Setting financial marketing budgets, Don’t gamble, go inbound
It’s that time of year again, when you are setting financial marketing budgets and you, the Head of Marketing are looking at how to best divide the budget between internal and external resources. Wanting to ensure that this year you please the Head of Finance by increasing the return on last year’s investment… or are you?
Marketing has always been experimental, you tend to stick to tried and trusted methods even if the yield isn’t great but you are open to try one or two new opportunities if they seem viable. But, you have heard about this inbound marketing thing though, right?
Finance should go inbound
We’ve been talking about inbound marketing for finance and finance related businesses because we believe it works and because it’s proven to work. We’ve discussed PTT financial research having a 700% increase in digital leads, which led to a doubling of annual turnover and a ten-fold increase on the return of investment into Hubspot as a marketing automation platform.
We also talked about the B2B lender, Lencred who increased their leads tenfold and lent an extra $1MM that year. Doesn’t seem like a lot but when your average loan is $50-$100K that’s a huge rise in booked business over a six month period!
US residential mortgage retailer Amerifirst also achieved great results over a 2 year period with 3.8 times more traffic after one year, 51.7 times more leads after one year and 5% increase in sales after two years.
Balance the budget
Your financial institution doesn’t have to go fully inbound, your budget can be split across a number of marketing channels, but ensure when you do buy in that your inbound agency takes control of the content, social media and your email strategy.
With a cohesive implementation of a content-based strategy that drives traffic into your website via your blog with landing pages, calls to action, buyer personas, marketing automation and website management for SEO, this is a win-win deal.
Plato said “A good decision is based on knowledge and not on numbers” and that is directly relevant where inbound marketing is concerned. Just because you don’t understand it, haven’t heard of it or are uneducated around the overall benefits it brings, don’t dismiss it. By gaining an understanding of inbound marketing you will arrive at the numbers. The biggest being that it has been proven to be 60% more effective on cost per acquisition than traditional marketing methods.
Talk to a specialist
At BIAS, our consultants have worked in the financial sales process as some of us came into marketing from that side of the business. We have a grasp on your customers, your internal cultures, helping you get stakeholder buy-in, presenting case studies and figures and stats to support a move to inbound.