Academic journal article ABA Banking Journal

Banks Take to Social Media: And Other Findings from the ABA Marketing Survey

Academic journal article ABA Banking Journal

Banks Take to Social Media: And Other Findings from the ABA Marketing Survey

Article excerpt

Nearly 40% of banks used social media, such as Facebook or Twitter, for marketing purposes, up from 30% last year, according to a new ABA survey.

Banks are finding that using social networking can be an effective means for communicating directly to consumers. Of the surveyed banks using social media outlets, Facebook is the most popular choice, being used by 76%.

The 2010 ABA Bank Marketing Survey Report details the marketing practices and strategies of 128 banks nationwide. The respondents were primarily commercial or savings institutions (87%) followed by savings and loan associations (13%). All surveyed banks held assets of $20 billion or under.

The survey also looked closely into how banks were spending their marketing dollars. As shown in the pie chart, advertising, which includes direct marketing, got the biggest allocation, accounting for 52% of total bank marketing expenditures. And while banks recognize the importance of digital marketing, just as in previous years, the highest percentage of ad money was still directed at newspaper ads.

In terms of dollars, the survey found that in 2009, non-salary marketing expenditures per bank went from an average of $48,400 at surveyed banks with less than $100 million in assets to $1,795,100 at banks with $1 billion to $19.9 billion in assets. Other survey findings:

* The top three skills banks look for in their bank marketing professionals are 1. …

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