We do a lot of work with banks and credit unions because of previous relationship within these markets. The financial services marketing landscape has really changed over the past decade and it’s about to get a mobile face lift and whole lot more in 2013. Below are my top five recommendations for bank & credit union marketers:
Invest in mobile banking and measure the effectiveness of mobile to generate leads as well as increase sales. According to a report by Adology, Mobile banking is having the biggest impact on routine banking activities: 64% of mobile banking users in the U.S. say that the future ability to use their smartphones or tablets to check account balances would be highly valued. This move has the potential to increase liability and risk for financial services institutions, so make sure it delivers value to your customers.
Measure all of your marketing campaigns and implement tag management solutions. With all of the marketing tactics that financial services use as well as third party application processing, tag management will help to simplify tagging and limit data collection challenges. Tag management boils down to this–one tag on your site for numerous solutions, such as affiliates, third party application, media buys, etc.
Test your marketing tactics, PLEASE! The cost of many tests can be justified and can help improve your institution’s online sales process. If you’re not testing, you might as well dump a portion of you marketing budget into the trash and set it on fire.
The best place to test is within the conversion process. Invest the time, money, and resources into conversion optimization. It will require you to bring your partners (third party vendors) to the table for discussions. Tag management solutions can also streamline required vulnerability testing within the application process.
Now that measuring all of your marketing tactics is on the agenda, you should consider attribution and predictive modeling. Attribution modeling will help you give credit to marketing tactics that most impact the conversion process, and predictive modeling will help you to forecast future sales and revenue.