Fospha’s Breakfast for Financial Services Leaders: Key Takeaways
Unlocking Customer Lifetime Value in an AI age was the theme that brought Financial Services Marketers together for breakfast at The Ivy in London. Andy Mihalop, Product and Vertical Marketing Communications Lead EMEA at Facebook, and Sam Carter, CEO of Fospha, spoke about the importance of attribution, measurement and brand in surviving and thriving in the fast-changing Financial Services industry.
Financial Services have seen disrupted over the past 10 years in a way that few sectors have: Open Banking, GDPR, tightening regulation, mobile banking and challenger banks are just some of the issues faced, making it an inherently challenging space to operate in. Financial Services have always consistently had the highest CPA across channels, and with customer loyalty high, acquisition and engagement is charged at a premium.
In this environment the ability to attract and retain customers cost-effectively is more important than ever. A recent survey by ClickZ revealed that measurement and attribution remains one of the biggest challenges facing marketers. GDPR has only made this more complex.
Sam discussed the importance of unlocking value from disparate data sources, to create more granular insights, allowing brands to generate more value in terms of customer experience and brand engagement. He then emphasized the strong relationship between performance marketing and brand: to be competitive, brands need to drive lifetime value and in order to do this, they need to focus on engagement, which pits creative and content at the center.
Sam was emphatic about the need for marketers to be agile in their
approach. As channel channel fragmentation increases, brands that have thought about brand, audience and content engagement will be better positioned to take advantage of the opportunities of multi-channel marketing.
Andrew Mihalop from Facebook discussed the challenges faced by brands face when trying to build brand equity. Sharing the methods and which metrics marketers should adopt at when trying to measure the impact of their online channels. He recommended brands do three things:
- Target broad audiences to increase your reach.
- Change the creative often and manage frequency to communicate regularly.
- Focus on creative andoptimisingfor environments (such as mobile newsfeeds) to generate strong, long-lasting brand awareness.
Sam spoke with excitement about the future of brand and content. Artificial Intelligence and data science are key and they are already transforming the space, pushing the boundaries of what’s possible. While reach is important to drive top of the funnel, for customers and their experience, machine learning and AI has created exciting opportunities for personalization.
Finally, the discussion centered around the relationship between creative, content and engagement. While we have metrics around marketing attribution and effectiveness that drive customer lifetime value, we are looking at ways to measure the effectiveness of content and creative on engagement and customer experience. It’s a brave foray into content effectiveness and one which the Fospha team and their Alpha clients are all incredibly excited about.
We take inspiration from our clients who are navigating these challenges every day. It’s exciting for us to be able to apply AI and data science to solve for these problems and address challenges…
Many thanks to those of you who were able to attend, and to Andy and Sam for leading a great discussion on the power of data science, artificial intelligence, and digital channels. We look forward to hosting more events in the future!
If you are curious and want to find out more about any of the areas discussed, then do get in touch below.