Community Banks Embrace Streaming Platforms Over Social Media for Marketing

Summary
– Community banks are transitioning marketing from social media to streaming platforms due to consumer fatigue with social media advertising. – Streaming services like Peacock and YouTube provide opportunities for engagement through targeted advertising, especially in sports. – Banks can optimise marketing budgets by combining in-house content creation with agency support.

In response to changing consumer preferences, community banks are shifting marketing efforts from traditional social media to advertising on streaming platforms. With an average monthly spend of $61 on streaming services, consumers are increasingly engaging with content from applications like Peacock, Hulu, and Disney Plus. This trend provides local financial institutions with an avenue to divert from overly saturated social media advertising, as 59% of consumers feel overwhelmed by brand promotions on these networks. Bank marketers, such as Josh Fleming of Bank Iowa, are already seeing success by targeting live sports and using services like YouTube for contextual video advertising. These approaches allow for better engagement with specific audiences, especially during sporting events, which attract a dedicated viewer base. While it’s essential to tailor marketing strategies to target demographics, leveraging sports fandom and local engagement can enhance brand recognition effectively. Additionally, budget-conscious banks should take advantage of in-house content creation options, though they might still benefit from agency support for strategic media buying. A balanced marketing approach involving a combination of streaming and traditional methods can optimise reach and effectiveness. Overall, as streaming becomes a more popular advertising channel, community banks are well-positioned to harness its potential while navigating away from less effective social media practices.

As audiences increasingly favour streaming over traditional television, financial institutions are exploring new marketing methods to engage consumers. The proliferation of streaming services has shifted the advertising landscape, making it essential for community banks to adapt their strategies. The fact that consumers feel inundated by traditional social media ads has created an opportunity for banks to capture attention through less saturated channels. Additionally, strategic targeting through sports and contextual advertising has emerged as significant strategies for reaching desired demographics effectively.

Community banks are leveraging the growing dominance of streaming platforms to more effectively reach potential customers. By moving away from social media advertising, banks can target engaged audiences through sports and contextual advertising. Adapting marketing strategies to this evolving landscape requires a blend of creativity in content creation and strategic planning, ensuring the banks remain relevant and visible.

Original Source: thefinancialbrand.com