The Financial Brand Insights - Fall 2022

Success Through Partnerships: Smart Outsourcing When planning for the changes required to advance a capability, marketers should consider both employees and potential partners as success drivers. Each bank must find its own formula for calibrating the right balance between building in-house and leveraging a partner. The outcome will be influenced by culture, budgets and operational risk management—and of course, the X-factor of people and talent. Insourcing Considerations • Transparency and Control: Marketers gain visibility into performance and pricing and can better control outcomes. • Cost Tradeoffs: Insourcing reduces agency fees but increases staffing costs. • Talent: Specialized roles can be difficult to fill. Outsourcing Considerations • Knowledge and Specialization: Expert partners bring expertise and proven solutions and technology. • Speed to Market: Partners have scale and processes to deliver on aggressive timelines. • Operational Risk: Experts in privacy and technology can stay ahead of changes, managing risks. Aligning Objectives to Maturity Banks and financial services companies vary widely in terms of analytic advancement. Maturity

singular customer experience transfers between disconnected touchpoints. The key enabler of such a vantage point is identity resolution. Transitioning to an omnichannel strategy requires understanding the martech and adtech tools in place, how to engage with them to activate personalized strategies, and whether there are missing pieces in the stack.

often hinges on the size of the bank and its footprint, budgets and resources. It’s important for marketers to recognize where they are on the maturity curve and to set objectives that are attainable and aligned with their leadership’s aspirations. There are steps marketers can take at every level to advance their measurement and analytic capabilities. Basic • Single campaigns with few differences in their offers or customer segmentation • Simple first-party data, and possibly some third-party data – Establish champion/challenger testing with control cells in place – Measure incremental effect of marketing through statistical design of experiment – Incrementality analysis – Conducting regular campaign and channel reporting – Annual testing agenda – Third-party data augmentation Intermediate • Multichannel, multitouch campaigns • Some campaign automation in place such as always-on strategies • Optimizations based on contact, model and channel – Leverage robust data enhancements and predictive models – Build an integrated measurement platform to activate predictive models – Develop an annual testing agenda to drive optimization and continued program improvement Advanced • Focused on customer value-optimized marketing • Synchronized touchpoints and messages that establish a customer journey • Relevant and timely offers and better engagement and experiences

– Personalized, real-time offers being presented

– Sophisticated measurement tools such as multitouch attribution analysis are performed CONCLUSION Advancing people-based marketing measurement is critical to delivering personalization and true omnichannel marketing. Setting a roadmap to evolve measurement capabilities can be daunting. But if marketers follow these steps, they can achieve advancements that align with their organization’s objectives. 1. Map the journey and points of engagement to be measured. This is the first step in understanding what interactions your customers are having with your brand, when and where. 2. Evaluate your tool set. Understanding that change is the new constant, assess whether your martech stack can get you what you need, or if there are new or different tools needed. 3. Invest in your own brand by creating a proprietary identity graph. This will be the glue that creates a 360-degree view of your customers, and it will be the currency your brand uses to reach new customers. 4. Consider how partners can support your advancement. Outsourcing a piece of the work often can greatly compress your timelines. Trusted partners can provide bleeding-edge advice, know-how and expertise that simply can’t be delivered in-house. 5. Understand your organization’s maturity, how marketing is driving business outcomes and how advanced your marketing capabilities are. Set realistic advancement goals that allow you to make visible progress in a reasonable time. 6. Tell the story of the business outcomes in ways the business understands. Bring internal partners in early to help broaden the impact and reach of your story. ▪

Organize and Plan: Banks need a cohesive, managed contact strategy, not one person showing up on multiple lists and receiving many offers at the same time.

Typically, a martech ecosystem will have several components that interact with first- and third-party data. There may be a data management platform (DMP) for managing digital audiences, a customer data platform (CDP) to segment and reach customers and there could be other analytical tools in place to facilitate statistical modeling and segmentation. Identity resolution can make the difference between fragmented and incoherent communications such as one person showing up on many different lists and receiving many offers at the same time, versus a cohesive, managed contact strategy. Key to identity resolution is a proprietary identity graph, which will act as glue to pull first-party data together with second- and third-party data to make a 360-degree view of the customer possible. With an identity graph in place, marketers can attain the nirvana of true personalization and measurement of the moments that matter.

Find Your Sweet Spot:

There are steps marketers can take at every level to advance their measurement and analytic capabilities.

49

50

THE FINANCIAL BRAND INSIGHTS FALL 2022

THE FINANCIAL BRAND INSIGHTS FALL 2022

Powered by