According to The Fournaise Group, “Eighty percent of CEOs admit they do not really trust and are not very impressed by the work done by marketers. Fournaise goes on to say that CEOs believe marketers don’t think enough like business people, focusing too much on the creative (The Fournaise Group, Global Marketing Effectiveness Program Survey, 2013). Ouch! Without hard numbers behind them making it possible to strategize, execute and measure success, it’s no wonder that financial institution marketers have a difficult time convincing colleagues of their value, rationalizing budget requests and getting the marketing dollars they deserve. To overcome this challenge, marketers need data — real numbers to support their efforts to attract the right prospects, keep the right account holders and grow the institution’s bottom line. What’s standing in the way? It’s not a data deficit. Marketers have access to tons of data. Rather, it’s a “better data” deficit. In many cases, the data that marketers have isn’t the data they really need, and their data analysis isn’t telling them what they really need to know. To get connected to the “financial realities,” you need to bridge the gap between what you already know and what you need to know to make your efforts most effective. Here are three examples.download pdf
A recent study by the Fournaise Group indicates that CEOs are not comfortable with the business acumen or the use of quantitative analytics by CMOs in creating and building marketing...
What marketers need isn't more data but better data. How to make improvements in your "better data deficit".
When we asked about measurement in our annual survey, we found that measuring ROMI has reached a near universal adoption rate: 94 percent of financial services marketers are measuring their ROMI, up from 71 percent in 2015. Yet, a majority of respondents are not maximizing their use of data and analytics, despite the fact that 98 percent say they rely on data and metrics to some extent to drive their marketing plans.