The Financial Brand Insights - Spring 2022

Figure 3

“customer satisfaction metrics” remains the key focus for financial marketers, with 35% voting it the most important, significantly more important than any other KPI. Other customer-metric scores like customer referral rates, customer acquisition costs, and content engagement are seeing the biggest boosts in popularity of metrics now being tracked. Metrics are only valuable if action can be taken using them, and financial marketers have come a long way in their ability to both automate measurement and evaluate results live — enabling them to take action while a campaign is in flight. 85% of marketers have said they are using marketing attribution tools. These are pivotal for being able to optimize marketing strategies. However, marketers have become more KPI- conscious across the board, with customer referral rates, customer acquisition costs, and content engagement seeing the biggest boosts in popularity. Regardless of the specific metric, the increasingly strategic nature of marketing means that KPIs must be in line with those of company leadership. 78% of financial marketers say they align their KPIs with those of their CEOs.

Consistently Deliver Personalized Value Across Every Engagement The 7th State of Marketing Report, shows that the average consumer interacts with nine different touch points. This aligns with how financial marketers are engaging with customers, with over 77% using nine different channels. To secure sustainable revenue growth, financial institutions need to invest in relationships over time, consistently offering convenience and relevance within every interaction. It’s important to get that customer data identifying what channel they prefer, especially with so many different ways to engage. Discover What Is Most Valuable for Every Customer So what interactions can be identified as valuable for relevancy? Personalization starts with data and the 7th State of Marketing Report tells us that seven out of ten customers are willing to share personal information with brands, but only in exchange for some kind of value. Looking at the top metrics tracked by marketers (figure 2), what is interesting is that

Importance of loyalty programs to consumers

ChangingWith the Times Third-party cookies used to be the cornerstone of customer data, but marketing experts now recommend relying more on first- and second-party data to assemble customer profiles.

Free shipping Which of the following offerings make you more likely to buy from a brand?


Simple and/or free returns


Loyalty or rewards program


actually incredibly powerful given it’s depth and comprehensiveness. Small data is built from what you have, it’s a seed that you can grow because it’s focused and purposeful and has more accuracy. In the end you need to start with the small data — given it’s quality and actionability — this is your starting point and loyalty is at the heart of capturing that data. The model has changed and we are moving away from third-party cookies so we need to leverage the power of the existing data (current customers) to drive awareness and amplification. You are essentially ‘flipping the funnel’/ customer journey by leveraging the data you already have versus hitting everyone through inefficient media. Loyal customers create two opportunities: 1. Use media evangelists — through social media, reviews, viral, word of mouth. It is often much more efficient than any paid media. 2. By leveraging what you know about customers (first-party data attributes), you can “find” these same types of customers using “look alike” modeling driving new acquisitions. Essentially you are focused on the smaller more comprehensive data you have versus the broad brush stroke data that is easy to collect but difficult to drive impact. Collecting this great first-party data is why loyalty remains ever important in your 2022 strategy. ▪

Extensive product variety

48% Exclusive shopping events (e.g., pop-ups, special sales, events) 30%

Which of the following is true of your favorite brand?

Offers a loyalty program

50% Offers exclusive shopping experiences and/or promotions 40% Caters to my unique needs 36% Engages with me in the places I prefer (i.e., over email, social media, shopping app, website, etc.) 32% Offers early access to new products 29% Has sustainable business practices 29%

Loyalty Programs Are Table Stakes

The retail industry is a leader in loyalty programs and a good indicator of how financial institutions can prioritize where to focus. One of the most surprising findings is how important loyalty programs are for shoppers. The Salesforce Connected Shoppers report captures some interesting findings when it comes to loyalty (figure 3). The first set of bars shows the top responses on what makes shoppers more likely to buy from a brand. The top two offerings are free shipping and simple/free returns. The third, though, is a loyalty or rewards program. The second set of bars shows the attributes of a shopper’s favorite brand. The No. 1 response was a loyalty program. Shoppers even want their favorite brands to reward them for shopping with them.

Most important marketing metrics and KPIs Figure 2

SOURCE: Salesforce © January 2022 THE FINANCIAL BRAND

Loyalty Creates Better First-Party Data in the Age of Privacy


Customer satisfaction metrics



Marketing/sales funnel


In the age of privacy such as GDPR changes and Google’s plan to end third-party cookie support in 2023, big data becomes less of a strategic imperative for marketers and the focus now becomes first-party data. While big data is important, it’s directional, less specific. Big data is about quantity and less about quality. However, the small but mighty ‘smart data’ — the first-, zero- and second-party data — is

Customer lifetime value


Content engagement


Web/mobile analytics


Customer retention rates Customer referral rates/volume

9% 10%

Customer acquisition costs


SOURCE: Salesforce © January 2022 THE FINANCIAL BRAND





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