Brief Summary of Episode #254
As fears of a global recession mount in the financial sector, financial brands are scrambling to get ahead of the economic downturn.
Unfortunately, that means marketing teams could see significant cutbacks.
But Mark Arnold, President of On the Mark Strategies, argues that now is the time for banks and credit unions to plant their flags in the ground.
“You don’t grow by cutting marketing costs because fewer people will know about you,” Mark said. “If you want to grow, you need to invest more in marketing and more in your people.”
Financial brands and fintechs have had the luxury of coasting through a booming market over the last few years.
But as Mark told us, now is the time to put your resources to work.
“Now you’re going to have to be intentional with your growth,” he said. “Invest in your digital platform. Invest in your consumer experience. Invest in getting your members to know who you are.”
By investing in people, both clients and employees, your brand can weather the storm and see this economic winter through to the end.
Key Insights and Takeaways
- The three legs of the Branding Triangle (6:12)
- Why cutting back on marketing during a recession is a mistake (14:45)
- The distinct skill sets of leaders versus managers (22:28)
Notable Quotables to Share
How to Connect With Mark Arnold
LinkedIn | Website
