Today, marketing comes in more forms than ever before. Digital advertising is expanding, but that does not mean that traditional advertising methods are dead. When marketing for a bank, you want to reach today’s savvy customers across multiple platforms. Discover how to connect each of your financial marketing efforts and accurately measure its performance across traditional and digital, including mobile.
Financial Marketing Starts With Your Customers
There is more data available about bank customers today than ever before. Luckily, good customer relationship management (CRM) can help you harness this data and find the most valuable information to you. When building your marketing plan, you need to know who is using your mobile banking service, who is using your app and how they are utilizing these programs. Additionally, you need to know who is NOT using these services. Once you understand more about the people who use your various forms of contact, you can find patterns and ideally see what you can do to address the wants and needs of your different customer segments. How can you make the entire process better for everyone?
Invest in Additional Analytics
Measure the success of your email campaigns based on user ID’s to see what’s happening across mobile, desktop and tablet devices. In some cases, the loan application process is located on a different website (apply.atthebank.com/) from the primary website (thebank.com). The tracking function then breaks as the URL changes, throwing a wrench into your analytics. This is why it is imperative to have cross domain tracking setup. Any additional information can come in handy as you build up future campaigns, such as collecting data from a call tracking tool. Tagging the URL, which is done for campaign tracking purposes, can also help you avoid losing data—especially across platforms.
Review, Measure, and Analyze
Once you have invested in analytics program and you have the data, it is vital that you use it. Measure your bank promotions performance in various segments or by branch. Check out your return on ad spend by campaign or promotions. Once you know what type of marketing is working best for you, it will make it easier for you to determine what marketing methods you should choose in the future. One vital consideration is that you should never limit your measurement to only the last touch point. A potential customer might apply for a loan after clicking a paid search ad, but he or she made up their mind after talking to someone in person or having read a direct mail message.
There is so much to think about when it comes to marketing for a financial institution. Working with a digital marketing expert who knows the banking industry can help you grow in ways that you never imagined was possible. If you have questions about how you can harness the power of digital AND traditional marketing, reach out to us today. We would love to work with you.