Comment by Eric Cook on August 23, 2010 at 6:22pm

What I find is interesting is that many of the community banks I speak with are still under the mindset that because they are "community banks" it means people just "know" they exist in the communities they serve. In other words, why would someone "google" for us when they should already know to come to us for their banking needs? We shouldn't have to worry about things like SEO, SMO, PPC, etc...

It's amazing when you sit down with one of these bankers and show them some of the results for their good 'ole fashioned search rankings (not even taking the "me too" social media efforts they are trying to engage in) they aren't even on the first page. They are being trumped by the "big boys" or niche players when it comes to loans and deposit services and until you put it directly in front of them, do they even start to understand the implications of their absence.

While I think a lot of banks are focused on the new "shiny object" (that being social media) and if/how they can get on the bandwagon, there are opportunities for banks to step up their traditional Internet marketing efforts to get found when customers and prospects go online looking for what they have to offer. This involves some effort on the bank's part (yes, having a bank website that has not been updated in a year - or more - isn't going to cut it when it comes to SEO and page ranking) to add content and make updates to their site. This means the possible addition of staff (or additional responsibilities to existing staff) or the additional expense of finding someone that can do this and understands banking.

I'll be interested in the comments of others as well... While it's not "rocket science", there are many low-hanging fruit opportunities for banks to further engage with their customers and the public via efforts where they can retain full control (which makes compliance happy) but it's not being done. E-mail marketing and blogging are two examples that jump to mind, but not many are doing either of these very well.

Thanks for the post, JJ!

Comment by JJ Hornblass on August 23, 2010 at 6:45pm

Eric, great comment, thanks. Very much appreciate it.

You know the old expression, "Leave that to the professionals"? I was reminded of it when I read your comment, because these functions you highlight -- blogging, email marketing, etc -- are disciplines that require expertise. Content is invariably thought of as something "everyone" can do. Isn't everyone writing a book at one point or another, for example? But the truth is content is a very tricky, complicated, and technical thing, and part of the reason why the banks you reference aren't doing the basic stuff is because the basics of online marketing are not as simple as they would seem on the surface. If a bank wants to be serious about such endeavors, they should bring in professionals who know how to execute on the content tasks at hand. There's a reason why that old expression rings true, you know.

Comment by Eric Cook on August 23, 2010 at 8:44pm

Amen. I couldn't agree more on the "professional involvement" aspect. Whether that means getting some training on what you should be doing in these areas so you're not flying blind (and doing it wrong) or actually giving this a legitimate amount of attention (which means allocated time and budget for doing it "right"), the mindset certainly needs to change.

My hope is that our banker friends will recognize it does take a professional to aide them in these areas and help to ensure it's being done the right way. While not so much in banking (because not many are doing it), I hear from other businesses all the time that say "oh Google AdWords doesn't work for us - we spend a lot of money but don't get any results/hits/sales/etc...". Well of course it won't work if you don't understand the system and how to get the most out of it, but that's not because the platform is flawed. In most cases, they simply don't understand the platform and what's involved in doing it the right way.

Hopefully the lightbulb will start going off for many bankers the they will come to realize there are genuine opportunities in the area of Internet Marketing for the banking sector. Once that realization is made, the next step is to ensure they realize just as you've said, they should "leave it to the professionals" to ensure they get the best results. There are a lot of niche areas in the business world that all come together to make for a successful business, and this area is quickly becoming one that requires outside expertise of someone that can help bridge the gaps and bring the two worlds of banking and Internet marketing together.

Comment by Penny M Gray on August 24, 2010 at 7:18am

There are many marketing professionals that are not only educated in this broad arena, but do have the expertise to carry the baton through the Fog. This is a key element when working with the "professionals" as internet marketing world changes quickly. The stumbling blocks are not necessarily compliance as much as IT access and executive management attention. Bank marketers spend so much time and energy just getting a seat at the executive table that progressive efforts are often exhausted.

Comment by Chris Duncan on August 24, 2010 at 9:38am

Most FIs would probably see a drastic increase with just making some simple DIY type changes for a start. Time is money. So the question is, is it more effective to do the basics and learn them on your own or just hire someone who already knows what they are doing? I would say learn and do some on your own so you'll be able to sort through the good and bad of the professionals and be knowledgeable when they are throwing terms like SEO/SEM/SM/SB at you.

Secondly some design changes would enhance user experience. Somewhere along the line many banks became convinced the longer someone is on the page, the better. However, when I'm looking for the highest CD rates and it takes me 5 or more clicks to find them, I'm just moving on. Too many fish in the sea to not have ready answers.

Comment by Aashish on September 7, 2010 at 11:06pm

Yes. The online marketing activities need to be handled by "professionals" and bankers can concentrate on business. IMO the main focus to enter into online marketing should be creating of awareness of new products and services, lead generation (reaching out to new customers and prospects) and customer service (through social media). If my website is not on top on search engines, if my website is not shown when someone reads something about my business, then the prospect may go to the competitors' website. If my website is not on top on Google, then someone else's website will be for a search keyword. In that case, I am helping my competitor to get business by not doing SEO.

There are still other factors and aspects like usability, PPC, navigation... jargons. I bet professionals can always put in the right efforts.

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