Over recent years advertisers in the financial service sector have pivoted their marketing strategies online. As the industry navigate this shift, advertisers are increasingly turning to the affiliate channel to reach and engage consumers throughout the sales funnel.
The finance vertical is unlike traditional retail when it comes to affiliate marketing. The sales funnel differs, and instead of focusing KPIs on sales, financial advertisers set goals based on leads or applications. So, how can advertisers in the finance vertical work with their publisher partners to run successful campaigns that align with their goals?
Optimise Campaigns Toward the Right Metrics
For those in the finance industry, approvals are the most common metric used to determine campaign success. Though approvals are a key performance indicator, it’s important to consider how things like credit checks may impact the success of an affiliate campaign.
Leads or applications support KPIs that advertisers and publishers can work together to optimise. These are the best measures to use for product-based campaigns, and there is a range of strategies that will assist in achieving these goals. Additionally, there is proven success in focusing campaigns on downloads for fintech based apps.
Finding the Right Publisher Partners
As with any affiliate programme, working with a diverse range of publisher partners is a primary function in driving success.
Financial focused content and comparison sites such as Money Saving Expert and Money.co.uk are a fantastic way to educate consumers on the products and services offered. These publisher models can support throughout the sales funnel as consumers research providers and look for trusted recommendations.
Aggregators and comparison publishers that offer soft check facilities and compare a range of products in one place such as Compare the Market can help align products with a consumers credit rating and further personalise their experience with the advertiser. Additionally, these partners give consumers an estimated likeliness of being approved for a product or service, meaning advertisers receive higher quality leads.
Advertisers can also leverage traditional affiliate partners like cashback and loyalty publishers such as Quidco and TopCashback to drive performance. Fintech advertisers wanting to drive downloads can use traditional affiliates to move consumers through the sales funnel and influence conversions.
Affiliate Strategies for Success
Along with supporting consumers through the sales funnel, working with a diverse range of publisher partners allows advertisers to build personalised experiences. Publishers have a wealth of data on their consumers, from demographics to buying habits. Advertisers can authentically target consumers by tapping into the resources publishers offer to serve personalised messages.
Additionally, leveraging commissioning technologies can further support advertisers in running successful campaigns.
Multi-touch commissioning ensures publishers are rewarded for their role in the sales funnel. As mentioned earlier, upper-funnel publishers like content play a vital role in driving awareness and building trust. By rewarding content partners for their role, advertisers can strengthen relationships and increase opportunities.
Dynamic Commissioning technologies enable advertisers to commission differently based on KPIs. Using Dynamic Commissioning informs publishers of the business priorities of the advertiser, whether that be promoting a new product or service or engaging a specific consumer group. Publishers can then align with the advertisers’ objectives to recommend the best strategies and ultimately deliver success for both parties.
As finance advertisers continue to invest in the affiliate channel, the key to their success will lie in working with the right partners and implementing strategies that optimise performance towards key metrics.
For more information on running successful affiliate campaigns and the tools to improve your affiliate programme, visit https://rakutenadvertising.com/en-uk/content/affiliate-marketing-finance/ and speak to an expert.