We recently engaged in a meaningful in-person dialogue with a financial services company, specifically working in the mortgage industry. Having worked with advertisers in the financial sector before, the comparison of this new relationship against those previous experiences compelled me to write this piece.
In the past, as a “vendor,” I received very limited information from the client and, as such, was unable to truly illuminate the value our technology and services could provide. We were pitted against other companies and were not given the means to truly succeed. The notion was that we had to prove ourselves before moving to the next level. Then walls were intentionally erected to make sure that couldn’t happen. It doesn’t make any sense.
In this recent case, we are working as partners. Through the development of a deep relationship with the client, we are able to glean information that will truly make a difference. We are uniquely working with both the CIO and the marketing folks. Everyone involved understands the objectives and the means to achieve them. By engaging in a conversation at this level, we have been able to truly dig into the exchange of data/information that is already proving highly valuable for them.
We now know the absolute value of a customer we helped bring in the door for this client. There is no positioning or mock acquisition value. We know the customer’s absolute lifetime value, as well as mission critical information such as their true internal costs to close, etc. With this information, we can layer in what we know about acquiring that customer— the true cost of media, responsiveness to creative/messaging, site and channel performance, etc. From there we can mutually determine value. As the relationship grows, we are building true reach, efficiency and maximum effectiveness by working together to find and nurture the right customers at the right price.
This is not just about display advertising. It’s not even about advertising in general. It’s certainly not just about technology or programmatic buying. It’s Marketing 101 and class is in session! Now, talk amongst yourselves.