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Presentation by Jim Marous and Jay Dillemuth in the Backbase webinar on Digital Marketing Strategies for Financial Services. The rise in digital technologies is transforming how bank marketers can reach, engage and deliver value to their customers. With a proliferation of media channels, financial marketers must understand these new digital tools and be in a position to implement digital strategies that add value to the marketing mix and integrate with already established marketing and business practices. This webinar will discuss several digital marketing strategies that are being successfully used by financial organizations to reach digitally savvy audiences. Tools will be presented along with examples of ways to gain a competitive advantage online
Citation preview
Digital Marketing Strategies for Financial Services February 2013
Digital Marketing Allocation
2
Digital Marketing Growth
3
Digital Marketing Emphasis
4
Secrets To Digital Marketing Success
5
• Email and Direct Mail Aren’t Dead
• Make Message Simple
• Everything is Integrated
• Content is Currency
5 Digital Marketing Mistakes Banks Make
6
• Erecting channel silos
• Underfunding the banks website
• Lack of KPIs and measurement
• Not sharing data within organization
• Not leveraging new digital tools
3 Key Digital Marketing Strategies
7
• Multi-Channel Attribution and Attribution Modeling
• Retargeting 2.0
• Responsive Design for Mobile Optimization
3 Key Digital Marketing Strategies
8
• Multi-Channel Attribution and Attribution Modeling
• Retargeting 2.0
• Responsive Design for Mobile Optimization
#1: Attribution Modeling
9
> Enables marketers to look at the history of ads/touches that contribute to a conversion over an extended period of time
> Credit is given to each ad or “touch point” within the sales funnel rather than crediting the last ad clicked or viewed
Our Target Converter Is Not Clicking • Our target audience is not clicking on banners, yet they are converting • The demographic that is clicking is very different from the demographic
which is converting
Clickers primarily <18 and >50, with <$30K HHI
Yet Converters are primarily 18-49, HHI $60K+
Source: Quantcast (based on combination of Tech, Insurance, & Apparel categories)
10
Evaluating Display Beyond the Last Ad Served
• Online media has traditionally been measured based on a “last ad” model, where 100% of the credit is attributed to the last ad clicked or viewed
• However studies have shown that the “last ad” model may ignore up to 94% of media touchpoints in converter histories.*
• Attribution modeling considers the relative contribution of those prior touches
• End Result…ability to drive scale by validating impact of higher funnel media
*Song, Young-Bean. Senior Director Atlas Institute. “Engagement Mapping: A new measurement standard is emerging for advertisers.’
Conversion SEM Display RT Internal Display
BT Display/ Rich Media
Last Ad
Prior Touches
11
Common Cross Channel Dynamics
12
Lifts response of:
Drives volume to:
Drives volume
to:
Helps optimize
content for:
Drives volume
to:
Drives volume to:
Lifts response of:
Lifts response of:
Social & Mobile
Affiliate
Display
Landing Page
Retargeting
SEO/SEM
Direct Mail
> In reality, each channel in the mix affects all others
> This depicts the most significant dynamics
Common Cross Channel Dynamics
13
> The correlation between search and display has been statistically demonstrated often
> The challenge to is identify the optimal allocation between the channels to achieve the lowest average cost-per-action
Actual campaign data from a financial services client showing search volume decreasing as display impressions decrease
Cross Channel Example Dynamic Display Impacts Search
Cross Channel Example Dynamic Display Impacts DM
14
MaxPoint Impression Delivery
MaxPoint Impression Delivery
Online Account Applications
Online Account Applications
Most Impressions Medium Impressions Fewest Impressions Digital Zips with 1+ Online Applications During Campaign
New Control has recently been successful combining display and DM to increase response and lower overall CTA
> 50% lift in response rate over DM alone – Neighborhoods that received display ads in addition
to DM against neighborhoods that only received DM
> Overall, the display campaign had an estimated 2.83x ROI and incremental return on DM investment of 1.83x
15
SEM Data helps optimize…
…DM creative
> Message test using insights from SEM data lifted response rate 23% over control
Cross Channel Example Dynamic SEM Informs Direct Mail
Common Attribution Models
16
First & Last
First Touch Last Touch
Algorithmic Decay
The challenge is that these are theoretical attributions that don’t account for
channel or creative differences
We recommend a reactive algorithmic approach that measures the relative impact of each ad exposure in market in order to assign a weighted credit to that particular exposure
17
How Attribution Works
• Using a combination of in-market measurement and modeling, we can effectively and accurately attribute fractional credit for each conversion
OLM Display Impression #1
OLM Display Impression #2
SR Display Impression #1
Search Impression #1
CR x CTA x + + + =
OLM Display Impression #1
SR Display Impression #1
Search Impression #1
CR y CTA y + + =
OLM Display Impression #1
OLM Display Impression #2
Search Impression #1
CR z CTA z + + =
User Group A
User Group B
User Group C
By analyzing the differences between all of the in-market touchpoint paths that result in a conversion, we can deduce the relative impact of each individual impression and creative unit on conversion rate and CTA, and thereby assign the appropriate credit.
*Simple example for illustrative purposes only; ultimately there will be as many user groups as there are unique touchpoint paths
18
19
Mix 1 Scale: A
Cost-‐Per-‐Conversion: Y
Optimizing the DR Mix
> A portfolio management approach defrays risk and achieves maximum results
> Scale and Cost-Per-Conversion are balanced
> Optimizing the mix is achieved through testing, sufficient data, and analytics
Mix 2 Scale: B
Cost-‐Per-‐Conversion: Z
Attribution Modeling Technology Visual IQ Example
20
Analyzes sales by channel
over time
Then uses attribution modeling (not last action), to develop a recommended allocation of spend across channels that maximizes ROI
3 Key Digital Marketing Strategies
21
• Multi-Channel Attribution and Attribution Modeling
• Retargeting 2.0
• Responsive Design for Mobile Optimization
#2: Retargeting 2.0 – CRM Retargeting
22
CRM Database
Online targeting of customers in an offline CRM database
23
#2: CRM Retargeting – How It Works
Cardholders in the mail file are served display ads – potentially including
downloadable coupons
IP addresses/cookies corresponding to
matched cardholders are identified
Mail file is passed to CRM Targeting
platform provider
Physical address 123.123.123.123
Physical address 12.4.560.275
Physical address 356.5.10.153
Physical address 192.168.1.132
CRM Database
#2: CRM Retargeting Benefits
24
> True 1-1 targeting of of customers
> Offers can be identical to ones cardholder would receive through DM channel
> Can be used as a stand-alone alternative delivery method to lower program costs, or as a DM reinforcement to increase redemption and spend levels
> Integrates with leading digital media platforms for complete flexibility of media plan
> Spongecell ad units provide robust functionality without rich media ad serving costs
25
• Search Retargeting enables us to retarget users with display advertising based on the content of their internet searches
• This strategy enables us to capitalize on the targeting accuracy of search engine marketing (SEM) without the character limit restrictions of traditional search ad units
A prospect searches for “Playstation Credit Card” on Google Later, they are served an ad for the Playstation Card
USER A" USER A"
#2: Retargeting 2.0 – Search Retargeting
3 Key Digital Marketing Strategies
26
• Multi-Channel Attribution and Attribution Modeling
• Retargeting 2.0
• Responsive Design for Mobile Optimization
#3: Responsive Design
27
> Single source of HTML code that is built to adapt or respond to the display environment, screen size, etc.
Website viewed on a desktop
Website viewed on a mobile device
More than 1 in 2 Americans already have a smartphone …
28
… iPhone Growing 5X Faster Than the Internet Did
29
… iPad Growing 3X Faster Than iPhone did
30 Sources: KPCB and Apple, as of CQ1:12 (8 quarters post iPad launch).
… Android Growing 5x Faster Than iPhone did
31 Sources: KPCB, Gartner, Morgan Stanley Research, as of Q4:11
#3: Responsive Design
32
> 57% of people open email on mobile devices
> Only 3% will view the same email again later
> To make sure customers see the email or landing page that’s suited to their device, responsive design adjusts depending on the width of the screen - Landing pages - Websites
When should Responsive Design be used? > Any page linked to from email has a good chance
of coming from mobile
> Any URL mentioned in out-of-home ad may also come from mobile
Benefits include: > Emails and landing pages work best for user
regardless of where they read it
Source: ClickZ and Litmus
Digital Marketing Strategy Bonus
33
• Personalized Video
Video Consumption is Growing
34
Video Ad Buys Are Growing
35
APRIL MAY AUGUST OCTOBER
SMARTVIDEO: EFFECTIVE ENGAGMENT THROUGH THE CUSTOMER LIFECYCLE
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