5 ways financial marketers can be sure they’re using the right metrics
Marketing measurement has become an imperative as it evolves into more than a tool for simply understanding campaign performance. More than ever, the right metrics shape marketing strategy and impact financial institution budget allocations.
Despite many advancements in the use of data that help banks and credit unions target the most appropriate consumers, marketers face many challenges measuring marketing performance. The fact is, the level of investment in marketing has never been higher. Yet, many financial institution marketing leaders are still asking themselves:
- Am I spending my marketing dollars efficiently?
- How should I plan for next year?
- How am I performing compared to my peers?
The need for improved marketing measurement has become a higher priority because of the shift of spend into more advanced digital channels. For a long time, digital measurement was somewhat straightforward. But mobile changed that. Measurement today is more complicated, more nuanced, and more important than ever. What’s needed is the ability to deliver accurate marketing measurement to maximize media spend, creative rotation, brand impact, account openings and, ultimately, marketing ROI. Yet, effective measurement often lags behind customer acquisition marketing strategies and capabilities.
As marketers spend more of their budget in digital, they come under increasing pressure to justify the spending and quantify its impact. More than ever, they need to take into consideration other touch points beyond the one that immediately preceded the conversion.
continue reading »