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DELUXE MARKETING SERVICES MEASURING MARKETING EFFORTS: A MUST FOR FINANCIAL INSTITUTION MARKETERS 80 % FIND MEASURING AND PROVING RESULTS A CHALLENGE Long gone are the days when marketers could get by with only measuring efforts, rather than results. In today’s intensely competitive, fast-paced business climate, initiatives (and marketers) that can’t achieve measurable results get set aside quickly in favor of ones that do. Many marketers, however, fail to measure either their efforts or results, in part because they find it difficult to do so. In fact, nearly 80 percent of financial marketers surveyed in 2013 by The Financial Brand said measuring and proving results was a challenge – second only to insufficient budgets. Yet 89 percent of companies have increased their focus on marketing measurement in the past 12 to 24 months, and pressure to justify marketing budgets is the top driver of that trend. 89 % HAVE INCREASED THEIR FOCUS ON MEASUREMENT Other departments within an organization have always had an easier time demonstrating their value to decision-makers. Sales can point to deals closed and dollars earned. Production can demonstrate units produced. The marketing team, however, has historically had a harder time identifying appropriate metrics that illustrate its accomplishments in a relevant, relatable way. Lack of reportable measurement has easily quantifiable consequences for marketers, including: • Termination of valuable campaigns • Budget reductions or elimination • Loss of confidence from c-level managers • Unemployment Benefits of measuring your marketing efforts Measurement doesn’t just benefit marketers, however. Your financial institution also reaps rewards from illustrating results. Provably successful marketing campaigns build brand identity, engage customers, and boost © DELUXE ENTERPRISE OPERATIONS, LLC. ALL RIGHTS RESERVED. 2 DELUXE MARKETING SERVICES MEASURING MARKETING EFFORTS: A MUST FOR FINANCIAL INSTITUTION MARKETERS sales. Program measurements help institutions gauge what’s successful, what efforts need improvement, and how much budget will be needed to continue and grow. It’s no longer an option to measure your marketing efforts – it’s a must. Recognizing how vital measurement is for financial institutions, Deluxe Marketing Services provides detailed, predictive analytics that help organizations focus their marketing efforts with an eye toward boosting ROI. Are you measuring enough? Perhaps you do engage in some level of measurement, but is it enough? If you only measure efforts – reporting hours invested, contacts made, content produced, etc. – you’re only telling part of the story, and not the most compelling portion of it, either. It’s essential to also measure results; financial executives deal with numbers every moment of the day and they’ll best relate to results where they can quantify and assign value. You should also consider the frequency of your reporting. Is it occurring in real-time? Or are updates periodic or even just sporadic? Measuring results has less value if it is not happening consistently. Regular monitoring and reporting not only helps you better analyze the performance of your efforts; it can help keep your accomplishments on the radar of organization decision-makers. What are other financial institutions measuring? Quantifiable objectives such as loan growth, improved share-of-wallet, and customer acquisition were among the top priorities for respondents to The Financial Brand’s survey. In addition to conversion and benchmarking metrics, marketers are also paying close attention to social media performance. The top five marketing metrics most commonly used by financial marketers, according to The Financial Brand, are currently: • Deposit/loan volume • Customer/member growth • Depth of relationship, share of wallet • Market share • Retention © DELUXE ENTERPRISE OPERATIONS, LLC. ALL RIGHTS RESERVED. 3 DELUXE MARKETING SERVICES MEASURING MARKETING EFFORTS: A MUST FOR FINANCIAL INSTITUTION MARKETERS The question of what to measure, however, doesn’t require an overly complex answer. Ultimately, your measurement efforts should yield actual numbers that either directly or indirectly correlate to revenue. Your measurement check list What, then, should you measure, in order to demonstrate the value of your marketing efforts? The metrics you choose to track (or that your organization requires) should be those your top decision-makers will understand and appreciate. No matter how tech-savvy he is, your CEO will likely embrace discussions of revenue and conversions over talk of re-tweets and social media friends. That’s not to say those measurements aren’t important, but in the financial industry, they will likely be perceived as less relevant than revenue and profit. Among the measurements you should be taking are: ü C ustomer Acquisition Costs – It costs your organization a certain sum to obtain every new customer. It’s important to know and track what share of that CAC is associated with marketing. ü R evenue Metrics – How much of your efforts is converting to actual revenue for your organization? ü P rofit Metrics – How does the revenue tied to your efforts stack up against the costs of your marketing campaigns? WANT MORE INFORMATION ABOUT DELUXE MARKETING SERVICES? ü P erformance Metrics – Benchmarks will vary based on programs and organizational objectives. It’s important to clearly define performance goals and track your progress toward achieving them. For many financial institution marketers, the solution to the challenges of Contact us today. EMAIL measurement can be solved through collaboration with an experienced, DeluxeFinancialServices @deluxe.com have access to tools that help them better target their market audience, industry-savvy marketing services provider. Deluxe Marketing Services clients engage clients, and assess the success of their campaigns. SEARCH fi.deluxe.com/acquire/ acquisition-programs/ CALL 877.214.2513 Listen. Solve. Deliver. © DELUXE ENTERPRISE OPERATIONS, LLC. ALL RIGHTS RESERVED.