Data fragmentation remains one of the biggest challenges faced by marketers today with the customer journey increasingly complex and difficult to measure. This is especially true within the financial services industry, where financial organizations are often faced with highly skeptical customers who lack confidence that they will provide honest and valuable advice with regards to their personal money and investment decisions.
A lack of trust between organization and customer is damaging to marketing strategies in that data is likely to be fragmented and hard to make sense of. A lack of unified data paired with a lack of visibility of true channel performance makes it difficult for marketers within financial services to understand their customer and unlock crucial insights around their journey to converting to using their products or services.
At Fospha, we want all businesses to understand their data. We’ve included our 5 top tips for marketers within the financial services industry:
Consolidate Your Data
It is essential for businesses to establish a foundational infrastructure or system that can consolidate customer data, removing fragmentation and silos.
A Customer Data Platform (CDP) can be implemented within your organization to help close any gaps you have with customer data. A CDP is a centralized database that incorporates online and offline customer data, and is fully integrated with your existing internal marketing systems. Unifying data and breaking down silos means gaining a better understanding of your customers and their journeys to conversion, allowing you to supercharge your marketing efforts and drive greater ROI.
Having an internal Customer Data Platform allows your business to take control of your insights, without relying on third-party agencies. Leading the way within the industry are RBS, who have taken their marketing in-house in order to increase transparency for customers.
Understand the true value of your marketing channels
Without the ability to measure and understand the customer journey, marketers are not able to glean relevant insights to inform more efficient and high performing marketing strategies.
Crucial to this process is understanding how every touchpoint a customer comes into contact with, affects the overall path to conversion. Multi-Touch Attribution (MTA) can help marketers within financial services gain clarity around exactly which channels within their strategies are driving performance. MTA removes human assumption by using a data-driven algorithm to measure the true performance of channels, allowing teams to make more informed decisions when it comes to investing spend.
Optimize Paid Search
Executing effective paid search is both simple and impactful. Keywords by their nature target people who are already interested in specific products. However, bidding on keywords can be very expensive. For example, insurance is the 6th most searched financial services keyword, however it is also one of the most expensive keywords to bid on. In order to increase conversions, businesses need to be able to measure the exact ROI for each keyword.
This can be done through a zero-performance keyword report. At Fospha, we’ve recently helped Liberis, a financial technology company, identify which keywords within their marketing strategy were not leading to conversions. These insights helped Liberis reduce their monthly spending by 12-20%, which they were then able to reallocate towards far more impactful keywords.
Fospha also provide businesses with a budget planner, which shows exactly which keywords marketers should reallocate resources to, to maximize marketing spend and keyword effectiveness.
Assess Email Marketing
Email Marketing is a powerful tool for marketers and a strategic way to reach your audience, with open rates having increased by almost 4% over the last 2 years. To maximize marketing effectiveness and increase open and click-through rates, financial services marketers must ensure that the copy is engaging, relevant and personalized.
Personalization efforts are most effective when you target your audiences with content that will resonate with them.
Our Audience Clustering Tool replaces more simplistic methods of customer segmentation, allowing marketers to ensure that email content is relevant to all clusters, based on both shared interests and behavior.
This tool allows marketers to deliver personalized and targeted email campaigns, creating a more engaging and positive brand experience for customers, thereby leading to higher open-rates and conversions. Another client of Fospha’s, Contentive were recently able to increase their open rates by 500% and click-through rates by 900% with this clustering tool.
Identify High-Value Customers
With customer acquisition costs continuing to rise, companies have to maximize Customer Lifetime Value (CLTV), to increase the amount of profit each customer will deliver a business throughout their lifetime. To increase CLTV, Fospha recommend identifying existing high-value customers, profiling them and then using this data to target similar high-value individuals.
Fospha’s Customer ROI tool stitches customer, revenue and spend data together to show exactly how much each prospective customer will cost to convert, making it simple to visualize who your high-value customers are. From this, marketings in financial services can extract the data for their highest value customers and fine tune their targeting strategy – thereby increasing CLTV and ROI, by targeting people who are similar to their high-value.
Data-driven marketing solutions can help Financial services unlock their data, better understand their customer journey, and improve their marketing strategy and increase ROI. Consolidating data from siloed sources allows businesses the ability to better understand their customers. Applying data-driven measurement and attribution tools provides opportunities for optimizing spend and driving higher performing strategies.
If you would like to learn more about how Fospha’s solutions can help your business, please contact us at firstname.lastname@example.org