New report finds less than a third of financial companies have a marketing strategy

After a long period of economic stagnation, a new survey of nearly 2,000 decision makers finds that financial services companies may be struggling to meet growth goals, and those with marketing plans are It turned out that only 32%.

The Marketing Maturity Report, published by the Center for Marketing, asked business leaders from small and medium-sized businesses across the UK to answer 60 statements to highlight the growing gap between business and marketing plans in the UK. We are asking you to mark yourself.

Just over half (52%) of respondents in the financial services industry follow a written business plan that sets out how to achieve business goals and objectives. However, marketing strategies are inadequate, with only 32% of companies implementing their marketing plans with regular and timely marketing activities.

Other findings from the report on the financial services industry include:

• Seven in 10 (70%) believe they know who they are targeting with their marketing, placing the industry in the top five.
• 38% measure lead conversion rates at each stage of the pipeline, making finance the second-best industry in this regard.
• Almost half (45%) also measure customer profitability on a regular basis, surpassed only by the utilities, fashion and packaging industries.

Overall, the financial services industry ranked 4th out of 23 sectors in the industry analysis when looking at marketing maturity across all 60 questions.

The findings reflect the current state of small businesses in the UK and suggest that many have limited resources and do not understand how to achieve their goals, leading to a significant planning gap in the UK economy. is highlighted.

Based on the Marketing Center’s Marketing 360 assessment tool, among all industries, the marketing and advertising industry ranks first, receiving the highest overall ranking across all 60 questions, followed by the fashion, packaging, and financial industries. continued. The automotive, agriculture, and engineering industries were found to have the greatest overall risk to marketing and business health.

Pete Jakob, Marketing Director, Marketing CenterSaid:

“The lack of a strategic business and marketing plan is a major problem for UK small business leaders who are essentially marketing in the dark. A well-developed business and marketing plan is more than just a blueprint. , a safeguard against uncertainty, a guide to corporate growth, and a shield for overall business success.

“The adage that if you fail to plan, you will fail is true. With over half of UK businesses without a business or marketing plan, significant risks exist and It is important for business owners to recognize that planning leads to successful marketing that aligns with the vision.

“Strategy gives senior leaders confidence that budgets are directed to the right areas and activities are measured and optimized to drive brand awareness, positive sentiment, and ultimately sales. Strategy helps steer the ship, and with it comes a focus on reporting, CRM systems, tools, and lead generation.”

The full Marketing Maturity Report is available at https://www.themarketingcentre.com/blog/marketing-maturity-in-2024.