If you’re a financial services marketer, you know what omnichannel marketing can achieve: a lift in sales by personalizing and synchronizing experiences across your customer touchpoints. In fact, over 90% of financial services marketers believe an omnichannel strategy is very important/critical or important to their organizations, according to a Neustar-sponsored survey by Multichannel Merchant. The survey included more than 350 marketing executives across financial services, high-tech, retail, media and other industries.
The industry is counting on omnichannel marketing to drive sales.
Over 80% of financial services respondents are seeing a lift in sales, or expect one, thanks to omnichannel tactics. Why such high hopes? One reason: the industry has an advantage as a leader in online services. Millions of customers log on daily to check their balances, make transactions and get information.
It’s a marketing gift from the gods; a lucrative opportunity to promote your new credit card or auto insurance discount. Identifying each customer—accurately, on any device and through every marketing channel—and personalizing your message is the name of the game. No wonder that the financial services industry is second only to consumer products in seeing omnichannel’s importance.
At the same time, few financial services marketers consistently employ customer data throughout their growing marketing channels. They have plenty of data, but are drowning in it, lacking the analytics and expertise to turn insights into profits.
Another challenge: measuring campaign success throughout multiple channels. Thirty percent of respondents estimate the cost of not measuring across channels at $50,000 to $1 million annually; 12% report the cost at over $1 million. But growing numbers of industry marketers are improving cross-channel measurement and other capabilities. With 65% reporting that they currently have or will soon build an omnichannel marketing strategy, momentum is gathering. This year, financial services may reach a tipping point.
- Financial services marketers are embracing omnichannel
- 94% say it’s essential.
- 76% are seeing or expecting a lift in sales of 6-20%.
- Many lack the means to act on data across all touch points
- 47% have issues with IT integration and data silos.
- Many financial services marketers can’t link customer identifiers—email addresses, mobile and home phone numbers and more—to enable accurate targeting.
- Omnichannel’s future: the industry is investing in the tools to succeed
- Only 18% currently have an omnichannel strategy.
- But over twice as many, an additional 47%, plan to invest in a strategy. Omnichannel marketers will soon be in the majority in financial services.
According to the report, the holy grail is a single customer view across all channels. However, less than one-third of respondents are anywhere near obtaining it. When financial services marketers, like their counterparts in other industries, fail to act on omnichannel consumer information—demographic, psychographic or behavioral—they miss the chance to optimize the customer experience, identified by many as a top challenge.
Neustar can help. Read about Neustar omnichannel marketing solutions.