Increasing and proving ROI are usually on the top of each financial service marketers list of objectives, but without having the right tools in place, it can be a challenge. Wouldn’t it be great if you knew exactly which subject line, tweet or blog post helped contribute to a conversion? Or knowing who is browsing your website, landing pages and engaging with your email marketing campaigns? That kind of insight can be an asset to your sales team, and that’s why investing in marketing automation can not only save you time, but help increase your revenue. Consider these facts:
B2C marketers who use marketing automation platforms have seen their conversion rates increase up to 50%. (Source: eMarketer)
95% of companies who use marketing automation saw an increase in their marketing team’s productivity between 1.5 – 6.9% and sales productivity up 4%. (Source: Nuclear Research)
What Marketing Automation Can Do For Your Bank Or Credit Union
How do marketing automation platforms like Kentico, Sitefinity, Hubspot, ActOn and Marketo help make this happen? At a high level, these types of platforms allow your bank or credit union to:
Track site visitors’ behaviors, demographics, firmographics, and interests to send the right message to the right person at the right time.
Personalize site visitors’ experience and deliver relevant content.
Automate marketing campaigns across channels to nurture leads and identify sales readiness.
Analyze and optimize campaigns, landing pages, emails and websites from data and reports.
The beauty of marketing automation is that it gives you granular data about what pages your users are engaging with, and insight into who visitors are so you can nurture them accordingly. Instead of only having a view into the amount of people that have read a blog post, opened an email, or liked a status update, marketing automation software will help you track all of these activities by user, so you can then send them relevant content via email and personalize their website experience. In addition, this data can be funneled to your sales team to give them greater insight into what their customers or prospects are interested in to help increase sales.
7 Basic Components Of Marketing Automation
In order to demonstrate what your marketing department is creating is effective, you’ll need to know what is working and helping contribute to the bottom line. But in the financial services industry, that can be a difficult task due to the legacy systems in place that don’t connect to your marketing software. Without that knowledge, you’ll be relying upon metrics that give you only a piece of the puzzle. So what is marketing automation and how does it work? Here are the basic components of what you can do on any platform you select.
Being able to segment your contacts can help you deliver the right message to the right person at the right time. Instead of spraying and praying, (e.g., mass email blasts or campaigns) you can create groups or personas to target specific messages to different segments of users.
Lead scoring is the process of assigning points for various activities and attributes that indicate an ideal prospect or lead. When you define your lead scoring matrix, you are figuring out how to assign a numerical value for various actions taken on your website or engagement with your marketing campaigns, and how many points to assign for various demographic and firmographics. These points will then add up to a lead score to help your bank or credit union determine which leads are in the early stages vs. later stages of your sales cycle.
For example, you can assign 10 points for anyone that downloads a whitepaper, 15 points for clicking a link in a specific email campaign, 5 points for being a Millennial, and 20 points for viewing your campaign landing page. Once your prospect reaches your pre-determined point threshold, you can set up an alert to go to your sales team so they can contact them at the right time and close the sale from knowing what they are interested in.
Personalization & Personas
Personalizing your marketing can make your users feel valued and understood. As Dale Carnegie said, “A person’s name is to that person the sweetest and most important sound in any language”. This is why using someone’s name in your marketing can greatly increase your results.
At a high level, personas are fictitious representations of your ideal or target market segments (i.e. Millennial Mary, Baby Boomer Barry), based on real data and research. What’s important to Millennial Mary is probably not of importance to Baby Boomer Barry. What you can then do with those personas is use them to show different content to different personas, or send different emails to these segments to increase your effectiveness.
Email & Content Marketing
The reason you want to know more about your visitors is so you can send and show them information that will help make your messaging more relevant, deepen relationships and improve your cross-selling efforts. With marketing automation, you’re able to show specific blog posts, pages, banner images and more to specific personas or groups on your website. The same goes for email marketing – you can send your prospects relevant information based off what you already know about them.
Another phrase you’ve probably heard in your financial services marketing department is “always be testing”. Why? So you can figure out how to improve your campaigns and messaging. With marketing automation tools, you can set up an A/B tests for landing pages, pages on your website, and even your email campaigns. Instead of sending out the same message to everyone, you can test different versions to see which one produces better results.
This is where the science aspect of marketing comes into play. Think like a scientist and have a hypothesis in mind to test, and then see which variables increase your results. You may want to test subject lines, design elements, or copy in general to see what variables make a difference.
Marketing Automation Process
Marketing automation requires setting up processes that are triggered from certain actions to help you nurture your leads. For example, you can set up a process for onboarding your new checking account customers to get a series of onboarding emails sent to them with the information they need at the right time in their onboarding process. This can also help you cultivate more cross-sales by triggering certain campaigns to get sent based on your user’s lead scores or specific activities.
Website analytics allow you to figure out what’s working, what’s not, and where there are opportunities to improve. Each system will vary, and most will be able to integrate with Google Analytics and even other third-party applications like Salesforce to help you get the right information to your various teams inside your financial services company.
Marketing automation does take time and a financial investment to implement and support, but the ROI that you can prove and see are worthy of the investment.
Are you interested in learning more about how marketing automation could benefit your institution? Let us know what questions you have in the comments below.