudySummit / – What a great session on digital with Sarah Bachowski – President of Mills Marketing, along with Rachel Wegmann – Marketing Director from Lincoln Savings Bank. The gist of it all was that using your own data is so much more real and actionable than just general data that’s been tallied up for banks. This is so important, because it’s your FI’s own experience and data that’ll make the biggest difference specifically for you. She found that utilizing employees and getting them involved was a huge variable and very effective. When Rachel began implementing digital into her FI’s strategy, she identified low hanging fruit – focusing on everything that was easily achievable and already in front of her. Sarah, complimented by sharing that you and your Financial Institution need to identify, upfront, what success means for all of your strategies, what are the results that will equate to the idea and thought of success? You and your financial institution must determine that!
Analyzing your own data is the easiest way to arrive to your ROI and realizing the “why” of your marketing. Rachel shared her thoughts on how her original digital strategy was literally, “hmmm I wonder if I should do a Facebook post on this”? and she quickly learned that this methodology was very weak. Overtime, she established a legitimate and effective system.
There are many digital/social strategies they shared via marketing, branding, and even HR. They shared multiple low hanging fruit that banks and credit unions can use and may not yet be using. They also shared a few powerful lessons learned, which are: building personas (a very common theme throughout the entire conference), not trying to make every department happy , and social media is not free in any way, especially if you want to be very impactful. “Social media” is not an independent channel, it fits into the whole marketing/brand strategy at your financial institution.
Other things learned, Rachel admitted that resizing ads throughout all platforms (22 in total) is not an effective use of a marketers time – sometimes adhering to each platforms’ guidelines does not equate to effectiveness but of course those scenarios vary. There were numerous lessons learned by the participants of this story that are truly gems you can only learn by doing.
To wrap it up, there are so many different things that need to be taken into account in order to be effective in digital – it takes time, effort, and patience. Aim low hanging fruit, continue to revise your overall strategy, and most importantly – partner with the right people/organizations to effectively accomplish the goals you have set for your financial institution.
Learn more about the #CaseStudySummit HERE!