financial marketers are sitting on a wealth of opportunity; the data needed to conduct customer experiences that are personalized, relevant and transparent through the channels. According to the 2016 Digital Trends in the study of financial services, 62 percent of respondents indicated a single view of the customer is a top priority in the advancement of digital maturity. But here’s the kicker: 88 percent of marketers do not have a perspective of global customers; and Econsultancy report noted that 91 percent use different platforms and disparate data to engage with customers.
financial services to customers today – as almost all customers in all markets – spend most of their screen time on their mobile devices: nearly 3 hours a day! Moreover, they expect personalized, contextual, real-time offers on their phone and all interactions – and if they do not get them or feel frustrated by their experience, it is easy for them to slip past your offer and go to your competitor.
Your customers expect personal advice from their advisers – more than ever before, because they know that you have data about them – and the possibility exists to deliver. demographic, psychographic and behavioral data detailed digital consumer choice exists in great abundance, and financial institutions are able to create contextual offers that guide consumers to the services or the right financial product at the right time, and through the right channel.
But if you’re not there, how do you develop your best offer? Here are some ideas to get you going.
1. Set your objective
Provide technology and digital means only to activate marketing functions will not increase your product penetration, loyalty, or conversion . What are your organizational goals? I found that the determination of what you want to accomplish and why are the keys to highly effective marketing.
The biggest obstacle to achieving your goals, however, could be the silos that exist within your organization. Get all departments and divisions to buy for your marketing goals can be a challenge – but very interesting. When sales, line-of-business owners, marketing and IT are beginning to work together towards a common goal – the optimal customer experience -. The results can be spectacular
2. Know your customers
If you know what your customers want and are most likely able to present it, your chances of meeting their needs are much greater than if you were just guess or make assumptions. You need to understand not only what your customers – but expect too -. At each point of contact on each channel
Get every department and division to contribute to mapping the customer journey. This is essential because it will reveal the departments that have implemented practices that can increase the efficiency Inter but have inadvertently created a negative customer experience.
effectively understanding your customers requires data – and fortunately, tons of data is available. Part of the information that is useful when the next adaptation best deals can be easily acquired – age, sex, family size, residential address, income, assets, personal lifestyle, and data behavior, for example. Once the available data sets were identified, the next step is to group for a single client that can be used for segmentation and targeting through the channels. previous purchase or current data retention product is often the single best guide to what a customer will buy next, and loyalty programs can be powerful tools to track consumer buying habits.
When you know more about who your customers are and what they care about, you’re in a better position to create and match the offers that will be of most interest to them.
3. Decide and Deliver
The technology allows you to automate and predict the next best actions of customers looking for triggers and flags. You can then deduct what they will do in the future – such as buying life insurance or buy a first home. You want to match customers with the most relevant offers.
The right technology also allows you to choose the right offer to meet the needs of the person and deliver it through the channels and interaction options, making it easier to go to market more quickly.
But proceed carefully and thoughtfully. If a new customer opens a checking account, do not shower him immediately with home-equity deals. Perhaps, in this case, the best deal would be a customer service message.
Send a series of well-timed valuable offerings that complement each other, working together in their intended messages, calendar, and channel.
4. Learn and evolve
Creating the best strategy to offer is not an exact science, so you have to experiment and test. You need to measure performance and apply lessons learned. Remember, your goal is successful, cross-channel engagement that is personalized, relevant and responds in real time. Keep your customer travel card by your side as you interpret your data to optimize iteratively experience.
With real-time tests, you can quickly identify and deploy the offer that resonates most with each client segment, allowing you to increase your success in the current season and spend your dollars marketing the most effective way possible.
If you want to know more about how Adobe can help you capture seamlessly customer data, the performance of the supply of the track, and deepen customer relationships with offers more consistent and relevant across channels, see our white paper. See for yourself how our Adobe solutions work together to help you build your best offer.