How to use data analytics in marketing for fintech?

12 January

Any company, financial or otherwise, must have a solid data analytics strategy in place.

a solid data analytics strategy to succeed in

to succeed in marketing. The reason? Today all marketing platforms operate with advanced technologies such as machine learning and artificial intelligence. These tools require a constant flow of reliable data to function efficiently. Without an adequate supply of data, its potential remains untapped.

This data culture in marketing, which once might have been considered aspirational, has become a vital element today. A company’s ability to collect, analyze and interpret data not only improves the efficiency of its marketing efforts, but has also become a determining factor between business success and failure. In the financial sector, where competition is fierce and innovation is rapid, data analytics in marketing is more than a tool; it is a strategic imperative.

In this article, we will explore how data analytics has become a fundamental pillar for the digital financial marketing strategiesfocusing on its importance, the key tools for its implementation, and how to interpret and apply this data to create marketing strategies that not only attract customers, but also generate loyalty and sustained growth.

What is marketing data analytics applied to the financial sector?

In the dynamic fintech world, data

data analytics in marketing

is a cornerstone for success. This discipline involves collecting, processing and analyzing relevant data to make informed and strategic marketing decisions. In the digital finance context, this means understanding how customers interact with your platform, what services they use most, and how they arrived at your site or app.

Data analytics enables marketers to identify trends, predict behavior and optimize strategies to attract and retain customers. In an industry where competition is fierce and products are often similar, personalization and marketing efficiency can make a significant difference.

For fintechs and digital financial institutions, this analytics is not just about numbers and charts; it’s a way to understand the customer journey, from first click to conversion and beyond. This helps create more personalized and efficient experiences, increasing customer satisfaction and, therefore, customer loyalty and lifetime value (LTV).

Marketing data analytics also plays a crucial role in regulatory compliance and fraud protection, critical issues in the financial sector. By analyzing usage patterns and behavior, institutions can detect unusual activity that could indicate fraud attempts or security vulnerabilities.

In summary, data analytics in marketing within the financial sector is essential not only to attract and retain customers, but also to ensure their security and comply with industry regulations. It enables financial institutions to be more agile, innovative and, above all, customer-centric in an increasingly digitized market.

What tools to use for marketing data analysis and how to do it?

The universe of marketing data analytics in the financial sector is vast and full of powerful tools. The right selection of these tools is crucial to decipher customer behavior, optimize campaigns and maximize the return on advertising investment.

These tools are divided into two main categories:

• Attribution: such as MMPs, which help you understand where and how you acquired your users.
• Data visualization and analysis: such as Power BI and Looker Studio, which allow you to interpret that data and understand the bigger picture.

Let’s take a look at some of the most important ones:

• 
  
  Google Analytics
  
  :
  This tool is essential to understand user behavior on your website or application. It allows you to track conversions, see which pages are most popular, and understand how users navigate through your site. This is vital to adjust your content strategy and optimize the user experience.
• 
  
  Mobile Measurement Partners (MMP)
  
  such as Appsflyer, Singular, and Adjust: These tools are essential for mobile applications. They allow you to track where users are coming from, which campaigns are generating installs and how users are interacting with the application. This is key to understanding the performance of your campaigns on different channels and devices.
• Data visualization tools such as Power BI and Looker Studio: These platforms allow you to create customized dashboards to visualize and analyze your marketing data. With them, you can combine data from different sources, giving you a more holistic view of your marketing efforts. Being able to see data in a clear and understandable way is essential for making informed decisions.

Effective use of these tools begins with a clear definition of your marketing objectives. Once you know what you want to achieve, you can set them up to track the KPIs that matter to you. This could include conversion rates, CPA, LTV, among others.

How to interpret the information obtained?

Interpreting information obtained through data analysis tools is both an art and a science. It’s not just about understanding numbers and charts; it’s about deciphering what this data means for your business and how you can use it to drive growth and efficiency. Each tool mentioned above offers a piece of the puzzle and by combining them wisely, you can get a complete picture of the performance of your strategy.

Here’s how you can do it:

• Identify Trends and Patterns: Observe data to identify trends and patterns. For example, if a digital advertising campaign is generating a high volume of traffic but low in conversions, this could indicate a problem with the relevance or quality of the landing page content.
• Understand User Behavior: Use tools to understand how users interact with your site or application. Where do they spend the most time? What paths do they take towards conversion? These insights can help you optimize the user experience and the customer journey.
• Evaluate Campaign Performance: Analyze CPA, ROAS, and other KPIs to determine the effectiveness of your campaigns with attribution tools.
• Use Data Visualization to Make Decisions: Create a well-designed data visualization dashboard, it can quickly show you which products are the most popular among different customer segments and make it easier for you to make decisions.
• Testing and Continuous Optimization: Data interpretation is not a one-time event, but a continuous process. Use data to test new strategies and optimize existing ones. For example, if the data shows that certain types of content generate more engagement
  
  content generates more engagement
  
  you could increase the production of that type of content.
• Understand ROI: Finally, use data to understand the ROI of your marketing efforts. This includes not only revenue generated, but also customer lifetime value and brand loyalty.

Interpreting information allows you to not only understand what is happening, but also why it is happening and how you can influence those results. By doing so, you can make smarter, more strategic decisions that will help you achieve your business objectives.

Boost your Marketing Strategy with Boomit: Experts in Data Analytics and Measurement for Performance Marketing

The financial sector, known for its strong internal analytical culture, often does not extend this same meticulousness to the marketing area. A crucial recommendation is that, from the creation of the marketing area, it is considered essential that everything is automatically and completely measured. Close collaboration between the technology and marketing teams is essential to continuously adapt and evolve.

For example, imagine a digital advertising campaign that uses Google’s machine learning to attract new customers to create accounts, validate their identity and make a deposit. If you have an automated and properly measured system with the tools mentioned above, the chances of success are significantly higher.

At Boomit, we not only understand this need, we make it a reality. We offer cutting-edge data analytics and measurement solutions for performance marketing, ensuring that every aspect of your marketing strategy is optimized for success.

Are you ready to take your digital financial marketing to the next level? Visit

our website

and discover how we can help you transform data into strategic decisions and impactful results.