The coronavirus has upended bank marketing activities across the country as many banks curtail their spending while others struggle to plan their marketing efforts — all while the prices of digital ads continue to fall, reports American Banker.
Although some banks have tailored their communication strategies to suit the current moment, a lack of fluidity has hampered the industry’s ability to respond quickly. Many banks have reduced their ad spending while credit card companies suffer the most as it has close ties to the hard-hit travel industry.
“There’s no playbook for this environment,” said Justin Morcelle, chief marketing officer at KeyCorp.
One bank that appears poised to defy the industry-wide trend in marketing spending is JPMorgan. “My experience has always been that downturns create opportunities,” chairman and CEO Jamie Dimon said. “They create opportunities with sales forces, with marketing.”
With this view, many institutions are instead focusing their budgets on marketing their mobile and digital support.