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Why your bank's marketing plan needs innnovation

Posted by Ianai Urwicz on Jan 22, 2019 8:58:00 AM
Ianai Urwicz
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Have a look at the marketing emails that come in from your bank or FI.  Are they on your wave-length?

If they are, you no doubt read them enthusiastically. Most banks and FIs have spent a great deal of money and effort setting up their automation processes, including digital marketing.  But, if they leave it at that, as if digital marketing is set like a jelly, then, in very short order, they are out of date compared with what their competitors are doing.

Whatever connection they might have made with their customers begins to slip away very quickly and we, if we bother to actually look at the messages at all, click the rubbish bin button, don't you?

Marketing automation is an essential factor in productivity, no matter the industry. According to Acends2 2016 Marketing Automation Survey, 71% of all companies of all sorts, not just FIs, use automated marketing and a further 23% were planning to use it in the near future. 

The majority maintains a consensus that marketing automation streamlines marketing practice, shortens timelines, creates timely relevance with the customers and increases revenues. According to eConsultancy "modern digital marketing is not a fixed practice but a flowing river in a constant state of change, starting with innovations in technology requiring staff updating and moving on to consumer attitudes and behavioral patterns. It is an obvious point that is easy to overlook.

[[ You may also want to read this article about how to impact on final customers ]]

 

So, any FI, or any other type of company for that matter, that thinks it has got digital marketing sewn up such that it can sit back, is setting itself up for failure.

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But rivers start in the mountains and end in the sea. Automation isn´t a straight-line progression, from point A to point B.  It is more circular. The end goal in acquiring and applying automation technology is to increase revenue. For service companies like FIs., that means focusing on the customer experience, understanding customers wants and needs, and by making marketing campaigns relevant to the individual. 

Innovations in technology require that the FI staff is trained to use that technology appropriately to get the best out of it. This isn´t a one-time effort but a constant need since the technology itself is constantly improving and innovating.  According to the Aberdeen report, 2017, the biggest problem that 37% of MAPs had was with getting and keeping the right level of staff.   Improved technology means more personalized customer data from multiple channels, more information about each customer, more detailed analytics, more of everything which allows the FI to adapt its approach and its messaging in real time. More of everything allows the FI to establish more personal relationships with its customers and thus target its messages to a more willing and receptive audience.

The more data a FI is collecting and analyzing, the more it needs to synthesize that data, to adapt its approach to the signals found in that data.  The innovations drive the data collecting but the analysis of the data collected and synthesized drives where the FI should go with its digital marketing programs.

So, change is coming at FIs from two directions at once. Each new innovation application requires marketing staff to update their skills, not once but on a constant basis. Each new innovation technology allows a closer relationship with the customer, usually in less time, and for less cost but these new relationships open up the need to incorporate the personalized preferences and needs of new customers into the marketing program.

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Marketing performance has to be measured on a constant basis, using marketing progress management elements in the technology. This requires a sort of revolving flexibility, a cybernetic adjustment on a continuous basis to all the factors involved.  Really successful marketing automation closes the loop but maintains the movement within that loop. 

Is your company taking the most of this loop?


Prisma Campaigns is an online marketing software especially designed for financial institutions. Run effective omnichannel campaigns adapted to any device.

Do you want to know how?

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Topics: Marketing Automation, Digital marketing Campaign, financial institutions

 

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