No doubt about it - marketing has evolved tremendously. In this data-driven world that we live and work in, marketing is so much more than simply designing and distributing a campaign to your audience – it is about reaching out to individuals with personalized products and services knowing that they are relevant to them. Communication that is relevant builds trust. With the wealth of information that you have about each of your account holders, you can and should use this rich data effectively. Creating targeted, personal communication across all channels builds trust and loyalty between the consumer and their bank or credit union. Automation and intelligence can help power these communications at scale.
Financial Institutions that provide consistent and compelling engagements across channels gain and retain members or customers even in an increasingly competitive environment. The experts at DeepTarget are sharing three best practices that yield highly effective campaigns with proven positive returns (as high as 12X lift in engagement!) when you connect with your customers throughout their financial journey.
1. User Experience
A previous Insight article shared that 46% of consumers use only digital channels for their banking, and their expectations outpace experiences at most organizations. This means that frictionless experiences, both online and in person, are necessary to create loyal customers that expand their engagement to multiple financial products and services as you reach them across channels. Taking a customer-centric approach to all account-holder interactions digitally is key to driving up revenue streams, as opposed to driving customers away. That means using your knowledge of customers in order to provide a user experience that is welcomed and valuable to them.
FIs are faced with increased competition in a saturated market and digital strategies that result in homogenous financial options for consumers result in a lose-lose outcome at best. DeepTarget President Jill Homan was recently quoted in a Bank Business News article saying, “AI is no longer the exclusive domain of the megabanks- a breakthrough that should benefit consumers, small business and community institutions alike.” The key is to deepen relationships and drive retention by standing out in a landscape of monotony. For example, DeepTarget’s breakthrough technology automates targeting with AI-based smart 3D stories. 3D StoryTeller combined with predictive campaigns that leverage years of advertising and demographic insights mimics the customer engagement power of social media to turn raw data into personalized financial stories as unique as each customer… with award-winning results.
3. True Connection
The key to a great marketing strategy is creating true connection. And data provides knowledge and insights which are the key to creating that connection. Using timely, accurate data customer data and transforming it into relevant communications throughout the banking consumer’s financial journey is a win for the FI and your members/customers. DeepTarget’s personalized and targeted messaging based on customer intelligence has resulted in ROI as high as 500% or more for FIs.
DeepTarget’s automated and intelligence-based multi-channel marketing solutions enable FIs to easily mine the wealth of customer data already at their fingertips to drive targeted, highly relevant messages to reach customers and prospects. More importantly, they enable financial institutions of all sizes to use techniques and insights previously reserved for only the large and mega institutions with “set it and forget it,” easy to use and automate software. Plus, its unique technology – the Digital Experience Platform (DXP) – can provide a 3-month payback of revenue growth and lowered costs by providing differentiation, a great user experience and true connection to banking consumers using digital channels.
In a time where financial customers are searching for products and services in a crowded marketplace, banks and credit unions can gain an important competitive edge while at the same time providing a valuable service - with offers of the best products and services for each customer when they need them the most. Marketing concepts and practices have evolved. Marketing technologies are available to support these goals. All that’s remaining then is for financial institutions to decide that these goals are important enough for the right marketing technology investments to occur.