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
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.
To justify your existence as a marketer, it’s imperative to communicate the positive influence of your marketing spend to senior leadership. Linking the results of your campaigns with bottom line measurements like revenue and profit is imperative. Steve Nikitas details several key performance indicators and analytics to help you do this.
It’s an almost comical stereotypical battle, the aggressive financial institution marketer who only cares about response rate versus the conservative credit manager only wanting to target top quality loans. This...