What do financial marketers look at when they look at performance? Metrics vary depending on the campaign, but they’re crucial to measuring and analyzing effectiveness and aiding in future marketing planning.
Respondents in our annual survey of financial services marketers said growth in the number of account holders is again the number one measure of marketing performance.
Seventy-nine percent of respondents named account holder growth, followed by 71 percent who look at increasing year-over-year loan volume. These have been the top two priorities for banks and credit unions in each of the last three years.
Based on these results it’s clear that acquisition and expanding share of wallet remain the top priorities for most marketers.
Among the metrics making more of an impact in this year’s survey is customer satisfaction. But how does customer satisfaction correlate to marketing performance?
As financial institutions pay more attention to service, customer experience and offering useful, desirable products and services based on well-defined segmentation, account holders are more likely to be satisfied — and to show it via retention and wallet share.
Caution: High Expectations Ahead
This year’s survey revealed consistent metrics for success over the last few years. Account holder growth, loan volume growth, and deposit growth have been the Top 3 success factors since 2014. But customer satisfaction made a big leap over last year as institutions look for more cross-sell opportunities and greater wallet share. What else did this year’s survey reveal? Read the report to find out.