Pub. 2 2020 Issue 11

36 | HOMETOWN BANKER | HOMETOWNBANKER.ORG ADVERTORIAL By Michael C. Keenan, President, Keenan-Nagle Advertising, Inc. U nless your bank still regards the marketing depart- ment as a glorified arts-and-crafts squad, you real- ize the importance of digital marketing in today’s competitive environment. But should you build your own in-house digital marketing department? Or contract with an outside digital marketing agency? IN-HOUSE OPTION: THE ROUGH MATH For a community bank in the $700 million to $1.5 billion asset range, structuring a robust in-house digital marketing department typically requires three specialty hires at the following overhead levels. (All compensation estimates are approximated based on secondary MSAs.) 1. Digital Marketing Director —This is the head honcho for all digital platforms—website, social media, email marketing, SEO/ SEM, online advertising. This person must interface well with all department managers and directors, communicate on all projects, effectively interpret analytics reports, strategize and direct/ redirect tactics on an ongoing basis and provide accountability for results.Estimated annual salary/benefits………$76,000+ range. 2. Social Media Manager —This is a strategic thinker who interacts consistently with your social media community, working to build and engage your bank’s social media population with the right mix of brand-driven offerings and benefit-laden customer experiences. This position works directly with the Digital Marketing Director to augment campaigns and focus on goals within the context of social media execution and performance. Estimated annual salary/benefits……$43,000+ range. 3. Content Contributor/Manager —This person is responsible for the messaging content your bank is sending out through all the digital pipelines—social post copy and visuals, blog posts, video scripts and visuals, website content, online ad copy and graphics, etc. Content marketing strategy is particularly important for community banks and getting it right is critical. Your content manager must be creative yet careful, possess high level communication skills and be able (and always willing) to pivot as opportunities or challenges present themselves. Estimated annual salary/benefits………$52,000+ range. Along with the estimated $171,000 annually for these core performers, ancillary considerations would be a marketing intern, digital marketing programs and tech build-outs, training costs and episodic out-of-bank contracting services. Keeping it simple, we’ll round the in-house costs up to a conservative $200,000 per year. Naturally, this does not include costs for initial website development or updates, online display media costs, social media and other external costs. BANK DIGITAL MARKETING CAPABILITIES: IN-HOUSE OR OUTSOURCE?