Even proponents of large scale financial marketing strategies often question return on investment (ROI). Inconsistent follow through, dueling brand messages, and missing the targeted audience are common shortfalls in bank marketing. Competition is fierce and every dollar needs to count, so it's vital for the marketing team to put some brain power into making sure they are able to prove a strong ROI.
But how? It seems much of marketing's efforts are difficult or impossible to quantify. While not every marketing effort can be quantified, you can utilize these 4 powerful ways to prove ROI on bank marketing initiatives.
#1: Customer interaction with marketing efforts. Track every email, newsletter, website click, and eBook download in order to formulate the number of new customers who interacted with marketing. This can be done through analytics programs that are integrated with marketing software or through link tracking programs such as Bitly.
#2: Social media analytics. Contrary to popular belief, social media doesn't begin and end with followers. One of the main keys to successful bank marketing is social media engagement, which includes likes, shares, comments, and responses. Banks who invest the time and effort into a robust social media presence build an audience that can be tracked and measured. Marketing plans should include social media measurement as a key focus. Programs like Sprout Social provide analytics on your social media engagement and following.
#3: Customer acquisition costs. This is a powerful metric that takes the total investment of marketing and sales and divides it by the number of new customers. If bank marketing is effectively executed, the number should be low. Customer acquisition costs empower marketers to prove their tactics are attracting and converting leads into customers.
#4: Goals versus outcomes. A marketing team without goals is a rudderless ship adrift. Sure, they may float across buyers, but it's pretty much luck unless there is a plan. Marketing and the C-suite should outline goals and objectives at the beginning of any bank marketing initiative. Once completed, measure these campaigns to see if they achieved the goal or fell short. Consistently meeting or surpassing the goals is undisputable proof of marketing's ROI.
Savvy marketers always strive to measure their efforts and prove that they contribute significantly to the bank's goals and revenue. By working within the perimeters of these four tips, the boss will be impressed and marketing will stay on track and productive. For more information about how you can prove ROI on your bank’s marketing efforts, download our FREE eBook now!