It’s budget planning season for Financial Services. The time of year when words like quantify and ROI echo in every hallway and marketing feels less like art and more like science. (With good reason.)
Essential to consider for 2017 is the continuing shift towards the science of technology-enabled marketing.
At the heart of this shift is insights.
So we’ve organized some key ideas to support your planned investment in marketing tools to better understand your customers and markets.
Make a case for the insights you need
eMarketer reports less than half of marketers who need Demographic and Psychographic information have access to it and less than one-third of marketers who need access to competitive data, have it. (Source)
It doesn’t have to be this way! The solution no longer requires a labour intensive and costly exercise.
Marketing technology can do all sorts of wonderful things like connect internal and external data to populate demographic information quickly and easily.
3 Reasons to ask your boss for a marketing technology solution:
1. Often no additional teams, tech experts or complicated integration required.
2. Pilot and subscription models provide flexibility in selecting which tool works best with your existing technology stack and future needs.
3. Productivity win! Spend more time creating campaigns and less time corralling data sources.
Data is useless on its own
Companies collect, buy and study data all of the time. Lots of data exists but how is it useful?
Data is only meaningful to your organization if it is accessible and understandable by the people who use it.
In 2017, the people who use data are not only analytic folks. Marketing, Risk, Product, Growth, Sales, and Operations will all find value.
Investing in the ability to interpret data and communicate insights clearly will benefit everybody.
Improve content tactics
Businesses, in all industries, continue to adapt in order to be useful and relevant to the customer. Generating interesting and educational content is a proven way to share value.
66% of Financial content marketers have difficulty producing engaging client content. (Source)
A Merrill Lynch survey suggests that effective financial education can play a powerful role in bridging the gap between brokerage firms and young people. (Download The Report)
Marketing technology can help create a holistic view of the customer, often on demand. No need spend time juggling disconnected sources.
In understanding a customers’ needs, wants and behaviors, marketers can create better, targeted content. Use customer insights to know that the content you create will be relevant and useful.
These are great reasons to substantiate the decision to invest in marketing technology. If you’re like us and prefer to keep things really simple, you can always say – it’s science.