Banks and financial institutions rely heavily on marketing reporting metrics to provide them with insight into the efficiency of their marketing strategies. When marketing ROI for financial institutions does not at least meet or preferably exceed expectations, a comprehensive review of current marketing strategies needs to be performed, followed by modification of the strategy designed to optimize ROI.
Analytics & Marketing Reporting in a Nutshell
Banks and financial institutions typically focus on the functional implementation of marketing strategies in selling financial services and products. Before launching a marketing program, companies should consider several factors, such as timing, customer demand, target markets and budgetary concerns.
Categories of marketing blueprints used by financial institutions include:
• Analysis of current and future marketing trends
• Marketing strategy development
• Implementation proposal
• Project and process management
• Analytics, data analysis and measurement
• Calculating and proving marketing ROI
To obtain accurate and timely information regarding marketing strategies, banks and financial institutions often enlist the assistance of agencies, like Strategis, that provide comprehensive marketing reporting on a regular basis. Analyzing reporting regularly helps identify problems while a campaign is active so that it can be re-optimized and create a positive ROI. Evaluating marketing strategies in real-time also provides data that may help pinpoint other problems existing within the marketing department.
Marketing Reporting Methodologies
Financial institutions benefit from having access to detailed analytic information that offers deep insights into customer behavior. Comparing marketing campaign analytics with customer information collected by the bank can provide insight into how to optimize your campaigns. Additionally, tools such as Google Analytics and HubSpot can help automate the reporting process and highlight key trends and statistics.
Forward-thinking financial institutions can capitalize on constantly evolving methodologies for measuring marketing ROI by aligning their campaigns with long-term business goals and regularly evaluating ROI. For more information about proving marketing ROI for your financial institution, download our free eBook now!