Independent Banker - January 2021 - 41

Boosting marketing budgets
When it comes to marketing, slightly fewer community
bank CEOs plan to boost their 2021 spending compared
" We're doing
everything we can
in our communities
to help support
[Main Street]
businesses and
sustain cash fl ow
for a little while.
I just worry about
how long this
will continue. "
-Cynthia Blankenship, Bank of the West
increasing earnings has always been
important (cited as a top concern by
a third of banks in 2020), it's now a
necessity, according to the 52.9% of
chief executives who say it's one of
their three biggest challenges.
When it comes to goals, 20% of
respondents say profi tability or
revenue growth is a top goal, 8%
want to improve net interest margins,
4% want to maintain asset quality
and 5% aim to improve effi ciency or
reduce expenses.
" Our biggest challenge is two
things: the combination of the surge
in liquidity and the very low interest
rate, " says Greg Kistler, president
and CEO of $1.1 billion-asset Central
Bancshares Inc. in Muscatine, Iowa.
With soft loan demand and low bond
rates, the company's two community
banks-CBI Bank and Trust and F&M
Bank-have few attractive options for
with 2020. Almost half of CEO respondents (48%) say they will
spend about the same on marketing as last year, up from 41% last
year. But 9% say they will spend less-almost double the amount
in 2020.
Those that plan to spend more plan to spend substantially
more. The median community bank respondent plans to increase
spending by 10%, and the average is 30%. Just 7% plan to run a
new marketing campaign.
For the second year in a row, two-thirds of bankers plan to
allocate more time and dollars to digital marketing. The median
CEO says they will allocate 15% more.
Bank of the West is one such bank that plans to spend more
on marketing. When adjusting to a more remote environment
this year, the community bank wasn't fully utilizing the digital
products it owned. Now, it plans to dedicate resources to
educating customers on the ease of digital banking and the
increase in the bank's digital footprint.
" Community bankers get complacent sometimes and assume
customers know all the products and services they can deliver, "
says Cynthia Blankenship, vice chairman and corporate president of
Bank of the West. " Only until we went through this pandemic, and
customers were forced to move to those products and really look at
what we have available, was there any widespread awareness. "
Will your community bank spend more or less
money on marketing in 2021?
4.4%
Not sure
38.1%
More
48.2%
About the
same
9.3%
Less
independentbanker.org Q 41

http://www.independentbanker.org

Independent Banker - January 2021

Table of Contents for the Digital Edition of Independent Banker - January 2021

Table of Contents
Independent Banker - January 2021 - Intro
Independent Banker - January 2021 - Cover1
Independent Banker - January 2021 - Cover2
Independent Banker - January 2021 - Table of Contents
Independent Banker - January 2021 - 2
Independent Banker - January 2021 - 3
Independent Banker - January 2021 - 4
Independent Banker - January 2021 - 5
Independent Banker - January 2021 - 6
Independent Banker - January 2021 - 7
Independent Banker - January 2021 - 8
Independent Banker - January 2021 - 9
Independent Banker - January 2021 - 10
Independent Banker - January 2021 - 11
Independent Banker - January 2021 - 12
Independent Banker - January 2021 - 13
Independent Banker - January 2021 - 14
Independent Banker - January 2021 - 15
Independent Banker - January 2021 - 16
Independent Banker - January 2021 - 17
Independent Banker - January 2021 - 18
Independent Banker - January 2021 - 19
Independent Banker - January 2021 - 20
Independent Banker - January 2021 - 21
Independent Banker - January 2021 - 22
Independent Banker - January 2021 - 23
Independent Banker - January 2021 - 24
Independent Banker - January 2021 - 25
Independent Banker - January 2021 - 26
Independent Banker - January 2021 - 27
Independent Banker - January 2021 - 28
Independent Banker - January 2021 - 29
Independent Banker - January 2021 - 30
Independent Banker - January 2021 - 31
Independent Banker - January 2021 - 32
Independent Banker - January 2021 - 33
Independent Banker - January 2021 - 34
Independent Banker - January 2021 - 35
Independent Banker - January 2021 - 36
Independent Banker - January 2021 - 37
Independent Banker - January 2021 - 38
Independent Banker - January 2021 - 39
Independent Banker - January 2021 - 40
Independent Banker - January 2021 - 41
Independent Banker - January 2021 - 42
Independent Banker - January 2021 - 43
Independent Banker - January 2021 - 44
Independent Banker - January 2021 - 45
Independent Banker - January 2021 - 46
Independent Banker - January 2021 - 47
Independent Banker - January 2021 - 48
Independent Banker - January 2021 - 49
Independent Banker - January 2021 - 50
Independent Banker - January 2021 - 51
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Independent Banker - January 2021 - 53
Independent Banker - January 2021 - 54
Independent Banker - January 2021 - 55
Independent Banker - January 2021 - 56
Independent Banker - January 2021 - 57
Independent Banker - January 2021 - 58
Independent Banker - January 2021 - 59
Independent Banker - January 2021 - 60
Independent Banker - January 2021 - 61
Independent Banker - January 2021 - 62
Independent Banker - January 2021 - 63
Independent Banker - January 2021 - 64
Independent Banker - January 2021 - 65
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Independent Banker - January 2021 - 67
Independent Banker - January 2021 - 68
Independent Banker - January 2021 - Cover3
Independent Banker - January 2021 - Cover4
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