This article was originally posted on The Financial Marketer.
Financial marketers are increasingly finding competitive advantages by working more closely with their marketing fulfillment providers. Web-based fulfillment applications provide financial marketers direct access to an array of powerful tools to save time, cut cost and increase campaign effectiveness. Here are 7 ways financial marketers create value working directly with their fulfillment provider:
- Better Communication: A quality fulfillment web application provides direct communication among front line staff, corporate marketing and vendors. It eliminates one-off emails, phone calls and verbal requests for forms, brochures, promotional items, special offers or signage. It provides a “system of record” for all requests made and provides built in re-order controls to help manage budgets.
- Data Collection and Analysis: According to The Financial Marketer, “Nearly half of all bank and credit union marketers admit they struggle to quantify the results of their efforts, and two-thirds say they need to be doing a better job quantifying marketing ROI.” Marketing fulfillment providers allow for online data monitoring and analysis. Banks gain access to data on materials usage, campaign effectiveness, branch or personnel usage, cost tracking and accountability, inventory control, demand planning and more.
- Managed Assets: Marketing teams have an array of ever-changing marketing materials—both digital and physical. Having a central platform to track and manage all digital and physical assets is essential to managing costs and budgets, especially as campaigns evolve and needs change. Managing inventory and quickly distributing new items across disparate groups is also essential to productivity and customer service.
- Marketing Compliance: When preparing for an audit, financial marketers save time with centrally stored, date/time-stamped digital ads and promotions. If their fulfillment provider’s web application provides date/time stamps, along with compliance and management approvals, audits are faster and easier with everything needed online in one place.
- Faster Time to Market: Banks rely on their fulfillment providers’ expertise in kitting and shipping to reduce the time it takes to fulfill orders to branches, or distribute marketing materials to end-users. Variable data enrollment kits or welcome packets can be a logistical headache, as batch size can fluctuate with high peak demand levels, the right information must be delivered to each individual recipient to uphold security and institutional integrity, and quick deployment is often needed on short notice.
- Automated Digital and Print Production: Banks can automate routine digital actions through their fulfillment providers, such as emails at trigger-points, shipping confirmation messages, direct mail outreach points and digital file distribution. Banks can also set low stock points for physical inventory and automatically re-print routine marketing materials. This eliminates much time spent with printers and worrying about timing re-runs effectively.
- M&A Time to Market: Banks often effectively utilize marketing fulfillment services after they acquire another bank. Acquisitions necessitate brand unification procedures, which often cannot happen quickly without a fulfillment partner to handle increased production, order fulfillment and distribution needs to the new branch locations. Having a fulfillment partner enables scale.
Marketing service providers with advanced web-based applications provide financial marketers direct access to an array of powerful tools to save time, money while gaining competitive advantage.
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