The financial landscape is evolving rapidly, and with it, the way banks market themselves. Gone are the days of relying solely on traditional tactics like print ads, branch marketing, and annual surveys. Today, success hinges on embracing a data-driven and education-focused approach.
Knowledge is power: Equipping your team for today’s customer
Building a strong internal knowledge base is paramount for success in the new financial services marketing landscape. This means investing in your team’s education, to help them possess the skills and understanding required for:
- Data literacy: Equipping your team to interpret and analyze data from various sources is crucial. This allows them to identify trends, tailor messaging, and measure campaign effectiveness.
- Understanding customer/member journeys: Mapping the touchpoints and interactions customers have with your institution helps tailor marketing efforts to specific stages of the journey.
- Embracing emerging technologies: Staying informed about new marketing tools and platforms empowers your team to leverage them effectively.
Data is the currency: Unlocking valuable insights
Data is the lifeblood of modern marketing. By collecting and analyzing data across various platforms, including your website, mobile app, and social media, you can gain valuable insights into:
- Customer behavior: Understanding their preferences, needs, and pain points allows for targeted marketing campaigns and personalized communication.
- Campaign performance: Effectively measuring return on investment (ROI) for marketing efforts helps enhance campaigns and allocate budgets efficiently.
- Emerging trends: Identifying shifts in customer behavior and market trends allows for proactive adjustments to marketing strategies.
A new look at ROI: Measuring success beyond the obvious
ROI in financial marketing goes beyond just direct sales figures. Consider these alternative metrics:
- Brand awareness: Track increased brand mentions and website traffic to gauge campaign effectiveness.
- Customer engagement: Monitor social media interactions, app downloads, and email open rates to understand engagement levels.
- Customer satisfaction: Conduct transactional surveys and collect feedback to gauge customer sentiment and identify areas for improvement.
By investing in internal education, embracing data-driven strategies, and focusing on a comprehensive view of ROI, banks can successfully navigate the changing marketing landscape. Remember, the most successful financial institutions are those that prioritize building strong relationships with their customers and data-driven marketing is the key to achieving that goal.
The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment, or tax advice or opinion provided by CliftonLarsonAllen LLP (CLA) to the reader. For more information, visit CLAconnect.com.
CLA exists to create opportunities for our clients, our people, and our communities through our industry-focused wealth advisory, digital, audit, tax, consulting, and outsourcing services. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.