Many marketing departments struggle to see favorable returns on investment. An Accenture survey of chief marketing officers found more than 80 percent of total marketing spend is wasted—but waste isn’t the norm for every industry.
Some companies report higher levels of customer knowledge and have greater abilities to reach buyers and change messages. Accenture calls these companies just-in-time marketers. As a whole, bank marketers use many of the same strategies of the just-in-time leaders. And it’s working. In the survey, over half of the bank CMOs report being very satisfied with their marketing. The banks also generally rate better in marketing performance compared to the industry average.
For banks, just-in-time marketing helps soften the impact of low interest rates, a slowing economy and increasing regulations. However, with any industry, there are no easy solutions for wasteful marketing. CMOs should not hesitate to follow these banks in building better marketing organizations.