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Financial Institutions focus on the wrong challenge in the mortgage process

Money matters are a leading cause of stress in America. In fact, 76% of people say that money and work are the leading causes of stress. It’s no surprise then that, to limit stress, most consumers crave certainty when making purchases. They do research, ask friends and co-workers, and will even travel long distances to find the right deal. So, when it comes to buying a home – typically one of the biggest purchases consumers will make – the mortgage process can be extraordinarily overwhelming.

Recently, we’ve been working with a client on their mortgage application experience, and as a part of that, mapping the decisions that consumers have to make through the process from engaging with financial institutions to closing. We realized that, halfway through the process, the consumer loses all sense of control – never mind that the front half of the process tends to be filled with jargon and complexity.

Two People Reviewing Mortgage Process | IQ Agency Continue Reading

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  • 06.12.17

The 2017 SoDA Report

IQ is proud to be a founding member of The Society of Digital Agencies (SoDA), a global network of more over 100 digital agencies across 6 continents.

Recently SoDA released the 8th edition of The SoDA Report at SoDAReport.com, a collection of industry articles, thought-leadership POVs, and trends. The report includes a Global Digital Outlook study, performed in partnership with Forrester.
 
Additionally, IQ’s President and COO, Kevin Smith had a featured article, “The Shifting Role of CMO to Technologist.
 
Read his article, as well as others within the SoDA Report, here.
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The Mobile Banking Problem – And How Marketing Needs to Solve It

There is no question that technology has changed what consumers expect from brands. It has also had a dramatic impact on our attention spans – shortening them to just 8-seconds.

Mobile Banking | Marketing Strategies | IQ Agency

This trend has resulted in a shift of marketing’s role from communicators to relationship builders. Nowhere is this more the case than in the financial services sector, where the responsibility of creating personal connections with customers is no longer solely the job of the bank teller or financial advisor. Marketing must now develop emotional connections leveraging a variety of channels: website, social media, email, and even within the mobile app.
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3 Questions Predictive Modeling Can Answer for Marketers

Predictive modeling has become the forefront of analytics and has changed the way companies look at consumer data. Broadly defined, predictive modeling is the ability to predict future behaviors using models that are empirically derived and statistically valid. For marketers, predictive modeling uses past consumer data to predict how your marketing efforts will affect consumer behavior and decision making.

via GIPHY

To better understand the benefits of predictive modeling, we look at three questions predictive modeling can answer for marketers.
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When it comes to Millennials, Financial Education is a Requirement not a Differentiator

We’ve read the articles imploring banks and credit unions to provide guidance to Millennials who are looking for help navigating complicated first steps into owning their finances. And nearly every financial institution has jumped on the bandwagon of marketing financial education. Just look at these leading banks:

The problem with this trend is that it assumes that if the FI provides the education, Millennials will find what they need and choose them. Financial education has become the marketing and the customer service, and in some cases, another product. This approach couldn’t be more wrong.

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  • 04.26.17

Ad Math: How to Calculate Your Net Promoter Score (NPS)

In this Ad Math video, we discuss how to calculate your Net Promoter Score.

Created by Bain & Company, the Net Promoter Score (NPS), is used as a quick and simple way to measure customer satisfaction. Your NPS score is based on one question, asked on a 0-10 scale (with 10 being ‘very likely’): How likely is it that you would recommend our brand/product/service to a friend or colleague?

Responses to this question are then grouped into three categories: Continue Reading

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Marketing to Mobile Shoppers [Infographic]

Traditional retail, and how brands connect with consumers, continues to evolve as studies show a steady increase of mobile shoppers, specifically those who are using their smartphones while shopping inside of brick and mortar retail locations.

These trends are only going to deepen as younger generations continue to take on a greater role as buyers (see our post on 9 tips for marketing to Millennials)

We’ve pulled together an infographic highlighting some of the most interesting stats about this evolution: Continue Reading

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  • 04.19.17

Ad Math: What is Churn Rate?

In marketing, we spend a lot of time trying to attract new customers, but it’s also important to know how many customers you may be losing. So, in this video, we’re going to discuss how to figure out your churn rate.

Unfortunately, not all customers are loyal. Sometimes, no matter how hard you try, some customers decide to move on to another company and its products (see our post on the value of email subscribers)Knowing how many customers you lose to the competition vs. how many you retain will help inform your marketing strategy and may even guide your product strategy. Continue Reading

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Return on Investment: Content and Social Media

Demonstrating a return on investment for your marketing has always been an important, yet tricky thing to do. In fact, that’s why we started our Ad Math video series.

Further evidence of the return on investment challenge comes from some new research by TrackMaven, which claims that while most marketers feel that it’s getting easier to prove the impact of their marketing, just over 25% of them feel capable of their ability to prove the value of their marketing.

Return on Investment | Challenges | ROI | IQ Agency Continue Reading

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  • 04.12.17

Ad Math: Calculating Your Value to Volume Ratio

In this video, we’ll look at Value to Volume Ratios (VVR), which can help determine how efficient your marketing efforts are compared to the competition. In a previous video, we discussed how to calculate market share and how that number indicates the percentage of business their company or product category has when compared to its competitors.

The value to volume ratio measures your estimated share of total market gross profits, either for the company overall or a specific product, compared to your share of the total dollar volume sold in your market or the product category. Continue Reading