When Banking Meets Digital Marketing
Big data has been such a growing trend recently and has become part of our everyday lifestyle, meaning that we have now began to accept it as normality. When you are shopping you can get the latest deals for that shop sent straight to your phone or can be emailed your favourite take out deals based on your past orders. Technology is bringing us closer to what we do every day and allows companies to market themselves in a more personal way to the shopper.
This personalised consumer experience is only set to grow and make us more connected. But can this digital marketing approach really be used in areas we take so seriously? Like our money or healthcare? Technology can allow us to get answers quicker and in a more effective way, so really, health organisations and banks should invest more into their digital presence. But can this really be achieved in a non-disruptive way?
Due to the information we have available to us, both offline and online, it has become imperative for a bank to use their online presence not only to provide their services, but to also market themselves, grow their customer base and increase their awareness. Not only does a customer want to feel safe online, they want to be able to trust the company they are dealing with; this being a large issue in the finance industry over recent years.
Banking and technology is great way to look at the multi-platform marketing tools, used to reach customers and map the customer journey. One noticeable change in their marketing techniques is the change from periodical marketing to ‘always on’ marketing. This additional step to help stay connected to the customer is an important way to help deliver customer expectations. Gone are the days of 9-5 customer services.
The investment required to run such marketing campaigns is costly and high on resources. Specialist programming and interfaces are required to keep up the real time engagement customers now expect; which is why banks have grown their marketing operations greatly in recent years. There has been a real drive in how digital marketing, especially the growth in social media, can play a role in consumer experience. Many retailers use trials to test their marketing campaigns, which work well for them. However when it comes to banking and people’s money, mass trials are not as popular. The most successful marketing campaigns in recent times have been driven by specialised marketing teams working on small scale projects with banks, using a small population of customers, incentives and a lot of data analysis. The micromanaged projects allow banks to become more agile in their marketing campaigns and get to know their customers better.
This growing trend in marketing operations for banks, has now led them to them offering similar advice to SME’s and start-ups. Santander has a breakthrough scheme that offers advice and support on digital marketing and beyond. It has not only been offering support to local businesses in the North West region, but has now set up a ‘Breakthrough Festival’ to travel around the country. The Breakthrough Festival stop in Manchester is on the 29th June 2015 and will give attendees a chance to attend seminars and masterclasses on business support and using social media to drive growth. This ‘Breakthrough Festival’ is of course a great marketing tool used by Santander bank to market themselves…they are travelling to your city as part of their 5 day tour to be face to face with their customers…I don’t think they could do much more to make the experience more personal.
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Jul 21, 2015