5 Performance Marketing KPIs for Financial Services – By Helen Au

by Jenae Reid on July 26, 2018

Affiliate marketing is an important channel that helps to drive growth for financial services products. When it comes to measuring the success of a partner, campaign, or program, there are five KPIs that we recommend monitoring to help get the most out of your performance marketing efforts.

  1. Conversion Rate

This refers to the percentage of visitors who complete an action or goal. For a leads-based business, conversions have to do with sign-ups or applications to a product. For financial institutions, this means sign-ups to credit cards, loans, savings account, among others. We measure it as number of leads/clicks.

This metric identifies the partner or campaign that delivers the highest quality or most engaged visitors. You can evaluate whether you are targeting the right audience and which affiliate partnerships and campaigns are more efficient and worth expanding.

  1. Approval Rate

This refers to the percentage of leads that are approved. It applies to financial products that require a customer to meet certain requirements to be eligible. We measure it as number of approvals/leads.

This metric is important, as it shows the bottom line impact of each partnership and campaign.  This means a high conversion rate is not necessarily valuable without a healthy approval rate. A channel or program approval rate is reflective of the targeting capabilities and can help to identify which products are better suited for which audiences.

  1. Financial Program Growth

This refers to the percentage increase in financial metrics across your partnerships and even affiliate program as a whole. Review the growth of these metrics month-over-month and year-over-year to help identify top-performing partners and campaigns, as well as reveal market trends.

It gives an overview of performance over time and shows which affiliates have consistent growth. It also enables the evaluation of which metrics contribute to program growth, so you can replicate the success moving forward.

  1. Link Traffic

This refers to the total number of visits to a landing page. We measure it in the number of clicks that a link receives.

Link clicks indicate how well your content and creatives are performing. You can measure how effective the content or creative is in attracting customers’ interest and driving traffic. You can also compare the amount of traffic that the link acquires to the traffic of your affiliate site as a percentage. Use this to gauge what most engages your target audience.

  1. Approved Commissions

This refers to the total revenue generated per financial product or across all products during a specific period.

It shows whether you are generating significant revenue on a regular basis. It also shows if the marketing efforts you’ve spent on promoting the products are worthwhile and profitable. One of the objectives is to generate a continuous stream of commission. This allows you to evaluate if there’s enough content/creatives on your site and their lifespan.

Use these five KPIs to have greater insights and make informed decisions to improve your affiliate channel performance.

 

Helen Au helps to drive the growth of financial markets.

 This article appeared in issue 43 of FeedFront Magazine, which was published in July 2018.  https://issuu.com/affiliatesummit/docs/feedfront-43

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