Generational Marketing
3 Reasons to Begin Generational Marketing Today.
Across all industries the adoption of marketing automation is growing at a rapid pace. On average, 51% of companies are using some form of marketing automation although levels of sophistication vary. Automated business intelligence technology makes menial tasks practical while providing valuable business analytics. But, is it necessary? And, if so where do you begin?
1: Mass Marketing Does Not Work
Communication that is relevant builds trust. By actually using the rich account-holder information that you own to target your communications across all channels, you are building trust between the consumer and their bank or credit union.
When asked whether they would rather see online ads for random products and services or ads directed towards their interests, 40.5 percent of respondents chose targeted ads. Source: http://cmo.cm/2eKSutZ
So if your current messaging does not solve the reader’s problem, or meet their need, or resonate, is irrelevant and unnecessary. Messaging like this communicates that you do not know your customers, or do not care and that you are indeed wasting their time (and yours).
Targeted advertisements are, on average, almost twice as effective as non-targeted ads. A retargeted display ad will encourage 1,000 percent more people to search for a product. Source: http://cmo.cm/2eKSutZ
Is your account-holder data gathering dust? Industry expertise and experience has shown that even a simple targeting methodology such as generational targeting will yield higher responses compared to broad, undifferentiated mass marketing. So, a first step would be to start segmenting your customer or member data by generational characteristics and needs.
2: Generational Marketing is a Good Place to Start
Generational segmentation is one of the simplest yet most effective methods to use when communicating a variety of products and services in a targeted way to your overall audience. A generation groups people born within a similar span of time – about 15 years – because they shared and were shaped by similar events and trends. And, while each individual has their own unique personality, there are proven generalities that can benefit your organization’s communication with far better results than a non-targeted, mass marketing approach that tries to show all products to all users despite differences in life stage, finances, and product preferences characterized by generational preference.
For example, did you know that Baby Boomers prefer programs with cash-back incentives? Or that Gen-X is drawn to participating in programs that donate to worthy causes? Or that Gen Z highly values reviews and testimonials?
Generational information like this allows us to create the formula of success: the right offer or message to the right person at the right time and place. To do this effectively and efficiently you must use business intelligence to automate the digital marketing process.
3: With Digital Marketing Tools You Can Target Automatically
Digital marketing products help take the guess work out of marketing by creating clear patterns and segments of your larger audience to make each marketing message meaningful to the reader. You ALREADY own a wealth of information about each of your account-holders. With more of consumers banking either online or on their mobile devices, it is important that you have an overall campaign strategy which embodies a seamless communication plan to reach every account holder – collectively and individually.
Once you implement generational targeting, you can continue to improve on it. To provide even more relevance to the consumer, from this point forward, you can get even more sophisticated with segmentation, narrowing your targeting methods to get increasingly better results from your marketing investments. DeepTarget can help you add automation variables including first name, age, gender, location, credit rating, financial info; loans, CDs, and more.
Generational segmentation is the foundation of digital targeting. While there are other segmentation methods that pull from the rich customer information available, starting generational targeting will immediately boost marketing returns. As other customer data is utilized to create multi-segmentation, marketing campaigns advance to highly focused communication to very concentrated target audiences refined with micro business intelligence. The key now is to get started! Visit our website to download our FREE Digital Marketing Handbook or contact us today to achieve the highest number of ad impressions, clicks, leads, and sales transactions ever in the history of your financial institution.
