For years, marketers depended on broad reporting statistics for their fintech marketing campaigns. CMOs evaluated their print ads, billboards and commercials on cost per impression, readership, viewership, etc. It was difficult to measure the ROI of a print advertisement and directly connect closed sales to marketing campaigns. Today, fintech marketers are faced with a different problem, an overwhelming amount of data.
With the advent of technology, website analytics and new marketing automation software, we now have almost too much data at our fingertips. Marketers now have access to data on everything from who’s visiting our website, from which city, and how long they viewed each webpage, and can measure lift between social channels or even level of engagement for a single tweet. The problem now is that compiling all of this data into a comprehensive, usable format can be a daunting task.
So how can the modern fintech marketer keep up?
First, know your organization’s goals.
While an increase in Facebook followers is a great statistic, it may not be relevant if your company’s strategic goals are focused more on closed sales with financial institutions. Begin by setting a meeting with your senior management and sales team to identify exactly what success looks like for your organization.
Common goals we see include:
- Increase brand awareness;
- Increase opportunities for sales team;
- Closed deals; and
- Increase revenue.
Secondly, interpret those goals into actionable data.
The above company goals can then be translated into data you can measure:
- Brand awareness = overall increase in visits to your website;
- Opportunities for sales team = increase in leads for sales;
- Closed deals = more qualified leads or sales-ready leads; and
- Revenue = number of leads that turned into closed deals and associated revenue (typically referred to as “influenced revenue”).
Analyze both successes and failures to best optimize your program.
Data is only as good as its applied use. Once you have defined your overarching goals, you can then go in deeper to see what generated the greatest successes for your company. Let’s take visits to your website as an example. Visitor data can help determine exactly what triggered the increase in visits. Was it your blog posts, your email campaigns, social media efforts, and/or public relations activities? Using tools such as Google Analytics, HubSpot, Marketo, etc., marketers can now more clearly identify the specific tactics and content that contributed to the success of the campaign. Conversely, they can also quickly identify tactics or content that did not resonate and adjust their marketing initiatives accordingly.
Most B2B fintech marketing programs have a social media component today, but what platform is the best for your organization? Between Facebook, LinkedIn, Twitter, and Instagram it can be difficult to determine which is the most appropriate. Again, data analytics provides some guidance. At William Mills Agency, we have found that most of our website visits come from Twitter. However, most of our leads come from LinkedIn. This tells us where we should focus our marketing attention to impact brand awareness and lead generation.
Every fintech organization is different but by defining your overarching goals, setting achievable measurements in place and analyzing that data to improve your program, you can tie your marketing campaigns to true ROI for your company. For other ideas on how to best market and sell your solution to financial institutions, download our white paper, Best Practices for Marketing to Banks.