By making something easy, it does not mean that one flips a switch and walks away. To make something easy require strategic thought, attention to detail, proper execution, and outstanding communication to all levels of the company. In other words, you make the job look easy. Consider adding high levels of personalization to your marketing communications as well as your segmentation strategies. Remember the more you communicate to a market of one, the greater the results you will earn.
Consumers expect immediate gratification in all levels of business and life, and financial services is no different. This means you need seamless integration between what you are selling, and what operations is fulfilling. When you can achieve this, price becomes less of a deciding factor in evaluating whether or not to purchase your product. The key to this strategy is using the right data at the right time. This data most commonly comes in the form of behavioral data which can be used to send immediate communications to a customer based on actions he or she is taking in the marketplace today.
Because we’re in a mature market, one of the primary ways to grow organically is to steal market share from another financial institution. From a data perspective, one of the best sources of data to take market share is behavioral data. This information can come from transactions within and outside of your financial institution. One of the best sources of underutilized behavioral data is the transaction data taking place within your company on a daily basis. From our research, the highest performing campaigns all center around using behavioral data as a reason to reach out and communicate with the customer.
Making something personal not only includes the ability of a marketing communication piece to reflect one’s interests, lifestyle, and financial means. It can also indicate how you interact personally with the customer as well as allow a client to customize his or her product. Remember, ours is a business of financial trust. And the only way to build that trust is by making your financial institution about more than price or technology, but about a relationship one can count on for a lifetime.