Does your financial institution have the right data partner?
Your best potential clients have more channels than ever for their banking and investing needs. Understanding how the plethora of options influence and impact their decision-making, and ultimately their conversion from prospect to loyal customer, is not only important, it’s essential for financial marketers.
Measuring ROI is one of the biggest challenges facing financial institutions today. In fact, less than 30% of marketers are very confident that they can still measure ROI, according to HubSpot. Those who measure ROI are 1.6 times more likely to get higher marketing budgets in return.
3 reasons why measuring marketing ROI is important
- Understand the return on marketing investment. With resources invested in a marketing campaign, knowing the value of each investment to your financial institution, from increased brand awareness and consideration throughout the funnel to business behaviors, is critical. specific investment, such as applying for a loan or opening a money market account.
- Validate media plans. Making sure that a media plan is working according to plan is the first step in evaluating its performance. You need to know if you are reaching the right audiences with quality inventory and if ad servers are delivering the expected number of impressions.
- Inform effective and efficient optimization. Not all ad audiences, channels, and inventory are created equal – some will almost always outperform others. Knowing which potential customers respond best and which channels and inventories generate the highest response is essential for optimizing media plans.
Marketers have a plethora of options when it comes to selecting the right partner (s) and tools to measure campaign efforts. The following areas are where financial institutions need to be particularly critical when deciding which partner to invest their – often limited – marketing dollars with.
What type of expertise to look for
You need a partner with leading data science experts and modellers. People who have spent years keeping abreast of new technological innovations and who have pushed the boundaries of developing new solutions to accurately measure ongoing and significant changes in the media environment.
A good partner has a staff with unmatched statistical expertise and proven ROI solutions. A great partner has this in addition to access to an identity graphic that provides the knowledge to confirm that the right audiences have been exposed to the ads, project all media delivery, analyze attribution, and provide incremental escalation. accurately, so that the results you see reflect what really happened.
Methodology which takes into account various nuances
Today’s consumer is spending more time researching and transacting across multiple devices. Measuring the true ROI of marketing efforts depends on the ability to link online and offline engagement and conversion behaviors to cross-channel exposures.
You need a methodology that takes into account and controls the unique and complete set of nuances of a campaign and that includes weighting and projection to account for bias and coverage gaps.
A cross-environment identity graphic that securely and accurately resolves anonymous household activities, regardless of where its members are or what devices are used, allows your partner to help you link exposures media and actions when available, or to measure response across environments.
What is an identification graphic?
An identity chart is a database of online and offline consumer behavior – from browsing history to device identifiers to contact information – all connected to an individual to form a complete profile.
Focus on privacy and data security
Data quality, privacy and security should also be of the highest level of concern, and all parties should make great efforts to maintain high standards in these areas. This means that at the collection point, invalid traffic should be assigned for deletion. IP addresses that you do not want to use should also be reported, such as those that are blacklisted, commercial, public, cell tower, etc. From there, households with outliers should be identified for each campaign and removed from the analysis.
Finally, all incremental increase analyzes should be tested for statistical significance at several levels. While this process may be slightly more technical than what your marketing team is used to, the data partner you work with should be able to explain their process in a clear and straightforward manner, as well as what the results mean for. your marketing efforts.
Key features of the identity graphic
It is essential that you are working with a partner who has an accurate, exclusive, privacy-friendly, multi-environment ID graphic. The graph should incorporate all of the necessary demographic, behavioral, and device usage data, which accurately connects offline and online cross-device exposures to conversions, while enabling the most granular audience profiles of users. consumers who engage.
An identity graph whose ingestions are also validated against a trust set to ensure accurate attribution between media types and offline / online channels while being isolated from privacy changes provides more precision, the ability to measure multiple channels in a view (not just one channel) and ensures stability and consistency of your standards and benchmarks over time.
The keys to a superior marketing return on investment
The reality is that better marketing leads to both an improved experience and a higher ROI. Financial institutions can maximize their marketing potential through:
- Identify the audiences most likely to respond to a media campaign, based on market behavior, household characteristics and past preferences;
- Deliver a campaign that reaches these audiences through the right offline and online channels;
- Validate the quality of the execution of a campaign against its media plan;
- Measure the true effectiveness of the overall campaign using a unique attribution and impact analysis methodology, including the performance of specific aspects of the campaign such as message, media channel and even the media partner;
- Optimize the campaign on the basis of this analysis of its performance; and
- Calculation of an accurate return on advertising spend.
For more information
Download a copy of the Claritas report The Smart Marketer’s Guide to Maximizing Campaign ROI
Listen to a recent episode of The Marketing Insider podcast titled Real Ways To Really Increase Your ROI.