Facebook FFWD 2017 - Monday, January 30th 2017
This week, we attended a Facebook Session at the FFWD 2017 Conference in toronto. Speakers Erin Elofson, Director of Auto and Financial Services and Rick Malhotra, Director of Client Measurement from Facebook Canada discussed the steps that the financial services industry must take in order to adapt to the rapid shift to mobile. In order for businesses to prosper, they will need to provide forward-looking customer experiences and measurement strategies in the mobile market.
Here are some takeaways from the Facebook Session:
Understanding Millennials and Providing Financial Solutions
As 79% of Canadians surveyed use smartphones for banking, mobile is really changing people’s relationships with their banks. It is undoubtedly easier to use and accessible at all times. While Canadians’ recall of financial services information is concentrated in three channels– TV (47%), Digital (44%), and Mobile (38%)—Mobile is particularly strong with Millennials as 57% of its users are ages 18 - 54.
With that being said, Millennials need to be marketed to differently. Facebook did a study that showed Millennials value financial security over experiences and would rather save for the future and pay off debts. 46% of Millennials are stressed out about making wrong financial choices, and 64% are likely to value financial guidance and education in their bank’s mobile app. In order to provide substantial financial solutions, the industry must: “Make Millennial financial education part of a top funnel strategy” and get serious about their investment with mobile marketing. It’s not just about media content; it’s about mobile strategy and measurement.
Shifting to People-Based Measurements
Testing and learning what works and what doesn’t when it comes to measurement solutions is imperative in developing successful marketing strategies. Rick Malhotra believes that “not all measurements are good” and that ancient measurement strategies mislead marketers. In an analysis of 478 campaigns, measurements such as clicks and CTR are discovered to have no correlation between CTR and any Nielson brand effect metrics. Studies show that 54% of impact is completely missed by a click-based model. The solution is to use ‘people-based’ measurement— to focus on real people, measure metrics that matter, and to be able to do this across all channels.
While changing measurement is a big investment, businesses are better off knowing whether their current measurements are effective or not. Conversion lift studies, shifting from cookies to people and from clicks and engagements to in-store visits and ROI are more accurate measurements that will be truly beneficial in the long-run.
Nataly Khansryri, Digital Media Assistant