As the con­sumer rev­o­lu­tion in retail bank­ing con­tin­ues, the whole finan­cial ser­vices ver­ti­cal has seen dra­mat­ic shifts towards elec­tron­ic inter­ac­tions across their con­sumer and busi­ness-to-busi­ness oper­a­tions. A new study from finan­cial ser­vices inno­va­tion event Future Dig­i­tal Finance and part­ner mar­ket­ing solu­tion provider Per­for­mance Hori­zon takes a look at the wider vari­ety of mar­ket­ing chan­nels firms have begun to lever­age, espe­cial­ly ones with clear mea­sure­ment method­olo­gies that con­tribute towards revenues.

“Finan­cial ser­vices com­pa­nies can no longer sim­ply pro­mote their prod­ucts through dig­i­tal mar­ket­ing chan­nels like organ­ic and paid search as well as email and social media,” said Christo­pher Rand, a finan­cial ana­lyst at WBR Digital.

The sur­vey results show the extent to which finan­cial ser­vices com­pa­nies are using var­i­ous dif­fer­ent chan­nels and high­lights per­for­mance-ori­ent­ed part­ner and affil­i­ate mar­ket­ing as part of the mar­ket­ing mix. Com­pa­nies are increas­ing invest­ments in per­for­mance-based part­ner mar­ket­ing to dri­ve cus­tomer acqui­si­tion and cus­tomer reten­tion, as well as mobile apps and mobile web.

“We’ve found that lead­ing finan­cial ser­vices com­pa­nies are lever­ag­ing per­for­mance-based part­ner and affil­i­ate mar­ket­ing as a suc­cess­ful part of their mar­ket­ing mix,” said Erik Mikisch, VP of mar­ket­ing at Per­for­mance Hori­zon, in the release. “They’re increas­ing cus­tomer acqui­si­tion and reten­tion, improv­ing busi­ness deci­sion mak­ing, and reduc­ing risk in ways that stan­dard dig­i­tal mar­ket­ing strate­gies haven’t been able to deliver.”

Key statistics from the survey include:

  • Per­for­mance mar­ket­ing, includ­ing affil­i­ate mar­ket­ing, pri­mar­i­ly dri­ves cus­tomer reten­tion for 21% of finan­cial ser­vices companies.
  • Almost a third of com­pa­nies spend at least 20% of their over­all media bud­get on per­for­mance-ori­ent­ed pro­grams, while 21% of com­pa­nies spend at least 40% of their over­all media bud­get on per­for­mance ori­ent­ed programs.
  • Finance com­pa­nies are look­ing to grow per­for­mance-based mar­ket­ing pro­grams as 77% of com­pa­nies pre­fer to pay new part­ners based on performance.
  • 93% of com­pa­nies expect mobile web­site sales will increase, and 92% expect mobile app sales will increase in 2017.
  • 86% of com­pa­nies agree that data and insights from their exist­ing part­ner mar­ket­ing pro­grams enable them to make bet­ter busi­ness decisions.

Accord­ing to the report, finan­cial ser­vices com­pa­nies agree almost unan­i­mous­ly that they pre­fer per­for­mance-based mar­ket­ing across more of their chan­nels. Giv­en the eco­nom­ic advan­tages of shar­ing risks with a mar­ket­ing part­ner, com­pa­nies plan to expand their exist­ing per­for­mance-based part­ner pro­grams as well as expand it across their exist­ing mar­ket­ing partners.

Down­load the com­plete report here.

The results ana­lyzed in this report were gath­ered from respons­es to a sur­vey deliv­ered to glob­al retail exec­u­tives who are mem­bers of the Future Dig­i­tal Finance database.

SOURCE