Financial Brands Plan An Email Spending Boost in 2020
Email is the second most popular channel among financial brands, judging by a new study commissioned by Dianomi, a native ad platform, and Gramercy Institute.
Of the financial marketers polled, 33.7% plan to increase their spending on email in 2020, putting that channel second only to paid search, which will see a rise of 38%.
In contrast, only 2.2% plan to boost their investment in TV. However, 26% apiece will budget more for branding and video advertising. And 18.5% will allocate increases for podcast advertising and 10.9% for connected TV advertising.
Overall, financial brands will increase their marketing spend by 10% next year.
That said, 47.6% expect to bring more marketing work in-house. And 32.1% will go in the opposite direction.
At the same time, 29.8% will probably increase their agency budgets, and 29.8% will consolidate their outsourcing to one-stop agencies.
Their top marketing goals are brand awareness (28.2%) and customer acquisition (25.9%).
But financial brands face many digital marketing challenges, including:
- Limited budgets — 59.0%
- Crowded competitive landscape — 43.4%
- Company culture obstacles — 37.4%
- Compliance regulations — 21.7%
- Economic environment — 16.9%
- Brand dissonance — 7.2%
- Political environment — 4.8%
- Reputational/trust challenges — 3.6%
- Supply chain challenges — 3.6%
Indeed, financial marketers are already facing negative effects from the following issues (the respondents were asked to check off three):
- Reporting: Getting accurate campaign data to evaluate success — 82.5%
- Increased privacy legislation, e.g., GDPR and the California Consumer Privacy Act (CCPA) — 41.3%
- 3rd party cookies and audience targeting — 28.8%
- Transparency in pricing — 23.8%
- Brand safety issues related to programmatic buying — 13.8%
- Paying for robot or out of geo traffic — 13.8%
Asked what their customers value most, the respondents cited these attributes:
- Customer experience — 65.1%
- Trust — 60.2%
- Innovation — 22.9%
- Length of relationship — 19.3%
- Price — 14.5%
- Other — 4.8%
- Location/proximity — 3.6%
- Brick and mortar presence — 0.0%
Dianomi and Gramercy Institute surveyed over 100 senior financial marketers.