For the past few years, the finance sector tried to keep up with the new technology through digital transformation. Hence, consumers started demanding highly-customized and agile customer experience online. Based on the Adthena’s CMO Search Intelligence Report for the 4th quarter of 2019, finance Chief Marketing Officers (CMOs) seem to be considering optimal customer experience a vital success factor in their digital making efforts, which is probably why they invested millions of dollars optimizing it.
On the other hand, it’s essential to continuously improve overall customer experience seeing that the search patterns of consumers and the way they communicate with financial brands online are constantly changing.
The report looked into the search engine marketing (SEM) performance of over 300 companies in the US finance market, including insurance and banking subsets. The data revealed that digital companies could understand and adapt to their customers’ evolving needs, allowing them to greatly benefit from their SEM efforts.
Meanwhile, traditional firms are struggling to achieve the same results as their digital counterparts. It was revealed that they were spending more money on their marketing efforts, and thus showed promising results with their tactics.
According to Ashley Fletcher, Vice President of Marketing at Adthena, gone are the days when companies would only need brand recognition and costly campaigns. These tactics alone aren’t enough to make an impression on the customers. She added that if companies couldn’t deliver the right message to the right customers at the right time, seeing positive results would be difficult. It doesn’t matter if the brand or company has the best financial products; without an effective audience reach, the path to business success would remain murky.
As 2020 quickly approaches, CMOs are expected to put their focus not just on creating agile customer experience but also on achieving desired business goals. Hence, marketing tasks might involve delivering personalized and relevant experiences as well as other activities that could fuel business growth.
Moreover, the study suggests that CMOs should continue improving their SEM strategies. Through this, they could stay on top of ever-changing market opportunities, consumer preferences, and ways of achieving measurable results.