Marketing automation technology can help financial institutions interpret data, enhance the quality of leads, and create consistency in their brand presence and marketing materials. Sounds great, right? But these benefits do not come easy, and marketing automation presents its own unique set of challenges that business leaders must be prepared to face head-on.
So what are these big challenges, and how can FIs overcome them? We’ve done a deep dive into some of the most commonly encountered obstacles and found solutions that can help your business sidestep them.
The Big Three
1. The Tech Stack
The Challenge: Wrong Tool for the Job
You may have correctly identified which aspect of your business could benefit from marketing automation, but that means next to nothing if the tools at your disposal are inappropriate for the task at hand. Knowing which tools are appropriate requires an in-depth knowledge of the field, as well as the ability to forecast trends months or even years in advance.
For example, your FI could be struggling to engage with younger demographics. Your initial impulse may be to invest in a marketing automation stack that includes push or SMS notifications, but current research indicates that these methods provide less ROI than expected when targeting younger audiences.
The Solution: Comprehensive Stacks
A solution that allows for customization and efficient analysis of results will inevitably be a better choice for businesses that do not have a clear idea of which tools are right for them. For smaller FIs, this may seem like an expensive option, but investing in comprehensive automation solutions generally means that onboarding is included, which will alleviate the burden of training your marketing team and save money in the long term.
2. The Content
The Challenge: Underwhelming Content
Reaching your audience is not enough; you have to wow them. Marketing automation makes the distribution of content a no-brainer, but you still need to put real effort into researching and crafting exceptional content that is relevant to your target audience. Emails, blogs, newsletters, and social media posts all fall under this umbrella, and can turn into a real headache for your business if they’re not generating any leads or feedback.
The Solution: Less Is More
Reducing your output may be the key to generating more valuable content overall. Not only does this give your marketing team a little extra time to research and write, but it gives you the opportunity to analyze important data like open rates and conversions carefully.
Audience members are also more likely to engage with content that appears less frequently. Attempting to flood inboxes may cause your business to be seen as “spammy,” which could cause members to ignore content out of instinct, no matter how relevant it may actually be.
3. The Data
The Challenge: Silos
The ugliest word in tech today. Marketing campaigns are developed by analyzing a complex network of data points from across your business and bringing them together, giving you a more complete picture of your audience, their habits, and the success of your efforts. Stacks that do not integrate data from across your business and third-party applications give an incomplete picture of your marketing efforts and limit your ability to identify and address problems in your member’s journey.
The Solution: Integrated Warehouse Architecture
A solution that brings together data points from all relevant sources, while being able to differentiate them, is essential to building strong campaigns and gathering reliable data. When your data is more complete, you can achieve better outcomes for your business and your members.
With the prevalence of third-party applications in FIs, it’s more important than ever for businesses to ensure that none of the valuable data they could be collecting is slipping through the cracks. Prisma excels in this regard. Our solution not only prevents siloing, but can integrate your existing stack into a new workflow that allows for a truly frictionless experience.
See how Prisma Campaigns can transform your martech stack and improve every aspect of your campaign.
How Can I Avoid These Challenges?
By choosing the right partner, of course! Not all partners are created equal, and most are not equipped with the industry-specific knowledge to help FIs make informed decisions about their marketing technology.
That’s where Prisma Campaigns comes in. Our long history of working with FIs makes us the clear choice for those in the industry looking to take their marketing to the next level. Take a look at our in-depth case studies to see just how effective we are.
Prisma Can Help
Prisma is dedicated to helping financial institutions like yours achieve their goals and provide maximum value to their members. If you’re in need of a marketing shakeup, schedule a demo with us today, and find out what the future could look like for your business.
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