The Financial Brand Insights - Fall 2022

by cookies. People-based marketing has caused an explosion of data, tools, providers and technologies for marketers to harness, simply to understand whether their programs are working. And make no mistake, accountability for performance has never been more critical to a marketer’s success.

Marketing Challenge #2: How Do We Tell Who Made the Sale? Leaders of banks with strong branch networks know measuring incrementality—that is, the extent to which desired outcomes can be attributed to marketing activity—is a key challenge. How do you know the person who opened an account wasn’t going to anyway? Was marketing the impetus? When it comes to conversions, incrementality analysis is critical. This is a disciplined and rigorous approach to activation with full visibility into the buying process. This means taking into consideration all potential response and activation channels and designing the campaign to account for them.

Marketing Challenge #3: It’s Hard to Make It Personal Banks and other financial institutions have identified personalization strategies as top priorities, but delivering on that goal is difficult. Often there is an incomplete view of the customer, challenges with distribution channels such as ATMs, organizational pressure to meet growth goals that conflict with customer contact strategies and other obstacles to delivering a truly personalized experience. Add to that the ever-changing martech and adtech space. Major enabling technologies like third-party cookies are under fire and soon are going away. Rampant fraud and data hacking are driving a backlash of privacy legislation that threatens how brands manage their interactions with prospects and customers, as well as how they analyze their business. This can be discouraging and overwhelming. Navigating this flux requires finding a North Star and building a plan around it. For banks and other financial services companies, that North Star is identity.

Identity Resolution Is the Key to People-based, Omnichannel Marketing

Many banks and financial services companies think they’re doing omnichannel marketing when they’re really doing multichannel marketing. Multichannel marketing creates many different interactions with customers, often without consideration of preferences or actions taken. It could be a credit card offer that arrives in the mailbox one day, as an email the next day and as a digital ad next week. Measurement and optimization can occur at the channel level, but the interplay between the channels is missing. Generally, success is determined in the aggregate. Attribution of the sale to one of these touchpoints is often still a gap. Omnichannel marketing depends on an all- encompassing vantage point from which to orchestrate and measure a singular experience across all channels and touchpoints. It’s not about combining all channels into one; it’s actually subtractive. It understands how a

Accountability Is Key:

Accountability for performance has never been more critical to a marketer’s success.

In this article we tackle the obstacles and opportunities inherent in measuring omnichannel marketing efforts. We acknowledge the difficulties while providing some useful tips to overcome them.

Is It Trackable? 'Incrementality analysis' means understanding the extent to which desired outcomes can be attributed to marketing activity, and it’s critical.

Marketing Challenge #1: Channels and Experiences Are Converging

Today’s always-on consumers are constantly shifting between devices, continuously emitting streams of live digital signals about their wants and needs. For people to open, click or swipe, messages need to be relevant, meaningful and timely. This is especially true when it comes to financial advice. People value alerts and proactive messaging, whether they’re tracking changes in the stock market or awaiting confirmation that a deposit was made to their checking account. They have come to expect these interactions in real time from top financial institutions. To deliver personalized, relevant experiences, marketers must keep pace with consumers, anticipating the behaviors that can deliver business outcomes, and capturing them as they happen.

Incrementality is the foundation of marketing measurement and can vary widely by product and institution. A bank with roots in credit card acquisition may be challenged with credit card incrementality, as the branch channel is likely adept and comfortable selling credit cards. Similarly, a bank with strong organic checking account growth will be challenged to prove that a marketing effort drove new checking account growth. In both these cases, disciplined campaign design and a solid measurement plan will be critical to tying the business outcomes.

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THE FINANCIAL BRAND INSIGHTS FALL 2022

THE FINANCIAL BRAND INSIGHTS FALL 2022

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