Marketing Metrics and Media Models to Optimize Your Strategic Plan and the ROI of Digital Onboarding
At the 2017 Financial Brand Forum, there were quite a few presentations that focused on attribution and optimizing the bank’s media mix. The presentations outlined how to increase marketing efficiency and sales by improved optimization across media and sales channels and isolated what matters and how to measure it. A lot of banks are using last touch attribution, which biases marketing channels that are used in search for information such as call center or paid search. The presenters believe in approaches that give some credit to all channels. They installed an interaction model to track the media mix effectiveness of three products at a community bank and here’s what they concluded:
- Consumer checking: They determined they were underinvesting in digital display and paid search. Sponsored content was the least effective.
- Business checking: Native print and natural search were the most effective; billboards were the least effective.
- Equity Lines: Direct mail was the clear winner as the most effective channel while native print was the least.
Onboarding is always a popular topic at any bank conference. Digital Onboarding is a customer experience process purposefully designed to encourage adoption and usage of online and mobile services. The presentation outlined the following process:
- Understand your customers and identify opportunities
- Deliver user-friendly digital services and experiences that encourage adoption usage
- Eliminate customer roadblocks
- Develop a continuous on-going promotional strategy to increase adoption and usage
- Leverage digital channels to personalize product promotion
The long-term objective of effective onboarding is to retain customers, to increase balances & fee income, and to increase cross-sell opportunities. Digital onboarding is important because 40% of checking consumers are actively using the online channel, and 77% of these customers are using multiple online services.
As banks struggle to adjust in the increasingly digital-first and mobile-first environment, it is decidedly clear that there is no one-size-fits-all approach to digital marketing, attribution or customer experience marketing. Customers change as technology changes, and banks need to adjust to meet the current preferences and channels of choice for their customers.