Data Driven Marketing

Digital Credit Marketing: Understanding the Customer Journey

Digital Credit Marketing: Understanding the Customer Journey

February 08, 2019 | Lyra Hankins

How Does the Shift to Digital Marketing Impact Measurement?

In today’s credit marketing landscape, digital marketing rules. Email is overshadowing direct mail, as marketers shift toward delivering Prescreen firm offers of credit or insurance directly to consumer email inboxes. Plus, they're exploring other channels, like mobile ads and apps, online display ads, social, addressable TV and radio, and more to promote offers and messages. What does all of this mean for measurement? It means it has gotten a lot more complicated. Think about the launch of a new credit card. The credit issuer may launch display ads across multiple sites, incorporate ads into mobile apps, target ads via social media, run TV commercials, get online press coverage, and send email and direct mail. And messages could range from awareness, to prequalification, to firm offers of credit or insurance. So the challenge is how do you measure which channels and touchpoints are most effective? And perhaps more importantly, which deliver the most high-potential consumers? If a consumer views a mobile ad, clicks on a display ad on his desktop browser, views another ad on social media on his tablet, views a TV commercial, and later goes directly to the company’s website to apply for the card, should only one touchpoint receive the "credit" for the conversion? Or maybe we should ask how much each touchpoint contributed? Do we even know that it was the same consumer that saw the mobile ad, the display ad, the social media ad, and the TV commercial?

What's Performing Best? Multi-Touch Attribution Can Help

It's enough to make your head spin because multi-touch attribution is complicated. But to evaluate and optimize marketing spend and ROI, it's critical to understand:

  • which touchpoints are driving conversions
  • how effective certain touch points are at moving consumers along the purchase path
  • lastly, which touchpoints or channels are generating the most high-potential customers

Whether it’s an acquisition, cross-sell or retention campaign, credit marketers benefit from understanding which channels drive consumers to seek, apply for, maintain, and renew credit cards and loans. They also benefit from knowing which touchpoints are driving the most high-potential consumers to convert. Hence, advanced attribution and modeling techniques are available to help credit marketers:

  • better understand the customer journey
  • connect consumers across devices and channels
  • minimize ad waste
  • optimize marketing investment

One such tool, OptimaHub, uses advanced people-based measurement to analyze and value the contribution of every touchpoint on the customer journey. That includes understanding which touchpoints contribute most to conversion and those that have a negative impact. In addition, overlaying segmentation on attribution can further identify specific ads and touchpoints that bring in high-value customers. If this all sounds complicated, that's because it is. Furthermore, the explosion of digital marketing has made it even more imperative to identify the channels and touchpoints that offer the highest return. Learn how attribution can optimize your media and marketing spend with our ROI Calculator.

Lyra Hankins

Lyra Hankins

Director, Sr. Product Marketing , Data-driven Marketing

Lyra Hankins is a Product Marketing Sr. Director for Data-driven Marketing solutions at Equifax. Her career experience in marketing roles in technology companies gives her a broad perspective on Marketing and software/data solutions. Having worked on a variety of cutting-edge technologies over the years, she is excited[...]