Digital Marketing Strategies for the Financial Services Webinar – The Recap
Last week’s webinar with leading industry strategists, Jim Marous and Jay Dillmeuth, was full of great tips on how to get the most out of your digital marketing campaigns by focusing on the customer, eliminating silo channel structures and taking full advantage of the latest tools.
Jim Marous began by giving a brief overview of the current state of digital marketing in the financial services. He spoke about the general shift towards focusing on digital marketing as the best way to both win and retain customers. With most banks electing to maintain or increase their budgets this year, the emphasis is on content marketing, SEO, email marketing and social media for engagement and retention purposes as well as acquisition, mobile marketing and much more. Jim’s takeaways for digital marketing success at this point in the webinar were: email and direct marketing aren’t dead, keep messages simple, everything is integrated and content is currency.
At this point Jay Dillemuth continued the webinar to talk about 3 key digital marketing strategies: multi-channel attribution and attribution modeling, retargeting 2.0 and responsive design for mobile optimization. Attribution Modeling involves taking an extended look at the history of the customer journey across all of the ads/touches they encountered before converting, with ‘credit’ being allocated to each of the touches within the sales funnel rather than the last ad clicked. It’s important to start looking beyond the ‘last click’ as analytics show us that although our target converter is not clicking on banners, they are converting. Clearly, the message is getting across somehow. Recent studies show that the traditional ‘last ad’ model ‘may ignore up to 94% of media touchpoints in converter histories. Attribution models however, take into account the whole journey delivering more insight and the ability to drive scale by validating impact of higher funnel media.’
Another key insight offered up by the attribution model is that each channel is important and plays its part on the road to conversion. By combining attribution modeling and cross channel marketing with analytics to measure the relative impact of each ad, marketers can drastically increase response rates and conversion levels.
Jay then went on to speak about retargeting 2.0, or CRM retargeting, which uses the offline CRM database to target online customers. Jay used the example of providing the mail file from the CRM to the platform provider who would match IP addresses or cookies to the corresponding cardholders, those cardholders would then be served display ads online. The benefits of CRM targeting are: that it delivers true 1-1 targeting, offers being made through digital marketing campaigns can be reused, it can be used as stand-alone alternative delivery method and it integrates with leading digital media platforms. Jay also touched on using search retargeting to retarget users with display ads based on the content of their searches.
Finally Jay talked about the necessity to optimize any page linked to from an email using responsive design. Responsive design is essentially a ‘single source of HTML code that is built to adapt or respond to the display environment or screen size etc. As 57% of people open emails using their smartphones, it’s essential to present the message, email or landing page in a format that’s suited to their device. To round out their presentation, Jim once again took over to talk about the rise of video ads. Statistics show that video is becoming more popular and that personalized videos will soon be in high demand. Video or Smartvideo can be used for ‘effective engagement throughout the customer lifecycle’, aiding in customer retention and loyalty.
Jouk Pleiter and Jelmer de Jong from Backbase also spoke briefly about Digital Marketing in the Era of Customer Engagement. They discussed the shift of power from enterprise to customer in the online arena, with many companies being forced to present Amazon.com like experiences in order to remain relevant. However, for many, providing this type of customer engagement is near impossible with old and outdated systems unable to keep up with the latest technologies. An alternative solution to undertaking a complete overhaul is to create a Customer Experience Layer that sits over old systems and presents customers with the type of experience they now expect. This type of layer can keep up with changes and advancements made by those like Amazon by remaining flexible and incorporating app-like widgets, which engage customers and also deliver excellent digital marketing tools.
See our white papers for more great tips on customer engagement and digital marketing.