A 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 plans. Marketers know that their initiatives and activities need to be metrics driven. But do you know which metrics should be driving your marketing? The following seven metrics are ones that every financial services marketer should know, as they are proven to drive performance and boost the top line.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.
Measuring retention should be an ongoing process, tracking increases or decreases over time and identifying how to improve it if necessary. Tracking other variables, such as length of relationship, number of products and demographic factors, provides visibility into where you’re falling short in product offerings to certain market segments and allow you to adjust your cross-sell initiatives.