When Digital Banking Report surveyed marketing execs in 300 financial institutions, only 8% said proving ROI was not a challenge.
Measuring the impact of individual campaigns is one thing, but comparing between campaigns can be fraught with complications. Different marketing groups within a firm as well as campaigns targeted at different audiences result in muddy waters.
In a 2017 report, PwC looked at solving the ongoing challenge of linking marketing spend to business results.
Its approach centred on building metrics into the marketing campaign from the ground up. Decide what you want to achieve from the outset and measure accordingly. Which sounds like logical thinking. What can often hamstring the strategy is when data is kept in silos – different product groups with their own IT infrastructure, making the data more inaccessible for different teams.
Smaller, more nimble FS organisations are less likely to segment their data in such a way. It’s up to larger firms to ensure the amount of data they hold becomes an advantage, not a burden.
FS firms aiming for an improved customer-centric approach ought to be able to understand true customer value and the specific impact of marketing at a very granular level. In essence, it’s not just about serving clients better, but also understanding behaviours and influences better too.