As we all adjust to living through a world-wide pandemic, we are discovering together the new day-to-day normal. We are collectively finding that, while some things stay the same, many things are changing. One impact to note are the adjustments resulting from organizations rediscovering the benefits of connecting with their customers, not just selling to their customers. And these businesses are on the right track as one thing is becoming abundantly clear in the wake of COVID-19: This is not the time for solely advertising.
ad·ver·tise: describe a product or service in a public medium in order to promote sales
Connections with customers in 2020 will not result from the best catchphrase or the sunniest stock photo. This engagement will be driven by identifying needs and communicating relevant solutions. And when you do that, you will peak their interest.
en·gage: to occupy the attention or efforts of a person
See the difference? With so much uncertainty on the horizon, traditional product-focused promotional efforts and marketing will not work when so many people’s daily lives have changed and financial situations have been altered. A more personal approach will build relationships and loyalty that will last for years to come. Businesses, like their customers, do not just want to survive this health crisis, but thrive throughout these unprecedented times. It will take a shift in strategy to do so.
As we begin to thaw the frozen economy resulting from the pandemic, an individual’s need for financial services will still exist but now more than ever, it is important that customer and business intelligence is used effectively in order to promote relevant products and services. Each company may be called to return to their roots and remember that they started their business to serve their communities and the people that live in them. This approach may sound simplistic, but we know that it can be challenging to achieve. However, with the help of data-driven communication systems, one-on-one communication is more possible now than it has been in previous decades.
In fact, the massive drive to digital solutions that resulted from initial shelter-in-place orders forced banks and credit unions to reassess digital access to products and services. This immediate boost in digital engagement offers a huge opportunity for financial institutions who are implementing digital marketing plans, perhaps for the first time.
Smart technology allows a return to the longstanding values of one-on-one communication, in formats never before imagined. A data driven digital infrastructure allows FIs to reach customers personally, uniquely, and instantly. Perhaps now more the ever before, it is time for comprehensive digital outreach to touch people where they are with the services they need most. The members and customers avoiding branch locations and ATM lines still need financial services, so be the branch that communicates what options are easily accessible and available to them. Be the branch that shows that they care. With the help of an intelligent digital experience platform, relevant communications can be automated so that the right messages reach the right person at the right financial time for them.
DeepTarget enables financial institutions to plan and design data-powered campaigns one time and use them to engage their account holders in unique digital experiences across all digital app spaces. The COVID-19 pandemic has not slowed the need for digital engagement with customers. In June 2020, the DeepTarget Digital Experience Platform served up more than 260 million impressions to 1.93 million digital banking customers resulting in over 12,100 new deposits, loans, and card acquisitions and these statistics show a steady increase month-over-month, increasing customer engagement, loyalty and revenue.