The “Best Content” series brings you a handful of the most thought-provoking and informative articles, reports and webinars related to financial services branding and marketing published over the last quarter, broken down into bite-size pieces for your convenience.
15 Mind-Blowing Stats About Financial Services and Digital Marketing
Financial services brands aren’t necessarily known for cutting edge when it comes to digital marketing trends. Federal regulations control how financial institutions “communicate with the outside world,” whereas “reputation risks and fear of the unknown” have also often kept firms from venturing into digital channels, but this list of stats from CMO.com shows that financial brands are catching up. For example, marketing budgets are increasing by 59% in mobile and 58% in social media in 2014. Read more stats here.
Bank Marketing Budgets: How Much is Enough?
The Financial Brand analyzed the marketing budgets of 256 banks in the United States. They found that on average, banks allocate 0.073% of assets to marketing, but how much is the right amount? We were intrigued by their answer: “if you want average performance, make an industry average investment in marketing… instead of investing 0.073% of your current asset size into marketing, think about investing 0.073% of the asset size you want to be.” Take a look at the numbers here.
After Scandal, a New Name for SAC: Point 72
In March, SAC Capital Advisors announced that it would be changing its name to Point72 Asset Management. The firm is undergoing several changes, beyond just its name: it was being “converted to a family office, an investment firm that is less regulated than a hedge fund but does not manage money for outside investors.” This reshaping of the firm is meant to distance it from its recent insider trading allegations (to which the company plead guilty in 2013). We were particularly curious the extent to which a name change can help (or hurt) a company, and noted in a recent blog post that, “A company that wants to rebrand with a new name should do so to embrace a positive change within the firm, and not to run away from something.” SAC Capital will officially become Point 72 on April 7, and we look forward to watching how the new name fares. Read more about SAC Capital’s decision here.
Small and Sustainable: Triodos Bank
Curve is a publication by Getty Images that analyzes strategy, insights, and visual trends in business. They interviewed the Head of Personal Banking, Sales and Marketing at Triodos Bank in Europe to learn what makes the bank’s communications successful – and there are many lessons to be learned, including for B2B financial service firms. “Triodos was established in 1980 to foster social, sustainable banking” – and their brand consistently and successfully delivers on these values through their messaging and communications.