Like most industries right now, the financial services industry has had to quickly respond to changes in the market. Effective businesses and marketers need to be agile and flex with the changing competitive landscape, economic environment, and consumer needs. With closely managed and sometimes shrinking budgets, marketers are under immense pressure to develop insightful, data-driven strategies with limited time and resources.
Below are three ways marketers in the financial services industry can use marketing intelligence to maximize their marketing budgets.
1. Know what channels produce the most ROI for your business.
Do you know where your ROI is coming from? One of Lev’s financial services customers was investing marketing dollars across different ad platforms, but had little-to-no insight into how effective it was. Lev implemented the data analytics tool, Datorama, to measure the performance of their media strategy, and it resulted in a three times increase in conversions and a 68% decrease in cost per customer acquisition.
Datorama brought their company’s data to life on an interactive page, easily identifying what channels are producing the most ROI. Datorama enabled them to make decisions with real-time data, and provided a source of truth where insights were easy to interpret, and a clear understanding of campaigns that were or were not working.
2. Do more with less.
If your company implemented budget cuts, would you know which marketing programs to keep and which to stop? Right now, in order to be effective, marketers must operate with an agile mindset. Marketers have not only had to focus on the customer experience, but also making sure they still meet with the company’s overarching business goals.
Effective and efficient marketing starts by answering the following questions:
- Which programs do we keep and cut in budget reductions?
- How do we increase acquisition from our advertising investments?
- How do we optimize the efficiency and ROI of every dollar spent?
- How can we be more data-driven without more headcount?
3. Maintain a system of record to optimize marketing performance.
Marketers need a system of record to provide transparency across all marketing data and investments to optimize marketing performance. In most companies, data lives in disparate places -- from advertising data to sales and commerce data to website and app data. A company’s average tech stack has 24 different data sources. It’s imperative to be able to automate the data allowing marketers to join all of their data sources and unite all parts of the business.
During times of uncertainty, having access to real-time, actionable insights and automation can help marketers quickly pivot. It also allows marketers to connect their teams and stakeholders with the data --uniting the two parts of the business and unifying KPIs.
For more information about how data analytics can help marketers optimize their spend, check out the webinar recording for, “Do More with Less: Marketing Intelligence + Spend Optimization for Financial Services Marketers.”