Getting the Most Out of Marketing Automation

3 Secrets to

Getting the Most Out of Marketing Automation

for Financial Services

Table of

Contents

02 02 03 04 07 08 11 13 15

Executive Summary Introduction Overcoming Marketing Automation Challenges with Technology, Process, and People Making the Most of Marketing Automation 3 Secrets to Getting the Most Out of Your Marketing Automation Secret #1: Use Data for Segmentation and Personalization Secret #2: Integrate Your Marketing System with Your CRM Secret #3: Take Small Steps to Influence the Customer Journey Conclusion

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Executive Summary

As financial institutions continue to leverage digital marketing to grow their customer base and maintain relationships, many have yet to realize the full potential of marketing automation. As a financial marketer, you may face several challenges,

including relying on legacy systems, poor technology integrations, changing compliance and regulations, and a lack of access to important data. Here's what you need to know to make the most of your

marketing automation software.

Introduction

Marketing automation is an invaluable tool to attract new prospects, enhance customer experience, and grow revenue. Yet you might not realize how it can extend the life of your marketing initiatives. Nearly three out of five marketing professionals believe they are not entirely using their marketing automation tools as they could be, and only a quarter say they are "very successful" in using marketing automation to achieve priorities. As a result, these marketers aren't delivering meaningful content to the right prospects, with the right message, at the right time.

The reality is marketing automation is only as good as the strategy, processes, and people behind it. To succeed with marketing automation, you need more than batch-and-blast and auto-reply emails--you need an end-to-end strategy that nurtures and supports both the buyer's and customer's journey.

Financial institutions have the greatest success with marketing automation when they use data for segmentation and personalization, integrate marketing automation with their internal systems, and take small steps to anticipate the

needs of potential and current customers.

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Overcoming Marketing Automation Challenges with Technology, Process, and People

The steady expansion of the digital landscape has continually changed the way customers approach banking, insurance, advising, and other related financial services. Instead of face-to-face, in-person conversations, many now turn to digital channels for their initial interactions. This digital migration only expanded during the Covid-19 pandemic, with more and more people adopting online services for the majority of their financial needs.

80 Nearly %

of consumers prefer to bank digitally via a mobile app or website

81%

of wealth management research now takes place online

90%

of consumers are open to buying their auto insurance online

While this rapid transition to digital presents challenges for many, the most successful financial institutions have learned to capitalize on the growing volume of digital data with a well-designed marketing automation strategy.

Customer Experience

Marketing automation helps you capture critical data and transform it into positive customer experiences. For example, you can see what customers are searching for on your website, which informs the type of content you need to provide to answer these questions.

Lead Generation

Your organization can use marketing automation to attract, qualify, and deliver high-interest leads to your sales teams. Financial advisors, for example, can use it to deliver relevant content by linking asset management solutions to their customers' online behavior. And insurance firms can use marketing automation data to create custom promotions tailored to their client's needs or offer specific policies.

Optimize for Business Growth

Marketing automation can also eliminate many repetitive tasks related to email campaigns, scoring, segmenting, and progressive profiling. This leaves a smooth, automated process that allows you to focus more on business growth than routine marketing tasks. In addition, automated functions ease the coordination and launch of marketing campaigns while ensuring that you stay within the bounds of ever-evolving compliance regulations.

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Making the Most of Marketing Automation

Despite the possibilities, only two out of five marketing professionals believe they are using marketing automation to its fullest potential. Without the ability to harness customer information, you risk limiting your customer relationships and missing growth opportunities.

A recent survey of B2B marketers revealed several common roadblocks to the successful integration of automated marketing tools. This can include:

35 % A lack of resources to manage a new system

31 % An absence of training and technical knowledge

26 % A lack of budget to maintain the service

26 % Complications involved in service setup

Yet some banks, insurance companies, and wealth management firms are now turning these challenges into opportunities. The most successful financial institutions use marketing automation to improve brand awareness, bolster customer trust through robust compliance, integrate legacy technologies to measure campaign effectiveness, and deliver targeted and relevant content to their customer base.

If you can intake all of the data and build an automated approach based on it, you can make it more personalized and more scalable. Marketing automation can have a tremendous impact on your results.

- Andrew Rice Director of Demand Generation at Act-On

Improve Brand Awareness

As many financial products and services are now commoditized, it's more important than ever to differentiate yourself from the competition. Especially if you're in banking, you can no longer compete with standard products and services alone. You need to think about building your brand in niche markets.

Tip

One of the most important places to share your brand and its unique personality is your website. With most people turning to their digital devices for their first impressions of financial intuitions, it is essential for company websites to be clear, engaging and informative.

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