Your competition is tougher than ever and your budgets are tightening. But expectations keep rising.
So how can your business’s marketing team increase qualified conversions across your digital channels?
Large-scale personalized interactive content is a good place to start. And here’s the good news: 83% of consumers say they’re willing to share their information to create a more personalized experience, according to Accenture.
Now that you know your audience is on board, your biggest challenge may actually come from within. You need to present the strategy to your boss, coworkers, loan team, and who knows who else.
Whether you’re revamping your website or trying to create a better online experience for your customers, the information below will help you create a business case for your team.
How does it work today?
As noted above, most consumers want their financial institution to use their data. But understand this: 94% of financial institutions admit they can’t keep the “promise of personalization,” according to a study by The digital banking report.
In fact, according to Salesforce, financial services were the second lower ranked the industry in terms of how well they are able to engage consumers (only government ranked lower – yuck!).
Your potential customers tell you what they want, yet so many financial institutions are unable to meet those needs. Sounds like a pretty huge business challenge for us!
These other common digital challenges contribute to this already high hurdle:
- Competition steals market share: Traditional competition and digitally driven new entrants like Bankrate, Nerdwallet and fintechs catch the eyes of customers before you do. As they dominate the SEO rankings with their vast libraries of content and price comparisons, you have a lot of catching up to do.
- Slow digital adoption: Your existing customers are slow to adopt new technologies and you need better engagement on your digital channels.
- Not enough qualified leads: You’re not getting enough qualified visitors to your website and sales funnels. This is not an insoluble problem, however. It just means that at the moment you are not providing targeted answers to the questions your customers ask online. Questions like: How much mortgage can I afford? Should I refinance my home? How much will I earn if I open a CD?
- Low conversion rates: Even if you bring people to your site, if you don’t engage them in SEO / SEM, through your email marketing, on landing pages and product pages and on your website, it will be for nothing. As Forrester points out, the status of “trusted advisor” is what will differentiate banks from all other touchpoints that offer integrated financial services.
- High customer acquisition costs: Industry estimates put the cost of acquiring banking services at around $ 300. In other words, it’s not hard to use your budget on expensive paid campaigns like SEO and digital channels and have nothing to show.
- Disconnected systems: Especially for small banks and credit unions, much of your digital technology may be outdated and disconnected from the rest of your systems. The JD Power 2020 US Retail Bank Satisfaction Study raised this issue, citing a real gap when it comes to banks offering a great digital experience.
- Technological and development resources are expensive: Again, it’s about using your budget wisely and looking for “bang for the buck” partners who can help you stay competitive while on budget.
So how can you level the playing field?
A rising tide lifts all boats, as they say. If you are able to provide personalized and interactive responses at scale, every digital channel you have will reap the benefits.
As a marketer, personalization is something you know and understand. But we get it – you have to share metrics to support this. Below are tips on how to create a ROI analysis that will convince your team to pull the trigger to embed financial calculators on your website.
Why calculators? Because calculator pages will generate valuable inbound traffic to your website from search engines.
What will be the business impact of calculators?
This is the key question you will need to answer to win over your team: What measurable impact will financial calculators have on your digital strategy?
Once you understand this, you need to put it into the language of the people who make the business decisions. So go ahead and tell them this, “I’ve found a solution that will help us reach a new audience of qualified prospects.”
Calculators allow people to find the answers they are looking for online, giving you the opportunity to reach a whole new audience. Now translate this into commercial language:
- More qualified website traffic of your paid campaigns? To verify.
- Improved SEO rankings for priority keywords? To verify.
- Reduced customer acquisition costs? To verify.
Here are three more reasons supporting the use of financial calculators
1. You will improve the health of your website
Interactive and personalized tools are more attractive than products, prices and traditional digital content. Here’s how you explain that in terms of ROI:
- Improved website engagement: In a study by DemandGen, it was revealed that interactive content gains 2x more engagement than written articles.
- Increased time on your website: 66% of marketers say engagement levels increased after introducing interactive content into their marketing plans.
- Lower bounce rate: The Quicksprout marketing website believes that interactive content may help you fall your bounce rate of 15% or more.
- More pages per visit: As marketing expert Neil Patel explains, “If visitors go to many different pages, spend a lot of time reading those pages, and leave comments or reviews, they’re still interacting at a high level. Even if they don’t convert (yet), your goal should be to increase those interactions. “
2. You will gain more people online
Once people find the answers they’re looking for, you need to be able to convert them – that’s when the “R” for ROI really starts to kick in. Calculators are there. a direct measurable channel to convert more people in your app and online account. opening of workflows. Show your team exactly how this is done:
- Higher conversion rates on landing and product pages with calculators: According to Outgrow research, interactive content conversion rates are almost 30% more than your typical landing pages.
- Increase in click-through rates on Email Marketing Campaigns with Calculators: Drive more people to your landing pages by offering them something they value.
- More online applications directly from calculators: Dime Savings Bank saw 200 people by clicking on account request flows within three months of adding a financial calculator.
- More online account openings directly from the CTA calculator: First Foundation Bank saw a 500 additional customers by clicking to open savings accounts after launching a calculator.
- No more appointments for loan officers and bankers booked directly from calculators: Direct Federal Credit Union had more than 120 people click through their mortgage application funnel in just three weeks after launch. This resulted in a 71% increase in mortgage applications.
3. You will improve your digital credentials
Digital transformation is one of the most important efforts facing financial institutions today. With 50% of people interacting with their bank through web and mobile apps at least once a week, according to Accenture, banks must evolve with the times.
Consumers expect a beautifully designed digital experience that is easy to use and simple to understand. Calculators provide this experience seamlessly integrated with the rest of your website and products. This can help your site get recognized, including:
- Improved Promoter Net Scores
- Top ranking of JD Power websites
- Industry award for a premier digital experience
Avoid high development and opportunity costs
The average time to design and launch a custom calculator from scratch is 12-16 weeks (that doesn’t even count the time it takes you to build the business case and win the budget). Not to mention, it takes so many resources from all departments including UX / UI designers, developers, your website team, compliance, legal departments, and your boss. Here are some of the headaches you can avoid by outsourcing to a trusted partner instead:
- Billable hours of your agency to build, maintain and repair broken calculators
- FTE hours spent trying to fix obsolete technology
- Frustration with poorly integrated and unorganized data
- Missed opportunities that your team could focus on on other high impact projects
In other words, if you can save money by investing in a solution that fixes all of the above issues, the bottom line will improve.
Key arguments for adding a financial calculator
Armed with all of the above information, once you’re on the home stretch of the business case for adding calculators to your site, you want to end strong. Here are some additional stats to get you across the finish line:
- Interactive content generates “moderately” or “very good” conversions 70% of the time, compared to just 36% for passive content, according to Kapost.
- When the Content Marketing Institute asked marketers which stage of the buyer’s journey calculators are most effective, there was almost an even split between: early stage / awareness (35%), middle stage / consideration (35 %) and late stage / decision (35%).
- Marketers rate the effectiveness of interactive content at 93%, according to Inc. magazine, compared to just 70% for static content.
Find out more: A 30-day risk-free trial allows incredibly easy to start and customize your first calculator.