How often does the c-suite ask you, “How much are our marketing dollars getting us?” or “How much does it cost our bank to get more mortgage loans?” To answer these questions with confidence, you need end-to-end reporting.
End-to-end reporting is essential for banks, credit unions, and other financial institutions. You, and the marketing team, will know precisely the amount needed to generate loans, deposits, credit card applications, and more for each marketing product empowering you and your team to hit your goals.
For example, let’s say you are working with MHP/Team SI, and we have established a benchmark for online credit card applications to have an $11 cost-per-application-start and a $55 cost-per-application-finish.
While sitting in an executive meeting, it comes across that your bank needs an additional 1,000 applications for credit cards. Because you have end-to-end reporting for your banking products and performance marketing benchmarks established, you already have the necessary information to drive those applications and budget planning.
You know it is going to take $55 per completed application. If you need 1,000 of them, you must move your marketing buckets around to find $55,000 to achieve your goal. It’s simple math.
Additionally, because MHP/Team SI has built your end-to-end performance marketing report, you also know which channels to invest in. This decreases stress and increases your productivity and ability to knock your KPIs out of the water.
After one year with the bank marketing experts at MHP/Team SI, you can set your allocated marketing budgets into product buckets to achieve your goals much more efficiently than in the past, with little to no data.
Often, bank marketing teams are concerned about creating end-to-end reporting because they are still determining where to start. Luckily, we have created a Performance Marketing Scorecard where our team of experts reviews your tracking setup in Google Analytics and Google Tag Manager to complete a 130-point assessment. This assessment will grade the structure and provide recommendations on how to get started giving you the confidence you need to take charge of your marketing budget.
Contact us today if you and your financial marketing team are ready to move toward data-informed decision-making with measurable ROI. Still, want to see how it works? Check out our Credit Card Case Study to see accurate end-to-end reporting and the impact of adding connected TV to bank marketing.