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Making the Right Marketing Automation Decisions in Financial Services

by: SilverTech

Marketing automation software allows institutions to utilize an ongoing strategy to schedule and trigger marketing campaigns across a number of channels, segment and target audiences, nurture leads, and develop long-term relationships with customers. Financial services marketers are using marketing automation platforms and looking into MA software as a solution today, more than ever before.

You’re Holding Valuable Data About Your Customers. Use It.

Customers interact with their financial institutions online, on the phone, and in person. The information, demographics, interests, and preferences that you capture can be used to drive sales and cultivate long-term relationships if used the right way. Staying ahead of the wealth of data that your institution obtains and retains on prospects and customers will allow you to create the most appropriate and appealing initiatives that drive conversions by engaging customers, initiating conversations, and creating individualized messaging based on needs.

Questions You Should Be Asking

  • What lead generation tactics do you currently have in place, and what plans for lead gen do you have? Is your business generating a steady flow of new and qualified leads, and if so, what are you currently doing with these leads?
  • Are you tracking your leads’ digital body language (a comprehensive view of an individual’s digital activity) across every touch point and marketing channel (not just email)?
  • What kinds of purchased lists, organic lists, and dated prospect and lead lists are you using, and how are you segmenting these lists?/li>
  • Do you have the resources to create engaging and appropriate content for your marketing campaigns, as well as on your website and landing pages?
  • Do you have an existing customer relationship management system that you want to integrate with your existing or future MA platform?
  • What kinds of nurture campaigns do you currently utilize, if any, and what are you looking to put into place?
  • Do you have a long-term strategy for maintaining, changing, testing, and optimizing marketing campaigns?
  • Is your sales team overwhelmed with the number of quality leads that you’re passing along to them?
  • Have your marketing and sales teams agreed on which conversations should happen with marketing and which ones should happen with sales?
  • Have you mapped out a content strategy to align with your customer’s journey?

Segment, Trigger, Drip, Test — and Repeat

Marketing automation allows financial institutions to focus on individual customers and leads, and eliminate the redundancy and time-consuming tasks of manually creating and deploying campaigns. It allows you to better streamline, automate, and measure performance of marketing initiatives and organize workflows. MA allows your institution to create a nurture strategy that will engage existing customers, provide a seamless onboarding experience, and nurture long-term relationships. It can also integrate multiple marketing channels to provide a personalized experience for customers as they interact with your business in different ways. Once up and running, your marketing teams can be more efficient and messaging will remain consistent as it’s approved, tested, and reused over time through customer actions, triggers, lead scoring, segmentation, and analytics.

Don’t Automate Your Automation Decisions. Not All Marketing Automation Platforms Are Created Equally.

Before making decisions regarding marketing automation, it’s important to factor in your specific needs, resources and goals. The differences between leading platforms are vast, and understanding your requirements and the application’s functionality is key before making big decisions. Financial institutions regularly have needs for automated newsletters, website opt-ins, loyalty programs, and consistent promotional and educational material based on customer interests and life events. Consider your business’ specific goals before deciding on a system.

Also, having a clear content strategy is vital before initiating automated campaigns, as well as having a strong lead generation plan to continue to get prospects and referrals into your funnel. Understanding the resources needed to implement and optimize your marketing optimization software are integral for long-term success, as well as having the resources to continually monitor and manage your database. Remember that the initial set up for your MA software can be cumbersome, as is planning for complex, overlapping, long-term marketing campaigns.

Need Help?

SilverTech has partnerships with the leading marketing automation systems on the market. Our team’s expert knowledge of implementation, integration, and optimization will help you identify your business requirements, help you assess your current marketing infrastructure and assist you in making sound MA system decisions. We also have significant experience implementing and optimizing marketing automation platforms with a number of financial services institutions. We’ll help train your internal teams, navigate complex implementations, teach you how to utilize reporting and measure results, and provide industry expertise and best practices. Our comprehensive knowledge of content, integration, and MA systems, along with the financial services industry, will help guide you to making the most out of your software decisions and allow you to spend less time implementing software and more time creating long-term, successful campaigns.