Pub. 1 2021 Issue 3

28 | The Show-Me Banker Magazine Keith Brannan, Chief Marketing Officer at Kasasa (877) 342-2557, kasasa.com. We need to understand the entire consumer purchase journey. Did those impressions and clicks lead to an account being opened? To give proper credit where credit is due (and to double down on your marketing that moves the needle), you need an attribution model you can trust. It’s a complex process, where cutting corners can lead to missteps. The simplest approach marketers use is last-touch attribution— crediting the channel that pushes the conversion over the finish line as the reason for success. However, this common model can paint an incomplete picture and lead you down the road to short-sighted or less-informed marketing decisions. A best-in-class attribution model can: • Account for all multi-channel marketing touchpoints • Track and attribute anonymous digital consumer data throughout the entire consumer journey • Realize the true return onmarketing investment, so you can optimize smarter going forward At the end of the funnel, you should see the holistic customer journey, step-by-step. Only then can you truly understand both your marketing performance and your customers. Strategy 4: Leverage consumer data. Data is what lets you target new consumers with the right message, for the right product, at the right time. It’s also how you predict the right message and product for your existing customers based on what you already know about them. Unfortunately, data is an area where smaller institutions have the least confidence in their abilities to keep up. Nearly 78% of institutions with assets over $50 billion report that they’re “adept” or at least “moderately adept” at recommending the next best actions for marketing to consumers and prospects. For institutions with less than $500 million in assets, that number is all the way down to 16%. And more than 50% of organizations of $1 billion or less in assets consider data analytics a major challenge. 11 When you start with the data, the marketing itself comes easy. Strategy 5: Optimize for better results. And never stop optimizing. If there’s one thing we all learned in 2020, it’s that the world can change quickly. What works today could look totally different than what worked last week. The goal isn’t perfection. It’s tireless optimization. Iterating and improving your marketing to get higher click-throughs, conversion rates, rankings, and the metrics that matter most to your business. It means reacting quickly to news stories, regulation changes, algorithm updates, and search fluctuations. Taking advantage of new types of ad units and A.I.-enabled assistance to create more variants to test. Maybe rethinking your old, handy landing page templates and giving a new set of challengers the traffic to shine. For marketers, and financial marketers in particular, now is the dawn of a new era —where consumer data, digital performance, and results-based decision making can propel your financial institution to new heights. ■ 1 Source: Kasasa Analytics, 3/22-6/5 2 Source: Kasasa survey conducted online by The Harris Poll among 1,045 U.S. adults ages 18+, July 2020. For more info on the survey, please contact catherine@williammills.com . 3 Source: Google trends, June-July 2020 4 Source: social (https://www.statista.com/statistics/273476/percent age-of-us-population-with-a-social-network-profile/) 5 Source: email (https://99firms.com/blog/how-many-email-users- are-there/#gref) 6 Source: direct mail (https://www.smallbizgenius.net/by-the- numbers/direct-mail-statistics/#gref) 7 Source: streaming (https://musically.com/2019/09/24/music- listening-2019-ifpi-report/) 8 Source: PPC (https://www.bluecorona.com/blog/pay-per-click- statistics/) 9 Source: Kasasa Analytics, Q1 – Q2 2020 10 Kasasa survey conducted online by The Harris Poll among 1,045 U.S. adults ages 18+, March 2020. For more info on the survey, please contact catherine@williammills.com. 11 Source: Digital Banking Report Research, July 2020, The Financial Brand (https://thefinancialbrand.com/98826/digital-banking-report- financial-marketing-ai-trends The goal isn’t perfection. It’s tireless optimization. Iterating and improving your marketing to get higher click-throughs, conversion rates, rankings, and the metrics that matter most to your business. Continued from page 27