What to consider for your 2023 marketing budget plan

by Kenna Smith, PSCU

It’s that time of year when marketing teams begin reviewing how to develop the budget ask for the upcoming year. It can be a hard needle to thread, as you must consider the balance between what works every year with the need for your financial institution to stay competitive in the market.

Often, when organizations work on marketing budget decisions, they look at what is a “must-have” versus a “nice to have” and plan accordingly. What is “mission-critical” versus what would be “a bonus” to include if time and budget allow? Don’t forget the possibility of unforeseen economic uncertainty throwing wrinkles into the best laid marketing plans, especially in the current dynamic environment.

Gone are the days of marketing being about the brand and messages you send out to promote your financial institution. Financial institutions should future-proof themselves and be proactive in the event of unexpected circumstances – and marketing budgeting decisions are an important part of this.

When thinking about the next year, do you keep in mind how the financial services industry is continually changing to meet the ever-evolving needs and expectations of your cardholders? Has your financial institution started to think about how they will keep up with the following future trends?

 

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