Robust and intelligently designed marketing strategies can make or break a business. Are you sabotaging your own lead generation campaigns? Financial institutions (FIs) rely on solid lead generation to grow their audiences and gain account holders. Falling suspect to bad lead practices could waste precious resources for all FIs. To avoid the common pitfalls of a lead generation campaign, follow these five tips to foster success.
From drafting budgets to collecting data, how you design, implement, and review lead generation campaigns can set you apart from the crowd.
1. Establish a budget
Set up a clear budget based on the goals and scope of your campaign. Even if your budget is small, allocating the right proportion of funds to marketing channels that best reach your audience can help you identify key performance indicators (KPIs), which are used to track progress and provide valuable return on investment (ROI) data.
Your ROI informs the design of future campaigns and their subsequent budgets. Therefore, the more care you take in establishing a budget at the start, the more efficient your investments will become over time.
2. Be flexible
Flexibility is key! Start planning your campaign by establishing clear goals, but keep in mind that those goals may shift and evolve over time. For example, when using geo-notification technology, like the Larky nudge® engagement platform, you may discover patterns that you were previously unaware of. Being able to adapt to these trends and correct your course throughout the life of your campaign leads to more successful conversions.
3. Research your competitors
How do you create a campaign that stands out from the noise and offers something unique to your audience? Learn from your competitors, find out what works and develop innovative alternatives.
If a similar FI is using a particular marketing channel and experiencing high conversion rates, consider how you can build on these successes. Take the time to understand why their audience responds to these campaigns and how you can incorporate those tools into your own strategy. Above all, research emerging strategies that can place your campaigns at the forefront of the conversation.
4. Identify the best marketing channels for your campaign
Know your target audience and refine your message. Stretching marketing materials across multiple channels is time consuming and unproductive. Focus on a few channels that speak directly to your target audience and stay up to date with current trends.
For example, mobile banking applications are one of the top three most used apps in North America. This statistic is hard to ignore. Furthermore, a study conducted by CleverClicks revealed that pay-per-click (PPC) advertising generates 50% more traffic than organic searches. Therefore, focusing your attention on solutions bundled into mobile banking apps, such as the Larky nudge®platform, may generate more robust leads.
5. Use your data wisely
Develop a lead management strategy to capitalize on the results of your campaign. Take steps to verify your leads by cleaning out old or outdated email addresses. Enrich your data by asking for additional details, such as company name or size. This enriched data then allows you to nurture your leads and deliver relevant content, segment your lists, and personalize your campaigns. If you take care of your data, it will take care of you. Are you looking for an innovative marketing channel to generate leads? Contact Larky today to learn more about our geo-notification and contextually relevant messaging technology from nudge®.