Data analytics will play a bigger role in 2018. Meanwhile marketing automation will increasingly shape financial services marketing success in the new year.
That was what financial services and communication leaders said in the Cognito Communications and Marketing Survey 2017/18. The report surveyed 165 marketers from US, EMEA and APAC from various parts of the financial services industry, including banking, asset management, wealth management, FinTech, insurance, technology and professional services.
“Much like other industries, marketing and communications is anticipating the potential impact of digital disruption, technology and automation. Adaption to this change relies on turning perceived challenges into opportunities for success. Our second annual survey therefore focuses on change, by informing the industry of the right tools, channels and technology to drive business growth and manage reputation,” Tom Coombes, CEO and Founder of Cognito said.
According to the September 2017 study, the top three marketing challenges were securing budget/investment (86%), adaption to disruption (83%) and adaption to technology (80%). To justify ROI, smart measurement and analysis is becoming important. Seventy-nine percent said data analytics will have the highest impact next year, followed by marketing automation (57%). AI and machine learning will also make huge impacts, although their effects will be “less immediate.”
In terms of content marketing, marketers were largely unhappy with the quality. Only 18% were happy with their content, with 61% predicting that content creation will be a top budget winner for 2018. Digital marketing, social media and digital advertising were other areas that marketers said they will invest in the new year.
However, a lot of marketing organizations are facing a severe skills gap. According to the survey, digital skills, from social media or marketing technology to digital marketing and advertising, are hard to find.
The survey also highlighted the growing importance of LinkedIn among financial services marketing professionals. Eighty-five per cent said that LinkedIn is becoming more important “due to the effectiveness of paid campaigns and targeting.” However, media is still preferred when communicating their message and position.
In contrast, Facebook saw a decrease in importance with only 25% saying that it was important for their marketing needs. Instagram fared worse at 22%. According to the study, the low percentile figures showed that B2B financial services businesses have yet to embrace these social media fully.
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