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This week, we’re covering fintech marketing measurement. It’s arguably the most important part of the entire operation – and so often overlooked or not done correctly.
To make sure you get the most, we’ll walk you through all things fintech marketing measurement. Keep in mind that we’ve covered some bits and pieces on channel- and tactic-specific measurement in some of the previous pieces, so check those out here, here, and here.
Let’s go!
Fintech Marketing Measurement & Analysis
Effective measurement allows you to understand what’s working, what’s not, and what could be done with a little tweaking. The end game is the best results possible.
In this section, we’ll explore the strategies and tools to streamline fintech marketing measurement. Because better analysis = better, data-driven decision-making.
Defining Success: Setting Clear Objectives
Before diving into measurement, you must define what success means for your B2B fintech marketing campaigns. We’ve talked about this in the previous posts on content marketing, email marketing, PR, and influencer marketing.
Be as specific as possible. Remember SMART goals: specific, measurable, attainable, relevant, and time-bound. You should also make sure they’re aligned with your overall business goals.
Here are a few things to pay attention to with fintech marketing measurement:
Lead Generation: Measuring the number of qualified leads generated through marketing efforts.
Conversion Rate: Tracking the rate at which leads become customers or clients.
Brand Awareness: Monitoring the increase in brand recognition within your target audience.
ROI: Calculating the return on investment to assess the profitability of your marketing campaigns.
Use KPIs for Fintech Marketing Measurement Success
KPIs are the metrics that move the needle. These are the things that tell you whether you’re getting through to people – and whether or not they’re responding in the way you want them to. If you’re doing all the right things but measuring the wrong KPIs, you won’t have a solid grasp on whether or not you’re meeting goals.
That works on the flip side, too: you could be making a mess of things but looking at vanity KPIs that don’t really matter. Make sure you can map metrics back to your overarching goals.
Here are some essential KPIs to consider:
Click-Through Rate (CTR): Measures the percentage of clicks on a specific link or call-to-action (CTA).
Conversion Rate: Tracks the percentage of visitors who take a desired action, such as signing up for a webinar or requesting more information.
Customer Acquisition Cost (CAC): Determines the cost of acquiring a new fintech customer through marketing efforts.
Customer Lifetime Value (CLV): Calculates the long-term value of a customer to your business.
Return on Investment (ROI): Evaluates the profitability of your fintech marketing campaigns by comparing costs to revenue generated.
Web Analytics Tools
Keeping track of all these metrics, KPIs, and other analytics is a full-time job. Make it easier on yourself by using tools that provide dashboards, easy-to-digest reports, and automated tracking.
Here are some of our favorites for website tracking and analysis:
Google Analytics: Offers in-depth insights into website traffic, user behavior, and conversions. It’s a versatile tool for tracking the effectiveness of your marketing campaigns.
Google Tag Manager: Simplifies the management of website tags and tracking codes, making it easier to measure specific actions on your site.
Hotjar: Provides heatmaps, session recordings, and user surveys to understand how visitors interact with your website.
You may even create your own dashboards or reports to visualize your KPIs and monitor progress in real time. Tools like Google Looker Studio or Tableau can help you create informative reports.
Attribution Modeling: Getting the Most Out of Fintech Marketing Measurement
This one is a fan favorite. The world would be perfect if you could easily track every single person from the time they first heard about your brand to when they made a purchase. In a world where traditional and digital media types have converged, things become a lot more stickier.
That’s where attribution modeling comes in. When you understand how different marketing channels contribute to conversions, you can adjust your strategy accordingly. There are a few ways to do this:
First-Touch Attribution: Credits the first touchpoint a user interacts with before converting.
Last-Touch Attribution: Credits the last touchpoint before conversion.
Multi-Touch Attribution: Distributes credit to multiple touchpoints along the customer journey.
Algorithmic Attribution: Uses advanced algorithms to assign credit based on the influence of each touchpoint.
The type you use will depend on your strategy, your resources, and what’s important to you (based on what you know about your brand, your audience, and what your end goal is). Check out this helpful video from HubSpot to see what might work best for you:
Another great way to make sure things are tagged and tracked at every touchpoint is to enlist the help of a marketing automation tool.
Marketing automation platforms like HubSpot, Marketo Engage, or Salesforce Pardot allow you to track and measure the effectiveness of your marketing campaigns. These tools provide insights into email engagement, lead nurturing, and lead scoring.
A/B Testing and Experimentation
Don’t sleep on A/B testing. This is the best way to discover in real time what your audience wants – and to deliver it to them on a silver platter. A/B testing (aka “split testing”) allows you to try out two different ways of doing something to see which performs better.
You might A/B test subject lines for an email campaign, web copy for a landing page, or even the color of a button on your website. Some organizations also use multivariate testing (a bit more complex) to test out various elements simultaneously. This can provide insights on the right combination of factors that get people to take the desired action.
Regular Review and Optimization
Fintech marketing measurement is an ongoing process. Set reminders for your team to conduct monthly, quarterly, and annual reviews to check out results and see how they stack up against previous periods.
Measurement should be embedded in everything you do. When you have buy-in from everyone, you are empowered to make necessary improvements and optimize fintech marketing results over time.
Use data like a compass. And while data-driven decisions are the best ones, don’t be afraid to try new things that might run contrary to the status quo. The key is to track everything you do and use it to understand how to outperform yourself the next time around.
