How financial marketers need to wrangle their digital data
Credit union marketers need to get more sophisticated with how they track the sources of sales, especially in digital channels. Here are three tips to get started.
by: Jeff Lyons
Credit union marketers have long been masters at utilizing consumer data to target their prospects and customers precisely. Recently, nearly every digital marketing platform (even Pinterest!) has developed a way to bring that precise consumer targeting into their platform and allow marketers to reach exactly the consumers they want. This rising digital tide has certainly brought a lot of success to digital marketers in credit unions, but the rising water is creating challenges as well.
Today, nearly 70% of consumers research their next checking account provider online, and yet Andera reports that only 24% of those consumers would open their checking account online. This creates challenges for marketers that focus solely on their online sales as their measure of success. Mobile adoption — often trumpeted as another driver of digital ascent — also creates a measurement challenge as the consumer path to purchase increasingly is a multi-device experience. Traditional, cookie-based tracking mechanisms aren’t equipped to deal with these types of multi-device, multi-channel consumer journeys that are the norm in retail banking today. These multi-stage, multi-device paths to purchase can’t be accurately measured by simple last touch attribution.
Based on these challenges, what should a credit union digital marketer be considering as they work through their strategic marketing plans?
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