Define Your Target Market to Stretch Your Marketing Budget

Year-over-year many bank marketers are asked to do more, and to produce greater results than the prior year, but with the same budget.

As we head into a new year, the expectation has not changed, if anything, the pandemic made things even more challenging. Especially as budget dollars have, in many cases, been reallocated to support digital enhancements.

As a result of needing to do more with a flat budget, we find ourselves asking, "how are we going to get this all done". Zeroing in on your target audience in one proven way to not only maximize your budget but to also maximize response.

In the article, Define your target market to stretch your marketing budget, published by BankBeat, BKM Marketing's Integrated Marketing Director, Megan Allinson, explores three ways targeting can help marketers make the most of their budgets. 

Thanks to over 15 years of strategic marketing experience, Megan is able to succinctly emphasize the importance of defining a target market to maximize a bank's marketing efforts and budget, while simultaneously highlighting the potential pitfalls of not having a clear target market -- such as wasted marketing spend and ineffective messaging. Scroll down for a quick glance with our key takeaways!

Then click to read a variety of tips, such as defining a target market, including analyzing customer data, conducting market research, and creating customer personas, in more detail with the complete article published on BankBeat.biz.

Key Takeaways | Stretch Your Budget by Defining Your Target

1. Leveraging look-alike models to expand relationships with existing customers.

Using information from look-alike models can help to identify which of your customers resemble your most profitable ones. With this insight you can then target your next best customers to convert into top performers.

This can lead to higher conversion rates, increased customer loyalty, and ultimately, greater revenue.

2. Conducting data snapshots and appends to more accurately target and acquire new customers.

Data appends to prospect lists based on customer profiling can help you narrow in on audiences that look most like your customers resulting in a more targeted prospect campaign.

By identifying the specific demographics, behaviors, and needs of a target audience, a bank can tailor its marketing messages and tactics to reach and engage that audience more effectively.

3. Analyze prior campaigns and optimize for future targeting.

Analyzing data from previous campaigns can give you great insights into audiences who are and aren't responding. This knowledge can be carried forward to make continuous improvements on future campaigns.

Interested in learning more?

Read more about the value of strategic marketing planning and the role of a well-defined target market in achieving marketing success with BKM Marketing's complete article on BankBeat.biz.

Are you a marketer trying to determine your target audience and drive new business?

Contact BKM Marketing to learn how we work with our clients to understand who their target audiences are and develop the right communications to meet business challenges and goals.