Last week I was lucky enough to attend the IAB Performance Marketing Seminar along with members of the affilinet team. The seminar showcased the latest and greatest innovations and trends in the performance marketing industry across seven seminar sessions. The audience also had the chance to ask questions directly to industry leaders in the seminars closing panel featuring, Helen Southgate, affilinet, Paul Wright, Cake, Steve Wilson, BT and Fiona Gramshammer, IgnitionOne.
The seminar covered a number of interesting topics and one I found particularly interesting, ‘affiliate in the finance space, growth opportunities and ensuring retention’, led by Russell O’Sullivan, Senior Digital Marketing Manager, Legal and General.
O’Sullivan highlighted that from a finance brands perspective there are two key elements to any successful affiliate campaign- differentiation and retention.
In the competitive finance market brands need to differentiate themselves from competitors with exciting creative and eye-catching promotions that engage with their customers. As a brand you need to think about what your customers want, and target them with relevant offers that are different to what your competitors are promoting. For example you could consider providing customers with physical rewards such as a one off gift rather than a generic discount or offer. You could even go a step further here and ask your consumers what they would like as a reward through an online or email based survey.
Finance brands also need to ensure they are using performance marketing to retain customers as well as focusing on acquiring customers for short term sales. Brands need to engage with affiliate customers to increase brand retention in the channel, after all it is the lifetime value of the customer that is important here. How about considering cross selling as part of your affiliate activity? If a customer is signed up to more than one insurance product for a brand they are more likely to stay with the company and consider them for future insurance products. For example if you are offering a customer wedding insurance how about considering cross selling travel insurance for a honeymoon.
In terms of key takeaways three points were very clear for any finance brand active in the affiliate channel:
- Develop close working relationships
- Create and execute a long term strategy for retention
- Finally… never forget to consider- what do your customers want?
Overall this was a great event with exciting and insightful presentations and knowledge sharing from key industry figureheads.
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