FinTech: Lessons in accountable marketing
By Fiona Couper on Monday, 10 October 2022
In the current context of the cost-of-living crisis, how do you find the correct balance between purpose-led and sales-driven comms? That was the topic for our seminar on how fintech delivers both highly measurable and meaningful marketing.
With thanks to panellists for sharing their vast experience:
• Caroline Hurst, CMO, Tumelo - an impact-focused fintech with a mission to ensure that every investor will have a shareholder’s vote by 2030.
• Tiana Portugal, Head of Marketing, Funding Circle – providers of simple, hassle-free business loans to help small businesses thrive.
• Jacqueline Dewey, CEO, Smart Money People - the UK’s largest financial review website. aka the ‘TripAdvisor’ for finance.
• Jenna Armitage, CMO, Tulipshare - the activist investing platform that empowers individuals across the UK to invest to promote ethical change.
With 75% of people believing that it’s everybody’s responsibility to live more consciously and sustainably (1), it is estimated that 19million Brits are unaware, uninformed, unwilling, and unsupported to live a greener life (2) - evidence that Britons will struggle to hit their net zero targets, prioritising the needs of the cost-of-living crisis over their carbon footprint. In the search for both meaningful and measurable communications, the session began by exploring each business’ definition of accountable marketing.
Despite the different business types and models that the panel represented, the reality for all is that a measurable sales funnel has never been more critical. All panellists underlined the need to have business objectives in place against which all marketing activity is measured – with an emphasis on each team member being clear on how their role contributes - with activity targets.
Discussing whether the panel agreed with Gartner’s latest CMO Survey, which found a shift from digital-first to hybrid multichannel strategies, the panel reiterated that a bottom-up funnel still dominated for them. Proof of marketing effectiveness being critical for them in releasing further marketing investment.
Moving on to considering their critical measures for success, the panel were unanimous in the centrality of data and metrics to their business, with results being critical to creating a culture of measurability. One particularly effective and valuable strategy to success was pursuing marginal gains – seeking incremental 1% increases across the funnel. Even events should be evaluated for their impact and linked to sales targets.
Campaigning platforms as well as earned media campaigns were recognised as being vital to awareness, particularly during fundraising series. ‘Stand-out creative’ was also highly prized – with an emphasis on campaigns that generated measurable business benefit.
Considering the ambition to secure loyalty varied by business type and stage in development, but even those with long gaps between repeat purchases recognised the need to offer different products that met shorter-term needs and resulted in more frequent repeat usage.
One audience member asked how the fintechs’ ensured creativity flourished within such a measured environment. Bringing the creative teams into the conversation on the funnel leakage points was one way to ensure creativity remained strong through the whole funnel and not solely at the top end. The ability to take advantage of ‘micro moments’ that engaged with audiences proved yet again the allure of fintechs’ commercial agility.
(1) Prudential’s ‘Power of You’ Report 2022
(2) Tandem Research March 2022
Thanks again to our panel for sharing the secrets of their success. If you’d like to discuss how to propel your fintech or adopt some of their agile techniques, please email firstname.lastname@example.org