Download MEASURING MARKETING EFFORTS: A MUST FOR FINANCIAL

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
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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
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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?
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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/
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877.214.2513
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