Full-Funnel Marketing: 5 Simple Steps Towards Growth

by James Lay
Full-Funnel Marketing: 5 Simple Steps Towards Growth

Marketing and sales have the same end goal: to drive revenue for your financial institution. However, historically there is often friction between these two departments. Marketing complains that sales isn’t closing the leads they generate. And on the other side, sales laments that marketing isn’t getting them the right leads.

But it does not have to be this way because a new marketing and sales framework can help your teams guide people throughout the entire customer journey. We call it full-funnel marketing, and it is comprised of five different steps:

  1. Awareness
  2. Consideration
  3. Purchase
  4. Adoption
  5. Advocacy

Awareness: People have a problem

Money is stressful. And this stress takes a toll on people’s happiness and overall well-being. So they look for someone they can trust to guide them towards a brighter financial future. When, a person starts looking for someone to help, you have anywhere between 30 to 90 days to show them your financial institution will help them most.

The first step of full funnel marketing journey is to ensure someone can find you when they have a problem and are looking for a solution. Because if they can’t, I guarantee they’re finding your competitors who are offering them help and hope.

Consideration: People visit your website

Let’s assume that a person has now come across your website. Maybe they found it through a search engine or a social media ad. But after user testing hundreds of bank and credit union websites, I suspect your website is promoting the same great rates, amazing service, and commoditized features found on every financial institution website. Go ahead. Compare your website against your competition. How similar is the content?

The next step of full-funnel marketing is to transform your glorified online brochure into a website that sells. You’re website has only one primary purpose: generate leads. A website that sells must help someone who is still considering their options as they compare your financial institution against your competitors.

Consideration: People convert on your website

The goal of your website is to turn anonymous visitors into marketing qualified leads. And the best way to do this is to differentiate yourself from the competition by going beyond the promotion of great and amazing service and fill your website with content that helps first and sells second.

Consideration: Nurture leads through the buying journey

As many as 90% of leads may not be ready to apply for a loan or open an account just yet. This does not make them bad leads. It’s just too early in their buying journey, and they are considering and comparing all their options. But don’t disqualify them or discard them because they still need your help.

Leads are nurtured through well-planned trigger email campaigns, workflows, and sequences that are personalized based on someone’s digital behavior. Remember, the primary goal of these lead nurturing campaigns is to guide marketing qualified leads further down their buying journey as you prepare to hand these prospects off to your sales team.

Conversion: They’re ready to apply

The average online loan or new application process for banks and credit unions leaves much to be desired for someone whose expectations are being set by brands like Amazon, Apple, and Google. But there’s a better way for you to reduce application abandonment rates while greatly increasing sales qualified leads and improving reporting and analytics for all of your marketing activities.

Place a simple pre-application form as the first step in the application process to collect basic information. This can be name, email address, and phone number. You can then use a marketing automation platform to alert sales to follow up with this lead if they did not complete the full application within a set time period.

Adoption: Onboard and grow share of wallet

You’ve won a new loan or account but don’t rest yet and leave untapped revenue on the table. According to Javelin Strategy, the revenue difference between an inactive customer and one that actively uses their checking account is over $200.

Unfortunately, JD Power found only 6% of the financial institutions who have an onboarding program delivered the optimal number of messages (7+) to their new customers during the first six months.

While onboarding is often thought of as an activity only for new checking accounts, which is a result of banks and credit unions wanting to trim costs and streamlining processes, this limited perspective leaves money on the table as some of the most successful onboarding results are found in other product lines.

Advocacy: Ask for ratings, reviews, and referrals

Now that you are doing a great job of onboarding and growing share of wallet, the next step is to measure how someone feels about the experience you are delivering to them. And the only way to find out these answers is to simply ask.

This goes far beyond doing a yearly multi-question survey that typically yields an abysmal response rate. The easiest way to uncover if you’re delivering a positive customer experience is to ask one simple question: How likely are you to refer us to your friends and family?

And based upon a person’s response, you can then ask them to leave a review on Facebook or your website while also asking them to refer their friends and family to your financial institution.

Learn more at Drive ‘17

Join Jeff Shood from Intuvo and me as we will share additional insight into the full-funnel marketing framework at CU Direct’s DRIVE ’17. You will walk away with the clarity and confidence you need to transform your marketing and sales beyond legacy systems to maximize your digital growth potential. Click here to learn more.

About the Author

James Lay
James Robert Lay is the CEO of CU Grow. He is on a mission to simplify digital marketing to help financial institutions grow from good to great by building marketing systems that guide people toward a brighter financial future. Of his many honors to date, James Robert has been named one of Financial Brand's "Top Global Financial Services Influencers to Follow” and a CUNA "Credit Union Rock Star." He often speaks at financial services events around the world and is quoted in leading publications such as US News and World Report, The Financial Brand, American Banker, and CU Times among many others.