July 13, 2017
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Benchmarking Partner Marketing: An Analysis
With financial institutions looking to become a universal presence in consumers' daily lives, there is perhaps no greater time than now to deliver a stellar marketing campaign across multiple channels--and do so cost effectively.
This brings us to the increasing need for financial companies to create performance-based relationships with partners and affiliates. Companies that leverage performance-based methods reap the benefit of not only broadening the reach of their marketing campaigns, but also obtaining actionable data that can be used to drive sales.
To assess this shift in growing channel adoption, WBR surveyed over 100 financial companies--across insurers, regional banks, credit unions, and retail banks--to benchmark the extent to which they are using performance-based relationships for marketing, mobile growth, and improving business functions and decisions. A staggering 95% claim they would like to pay both new and existing partners based on performance .
The success of a financial company depends on servicing and retaining existing customers and acquiring new ones at every touchpoint. To make a life-long customer, you need a life-long relationship strategy that goes above and beyond a transactional relationship.
So, how well are companies leveraging partner marketing to do this?
- 84% of respondents say performance marketing, including affiliate and partner marketing, is a factor in them getting new customers; customer retention depends on performance marketing less (36%)
- 90% of financial companies use third-parties to evaluate the performance of marketing programs, and 63% expect to invest in them even more
- Performance-based marketing partners drive double-digit shares of overall revenues for all of the financial companies in the study--some up to 80%
How are your peers coping with an increased reliance on mobile?
- Apart from email marketing, mobile marketing is the only online activity that drives both acquisition and retention for almost all financial companies
- The vast majority of financial companies (80%) expect sales will increase from mobile app channels over the next twelve months, and another majority of financial companies (78%) expect sales will increase from mobile web channels as well
The financial services industry has set its standard for 2018. Companies will focus heavily on improving both measurement and creative. They will incorporate these strategies and partnerships to create life-long relationships with their customers.
For more benchmarking data, take a look at the content available for download in our Future Digital Finance resource center .