Part one of Smart, Data-Driven Campaigns focused on the manual reporting that so many marketers have to rely on. Today we are going to look at the importance of giving your partners, the affiliates, the right tools in order to run a successful campaign and essentially drive more conversions.
Quick Insights for Financial Marketers and Affiliates
If your financial institution wants to test or focus on performance marketing (a solid goal considering that 40% of financial services companies have 20%–80% of their overall revenue driven through their performance marketing partnerships) your partners, the affiliates, need the right tools to run a successful campaign and get you as many customers as possible. Your internal tracking is great to compare and track your marketing efforts but when working with affiliates who need real-time tracking, pulling the results from your in-house tool every week or once a month isn’t efficient.
The ShareResults software can be made available to both parties and allows a deep view into each campaign and how it’s performing. For example, the software can show how many applications were made and how many of those were approved — something other tracking tools can’t show.
This dynamic software also allows for comparing different affiliates. For instance, the Affiliate Manager can see if the “approval rate” for an ongoing gift card promotion is much higher on one affiliate website compared to another affiliate website. Maybe the first affiliate is also using targeted mailers and the other is running a less-trafficked PPC campaign. Using these data driven insights, the Affiliate Manager can recommend a different strategy for the PPC campaign and affect the overall success.
Plus, Affiliates often spend money on promoting their partners, so why would they spend extra time and money on a campaign that they can’t optimize? It’s an advantage to both the affiliate and the financial institution to access in-depth reporting.
With real-time tracking, affiliates can log into their accounts and see which campaigns are working best. From number of impressions to click-through rates, from reporting by creative to seeing which is your top performing banner, and so on. Shedding light on those campaigns from beginning to end.
ShareResults offers easy-to-use and customizable software that delivers:
● Real-time data and reporting
● Paperless payment solution
● Easiest and most flexible interface around
● Unlimited users and affiliates
Case Study: Using Data to Make a Difference
Here’s an example of the power of using data strategically. In one month an Affiliate might run two campaigns: an email campaign and an online gift card campaign.
During the month, the Affiliate is able to see some click data on these two campaigns, but won’t be able to see the sales/conversion rates until the end of the month when the financial institution sends over a spreadsheet.
When the spreadsheet is finally sent, the Affiliate Manager discovers the email generated 90 approved sales and the online gift-card had 110 approved sales. This leads the Affiliate to think the online gift-card campaign was more successful than the email one. But was it?
Maybe the email campaign received 100 sales and 90 of these were then approved. And the online gift-card campaign received 300 sales but only 110 of these were actually approved. The conversion rate of the email ended up being a lot higher, making it the more successful of the two.
The Affiliate might have spent more time and money on the online gift-card campaign, but if they had put more resources behind the mailer, they would have sent the financial institution more approved customers. And both the Affiliate and the financial institution would have made more money. Without access to real-time data to expose this information during the campaigns, there’s no way to know until it’s too late.
The time for using big data to make strategic decisions in your marketing programs is here. Do you have the right tools to make a difference? Or are you still using a manually-created spreadsheet?