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Definitive-Guide-to-Digital-Demand-Generation-for-Credit-Unions
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
1
Acrossallindustries,includingfinancialservices,therehasbeenalargeshiftinhowcustomersinteract
withcompanies.Today’scustomersexpectseamlesscustomerjourneysanytime,anyplace.Theywant
availableinformationthatiseasytoaccessandtailoredtotheirparticularneeds.Withtheincreasing
demandforrelevantandtimelycommunicationstocustomersacrosstheirlifecycle(from acquisitionto
retentionandservice),itisimportantthatmarketersprovidesegmentedmarketingcampaignsacross
multiplechannelsanddevices.Thechallengeforcreditunionsistoorchestrateallcustomertouchpoints
andtransform thesemultiplesilo-edbankingchannelsandlegacyapplicandtransform thesemultiplesilo-edbankingchannelsandlegacyapplicationsintoaconsistentbrand
experiencethatiseasytouseandalwaysavailable.
Asthecustomerlandscapechangesandoursocietymovestooneoflargelydigital,creditunionsmust
balancetheirpersonalizedservicewiththeironlineofferings.Ifcreditunionscanfindtherightbalance
betweenthetwo,theywillimprovetheircustomeracquisitioneffortsandhaveabetterunderstandingof
theirmemberstoprovideabetteroverallcustomerexperience.
Theprocessofshoppingforanewbankingrelationshiphaschanged,withconsumers
usingnewchannelstoresearch,shopandopennewaccounts.Understandingthenew
checkingpath-to-purchaseisthekeytosuccess.
JimMarous,PartneratTheFinancialBrandandPublisheroftheDigitalBankingReport
CustomerAcquisitionStrategywithDigital
1.WhyDigital?Whynow?
HowtoLeverageDigitalMarketing,aneBookfor
CreditUnionMarketers
TheCurrentLandscapeforCreditUnions
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
3
CFIGroup,anAnnArbor,aMI-basedproviderofcustomerfeedbacktechnologyandservice,has
releasedanannualCreditUnionSatisfactionIndex(CUSI)forseveralconsecutiveyears.TheCredit
UnionSatisfactionIndexfoundthattherearesevenkeydriverstoensuringwhetheraCreditUnion’s
customersarehappyornot.Theseincludeproductsandservices,informationandcommunications,
ratesandfeesandonlineandmobilebanking.Thisstudyalsonotesthatanyimprovementsacross
thesesevendriverswillincreasememberloyalty,driveupthenumberofreferralsandhelpcross-sell
otherCreditUnionsproductsandservices.
CustomerSatisfaction,CreditUnionSatisfactionIndex
Online&MobileBanking
OnlineandMobileBankingistheleadingdriverofsatisfactionformembers,infact,82%ofmembers
nowdoatleasthalftheirbankingelectronically.SoitisimperativethatCreditUnionsmaintainand
continuallyimprovetheirmembersdigitalexperience;ifcreditunionsdonothaveasignificant
presenceinthisarea,itwillbedifficulttostaycompetitiveinthemarketplace.
TwoofthesesatisfactiondriversaredirectlywithinaCreditUnionmarketerscontrol-themembers’
onlineexperienceandinformation/communications.
Figure1:CFIGroupCreditUnionSatisfactionIndexModel2015
SatisfactionDrivers FutureBehaviors
Products&
Services
Information&
Communications
Branch
Staff
Branch
Convenience
ATMs
Rates&Fees
Online&Mobile
Banking
87
88
92
87
78
83
9191
Credit
Union
satisfaction
Index(CUSI)
87
Likelihoodto
remainaMember
UseAdditional
creditunion
Services
Recommend
93
90
90
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
4
Information&Communications
MembersfindiMembersfindinformationandcommunicationstobeahighfactorforcustomersatisfaction.They
wantinformationonaCreditUnionsproductsandservicesandtohaveaccesstorelevantinformation
attherighttimeandplace.WhilemostCreditUnionsaremeetingtheirmembers’expectationsinthis
driver,CUSIidentifiedthatbasedonrespondentslackofawareness,theremaybeanopportunityfor
creditunionstoimprovetheirmarketingandcommunicationsaroundloyaltyprograms.36%ofsurvey
respondentswerenotevenawareiftheywereenrolledinaprogram.
Thereareseveralstepsintheprocess,butultimatelyacreditunionneedstoalignwiththeabilityto
haveaseamless,onetoonecustomerjourneyacrossallchannelsanddevices.Whenwekeepthatin
mind,youneedtobuildastrategyandinfrastructurethatcansupportcreditunionsacrossalldigital
platforms.
ThisincludescapturingmarThisincludescapturingmarketingandbusinessgoalstoexecuteapurpose-drivencustomerexperience
strategyandtheconsistentcustomerexperienceformembersacrossallchannels(includingdigital,
branches,ATMsandphone).Thenbasedonyourcustomerexperiencestrategy,developbuyerjourneys
andpersonasthatalignwiththecurrentcustomerbaseandthecreditunionplansforgrowth.
ResearchbyHBRfoundthatcompanieswhocaneffectivelymanageandexecutecustomerexperience
strategiesgainuntoldbenefits.Theyachievehighercustomersatisfaction,reducedchurn,increased
revenue,andgreateremployeesatisfaction.
OncethOncethatcustomerexperienceisdefined,thenextstepistodeterminewhatyourleadmanagement
strategywillbeacrosscustomeracquisitionandretentionincludingleadarchitecture,contentstrategy,
datastrategy,governanceandcampaignstrategyandacrossallplatformsandmediumsincluding
online,mobile,email,directorsocial.
ThenidentiThenidentifywhatthetechnologyneedsarerequiredtoexecutethatstrategyandfacilitatecustomers’
experiences-whetheritwillrequireadditivetechnology,technologyintegrationortechnology
upgrades.UltimatelythattechnologyblueprintshouldincludeaCustomerRelationshipManagement
(CRM),ContentManagementSystem (CMS)andMarketingAutomationtool.DataManagement
ProcessorSystem (DMS)andAnalyticstoolcanalsoprovideincrementalbenefits.Ultimately,thiswill
requireamarketingandITroadmapthatcanaligntheseneedswithatangible,executableplanthatcan
beexecutedtoresourcesandfinancialbudgetsofallteamsinvolved.
2.DevelopingaDigitalStrategy
Sowhatisthebestwaytoleveragedigitaltofacilitatenewgrowthandretaincurrentcustomers?
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
5
3.CreateyourCustomerExperiencePlan
Theimportanceofcustomerexperience,especiallythedigitalcustomerexperiencecontinuestogrow.
Companiesrecognizethatexperiencesarebothpowerfulandprofitable.Asthedigitalrevolution
providesnewwaysforcustomerstointeractwithcompanies,expectationsofcustomersforthose
companiesandtheirservicesonlygetsgreater.Statisticsandinsightintothegrowingfieldofcustomer
experienceonlyservetoillustratehowtheworldofmarketinghasbecomecustomer-centricand
bankinginstitutionsthatcancapitalizeonthatcanreapbenefits.
NolongerispricethemainNolongerispricethemainreasonthatclientsdropabrand,thequalityoftheirexperienceandthe
perceptionofyourbrandarekeytotheirdecision;throughsuperiormemberserviceorasuperior
memberexperience.Ifyoucanultimatelyprovideanoutstandingcustomerexperienceyouwillachieve
thebusinessgoalseverycompanyhopestoattain-engagement,loyaltyandclientsthatadvocatefor
thebrand.
Whetheritspringsfromaproduct,process,service,project,newstartuporpersonal
performancestrategy,it'stheexperiencethatmattersmost.It'stheexperiencethat
stayswithusandmakessomethingmeaningful.Focusingontheexperienceputsus
intouchwithmoreemotionalsideofideas.Understandingthehumanfactors
involvedinproducinganexperiencethatfundamentallyimproveshowwethink,
feelorbehaveiswhatmakesthedesignofanyparticularthinginterestingand
engaging.
MatthewE.May“The4MomentsofTruththatCreateanUnforgettableCustomerExperience”
Intheretailbankingindustry,customerswhoarefullyengagedbring37%more
annualrevenuetotheirprimarybankthandocustomerswhoareactively
disengaged.Fullyengagedbankingcustomersalsohavemoreproductswiththeir
bank,fromcheckingandsavingsaccountstomortgagesandautoloans.Plus,they
havehigherdepositbalancesintheiraccountsthanlessengagedcustomerswiththe
sameproductsdo.
bySusanSorensonandAmyAdkins,WhyCustomerEngagementmatterssomuch,Gallup
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
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Advancedmarketingtechnology,includingaclosed-loopreportingsystem,willalsohelptobetter
defineandsegmentyourmembers.Youcanutilizedemographics,survey,individualbehavioralor
takerateinformationonyourproductsandservicestounderstandyourmemberbase.
UnderstandUnderstandyourownSalesCycle:Whatisyoursalesfunnel?Howdonewopportunitiespass
throughthefunnel?Whatisyouraveragesalescycle?Alloftheanswerstothesequestionswill
becomecriticalasyoudefineyourcustomersexperienceagainstyourinternalprocesses.Theremay
beroom forimprovementsinthesalescycletomeetyourcustomerexpectationsoritmayprovide
insightsinhowtocraftyourcustomerjourneys.
ExtendExtendyourreach-bewhereyourcustomersare:Withthedigitalexpansion,yourcreditunion
shouldprovideyourmembersanexperienceacrosschannelsandsocialcommunities;serviceyour
customerswheretheyare.Inadditiontotraditionalbranch,callcenterandATMsstrategy,this
includesdigitalchannelssuchasyourwebsite,customer/cardportals,mobile,searchengines,
communitysites,chatandemail.
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
8
Onlineisaneffectivechannel.Whencustomersareextremelysatisfied
withonlinebankingexperiencetheyare6-7% morelikelytobefully
engaged(thanthosecustomerswithlessthansatisfyingexperiences.
Online
Satisfactionwiththemobilebankingexperiencedoes
impactthecustomer'soverallengagementwiththe
bank,althoughtoalesserdegreethanmostother
channels.However,theseengagementeffectsarelikely
togrowinthefutureasbanks'mobileofferingsbecome
moredifferentiatedintermsoffunctionality,usability,
andfinancialintegration(forexample,withpayment
syssystemsormobilewallets)andmorecustomers
continuetoadoptmobilebanking.
Mobile
Amongcustomerswhohavecommunicatedwiththeir
bankonFacebook,satisfactionwiththatinteraction
hasameaningfulimpactonengagement-both
positive(9% lift)andnegative(-13% drag).Infact,
amongcurrentusers,theimpactisonparwithcall
centers,onlinebanking,email,andATMs.
Facebook
Twitterappearstobemoreofanoveltywithcustomers
-thereislittleimpactonengagement,evenamong
thosewhotweetwiththeirbank.
Twitter
Creatingthe
RightChannelStrategyinRetailBanking
TheoverallchannelstrTheoverallchannelstrategyforcreditunionsmustbegintointegrateboththedigitalandphysical
channelsintoasingle,seamlessexperience.Thequestionforcreditunionsiswhichofyourchannels
isdrivingthemostvaluablecustomerengagement?Thisquestioncanvarywidelyacrossthe
customer,industryandthespecificinteraction.Asabankexpands,thegoalisultimatelytobecome
effectiveacrossallchannels,buttogetthereitcanbeusefultoviewtheoverallindustrystatistics
(andyourspecificperformanceineachchannel)fordirection.AccordingtoGallup,“EveryChannel
MattersWhenEngagingBankCustomers”,thefollowingaretheimpactofspecificchannelsonretail
banking:banking:
AccordingtoaMcKinsey&Companyresearchstudyentitled,“TheFutureofU.S.Banking
Distribution,”65percentofcustomersinteractwiththeirbanksandcreditunionsthrough
multiplechannels.Asopposedtomovingcompletelyawayfrombranchtransactions,customers
usingmobileandonlinebankingmorethanonceaweekarealsoover60percentmorelikelytobe
activeretailbranchusersthanthosewhodonot.
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
9
Intotal,whencustomershaveasatisfyingexperiencewithanychannel,theyaremorelikelytobe
fullyengagedwithyourcreditunion,andthereverseisalsotrue,whentheyhavea
less-than-satisfyingexperience,theyarefarlesslikelytobefullyengaged.Soifyouchooseto
engageinachannel,thereshouldbeafullcommitmenttomakingthatagoodexperienceforyour
customers.
ListentoListentoyourCustomers:Providemethodstocollect,consolidate,analyzeandactonfeedback
from yourcustomers.Neverassumeyouknowtheconsumer,youmayhaveassumptionsthatcan
guideyouinaparticulardirectionbutitpaystogatherfactsaboutconsumersshoppingfortheir
servicesbytalkingtofrontlinestaff,loanofficersandbusinessdevelopmentstaff.However,this
approachoftenleavesoutimportantelementsneededtodefineconsumerpersonas.
TTogainaclearunderstandingastowhatquestions,concerns,hopes,dreams,valuesandbehaviors
(notidentifiedbydata)consumershave,ithelpstotalktothem.Surveysandsocialmediaareuseful
toolsthatprovidereal-timefeedbackonhowcustomersfeelaboutyourcompany.Itcanallowyou
tolookatthedifferenceintheexperienceyouwanttogivethem andwhattheyareactually
experiencing.Itcanpresentopportunitiesforimprovementandevenidentifydifferentiators.
AneffectivesociallisteningstrAneffectivesociallisteningstrategycanexposeweaknesses,butitcanalsoprovideseveralbenefits
anddirectionforthefutureincludingwhototargetbasedonreceptivity,relevanceandwhatis
compelling.Youcanquicklytestbroadermessagingandoffersquicklyandgetreal-timefeedback.
Belowisthebreakdownofchannelusebasedontypeofbankinginstitution
Source:Jim Morous,OmnichannelBanking:MoreThanaBuzzword,FinancialBrand
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
Whencombiningdifferentdatatypes,suchastransactional,psychographicand
digitalbehavior,CUscanbegintoputtogetherdigitalpersonasandprofilesthatcan
beusedaspartofagreaterdigitalmarketingandleadgenerationstrategy.These
profilescanprovideafocusfordevelopingspecificcontentthateducatesconsumers
andcomplementsdifferentfinancialproductsorservices.Furthermore,these
profilescanhelpindesigningconsumerjourneystonurturealeadfromintentto
conversionandbeyondinthedigitalbuyingcycle.
JamesRobertLay,HowtoEstablishDigitalPersonasforCreditUnionsandBanks,CUGrow
Whyarecustomerpersonasimportant?
10
EstablishKeyMetrics:Howdoyouknowifyouareprovidingtheexperienceyouwant?Itisimportant
formarketingtocontinuallygatherinformationonthecurrentcustomerexperienceandlookforways
toimprovethatexperience.Itiskeytodefineandtrackthosemetricswhichwillshowyouifyouare
meetingthecustomerexperiencethatyoudefineasyoursuccess.Thiscanincludenewmembership,
renewals/turnover,referrals,C-SAT,conversionsorattach.Fundamentally,allofthosemetricsreinforce
thedesiredcustomerexperienceandshouldaligntheentireorganizationaroundyourcreditunion’s
customerexperiencegoals.
Maintainasolutionoriented,Maintainasolutionoriented,evergreenstrategy:Acustomerexperienceshouldbedynamicand
shouldallowyoutochangedirectionbasedontheresultsyoureceivefrom yourefforts.Asyoubuild
thebeststrategy,allowforchangesindirectionandacontinuousfeedbackloop.Yourcustomerswill
dictateyourdirectionandasyouknow,theyandthebankingindustryareeverchanging.
AllAllofthesepointscanhelpyoubuildorre-defineyouroptimalcustomerexperience.Asyoudefine
them,youwillexamineyourmemberinteractionandthatcanhelpyoulookforwaystoimprovethe
qualityandefficiencyofthemembercontactexperiencewhileloweringcosts.Alloftheinformation
uncoveredduringthisanalysisstagewillbecriticalwhencreatingpersonalized,specific
customer-centricexperiencesandwillbeusedwhenyoudefineyourspecificcustomerpersonasand
customerjourneys.
BuyerpersonasaBuyerpersonasarerepresentationsofacustomer,theyarearchetypaldepictionsofwhobuyersare,
whattheyaretryingtoaccomplish,whatgoalsdrivetheirbehavior,howtheythink,howtheybuy,when
theydecidetobuyandwhytheymakebuyingdecisions.Usually,theyareresearch-basedandarean
aggregateofdata,factsandinterviewswithbuyers(oreventhosethatchosenottopurchase).
4.CustomerPersonas
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
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LeverageyourDatabase
andDigitalTouchpoints
Viewyourcustomer
TransactionalBehaviors
TalktoyourStakeholders
andyourcustomers
Aspartoftheprocessofunderstandingyourcustomer,youwill
discovertrendsinyourcontacts/memberdatabase.Thisincludes
whotheyare,wheretheybank,whatcontenttheyconsumeand
whattheypurchase.
Digitalbehaviorscanalsoprovideinsightintowhatmembersand
consumersaredoingwithinyourdigitalchannelsandsocial
networks.Utilinetworks.Utilizeuniquetrackingcookiestodiscover,pageviews,
channels,loanabandonment,downloads,videoswatched,
engagementwithemail,memberratingsonyourproductsor
servicesandreferrals.
Ifyouhavealimitedviewofyourcustomer,youcanusecustomer
touchpointstogathermoreinformationaboutthem.Collectdata
pointsfrom yourdigitalpropertiesthroughform fillorviaphone.
Leveragetransactionaldatatoviewhowyourmembersshopand
buy.Transactionalbehaviorscanbefoundbyusingdebit,credit
cardorbill-paydataaswellasdataaggregatedfrom withinfinancial
managementplatforms.
Effectivedataincludesloanpayments,feespaid,spendingpatterns,
howtheyuseonlinebankingandnumberofproductspurchased.
Takeintoconsiderationyourteam'sfeedback(Sales,Marketingand
CustomerServiceEmployees)ontheleadsandcustomersthatthey
areinteractingwith.Whatgeneralizationscantheymakeaboutthe
differenttypesofcustomersyouservebest?Whataretheircustomer
painpoints,questions,opinions?
Ifyouleveragesocialmedialisteningtoolsusetheinsightsgleaned
ffrom thatprocessaboutyourcustomers.
HowdoIdevelopcustomerpersonas?
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
14
Conductinterviewsto
specificallydevelop
CustomerProfiles
Interviewcustomersandprospects,eitherinpersonoroverthe
phone,todiscoverwhattheylikeaboutyourproductorservice.
Leveragesurveydatatogetyourcustomer’sdirectfeedbackon
theircurrentexperiences,futureoffersorideastoimprovetheir
service.
Nowyoucanuseallofthisinformationtoputtogetheryourprofiles.Theyshouldhaveatleastthree
components:
Profilesshouldbeconsistentinwhatdefinesthem andtheyshouldalsobedifferentenoughto
createauniquecustomerjourneyandstrategyaroundthem.
Acustomerjourneyisaprocessofdevelopingamapofthecustomer’sexperience.Itencompassesall
thestepsusers,prospectsorcustomersgothroughwhenengagingwithyourcompanyfrom yourinitial
contactwiththecustomerduringconsideration,intothepurchaseandthroughyourlong-term
relationshipwiththem.Theidealresultisthatasabrandorcompany,whatyouareofferingisaunique
experienceforyourbuyers-yourspecificcustomerexperience.
BefoBeforethedigitalandcustomer-centricmarketing,journeyswereoftenconsideredlinearwith
customersmovinginadirectpaththroughthecompany’ssalesfunnel.Withsomanychannels,options
andresearchpaths,peopledon’tmakepurchasedecisionsinexactlythesamemannerandeach
customergoesthroughdifferentstepsandprocessestoconsiderandpurchaseaproduct.Therearean
exponentialnumberofexperiencesandjourneysthatcanbedevelopedtoprovidepersonalized1:1
experiences.Nowcustomersexpecttheirjourneytobehighlypersonalizedandspecific.
AsmarAsmarketers,thiscanpresentachallengeasit'shardtodevelopindividualizedexperienceswithafinite
amountoftimeandresources.Whatwecandoisconsolidatetheprocessbyleveragingbuyerpersonas
todevelopspecificpaths.Byusingdifferent,uniquebuyingpersonas,wecandevelopcustomerjourneys
thatallowforradicallydifferentpathstoawareness,interest,consideration,intent,evaluation,purchase
andnurture.
1.Abroaddescriptionwithkeythingsspecifictothisprofile
2.Identifytheirwantsandneeds
3.Identifywhichchannelstheyfrequent
5.DevelopingCustomerJourneys
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
16
THECUSTOMERJOURNEY
Creatingajourneymaprequiresalotofcarefulthoughtandconsideration,andmayseemsomewhat
overwhelminggiventhemassiveamountofdataandpotentialinteractionpointsalongthejourney.
Intricatejourneysarecreatedovertimeandtheygetmorecomplexasyourorganizationadds
capabilitiesthroughnewmarketingtools,channelsandcommunicationpoints.Initially,thereareafew
stepsthatcanhelpstarttheprocessorrefineonethatalreadyexists.
1.
Theinitialstageofyourjourneymapwillbeatriggerthatyouhaveidentifiedthatalertsyou
whenthebuyingcyclehasbegun.Byunderstandingyourbusinessandfeedbackfrom your
customersyoucanidentifyproblemsthatyourcustomerneedstosolve,reasonsthattheymay
havetoswitchbanks,orevenanexternaltriggersuchasanewjob,carorhomepurchasethat
maybegintheprocess.
2.
Identifyyourcustomerpath,thestagesofyoursalesandmarketingsalesfunnel.Thestagesyour
customerswillgothroughwhilenavigatingdigitalorphysicalpathsmaybedifferent.Afterlooking
throughyourpersonasbuiltonyourinitialqualitativeandquantitativeresearch,youwillhavea
prettygoodideatheprocessyourcustomersgothroughfromawarenesstoeventualpurchaseand
subsequentinteractions.Usethisinformationtolearnhowcustomersareguidedtotaketheirnext
stepsfromawarenesstoconsiderationandevaluations.Howdocustomerjourneysunfoldbasedon
theinformationthatcomesbackintheirdiscoveryprocess?
3.
AlignCustomergoalsandbehaviorwiththedifferentstages.Putthoughtintowhatyour
customerswanttoachieveastheymovethrougheachphase.Then,you’llbeabletoseeifyou
havethenecessaryinformation,content,supportorservicetoachievethosegoals.
4.
Depictthechannelsthatmightbeinvolvedorusedateachstageandtheresourcesthebuyers
aremostlikelytouse.Thiswillhelpyouensurethatyouremembertodevelopplanstocapture
behaviorsinthesechannelsandutilizetoolstocreateadatabasesoyoucanactonthese
interactionsanddeliveracustomexperienceinthesechannels.Whoaretheexperts?Whatare
thecommunitieswherepeoplego?Whoinfluencesthem?Whatdotheyfindandlearn?What
technologiesandservicesdotheyuse?Whathappensasaresult?
5.
Determinethecustomertouchpoints.Thinkofthetouchpointsasboththeplaceswhereyour
customersareengagingwithyouandwhereyoucansupportthecompletionoftheirgoals.These
touchpointswillbegroupedattherelevantstageinyourcustomer’sjourney.FocusingonMo-
mentsofTruthcanbeagoodstartforthisstep.MomentsofTrutharepointsinacustomerlifecy-
clearemoreimportantthanalltheday-to-dayinteractions.Byconcentratingonthesekeymo-
mentsoftruth,youhaveabiggerimpactonacustomer’slevelofsatisfactionandcaninfluence
theirretention.
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
19
Createstrategiesandpursuetechnologyinvestmentstomakeourcustomerexperienceareality
NowthNowthatyouhaveacomprehensivecustomerexperiencedefined,thenextstageishowthis
experiencewillbeexecuted.Thisprocessshouldbedependentonyourdiscoverysessionsduringthe
customerexperienceprocessandthesubsequentcustomerexperienceoutlinedincludingthe
customerpersonasandjourneysyouidentified.Inthebelow,Iwillfocusmoreonthedigitalsideof
customerexperience,butaholisticstrategyshouldincludehowthedigitalcomponentswill
intertwinewithyourphysicalbranch,callcenterandATMstrategy.
Thefirststageofyourdemandgenerationprocessistotakealookatalloftheinformationyou
collectedduringthecustomerexperienceplanning.Whatwillberequiredtoexecuteyourplan?
Whatchangeswillyouhavetomake?Whatstrategies,campaigns,toolsortechnologywillbe
needed?
6.DevelopingDemandGenerationStrategy
Momentsoftruthareconsideredthepointsandanyrelationshipthatcanstrengthenacustomer’s
satisfactionorperceptionofsatisfaction.Ifacreditunioncandrivetherightcustomerexperienceat
these“momentsoftruth”candriveupcustomersatisfactionandprovidethecustomerimmense
loyaltyandvalue.CreditUnionsthatconcentratetheirresourcesonthesemomentsratherthan
everysinglecustomerinteractioncanmanagecostsmoreefficiently-returnsonthesemoments
aremuchhigherthanotherregularinteractions.
ForcForcreditunions,thesemomentstendtobeatthebeginningofthecustomerrelationship(account
opening),duringproblem resolutionandduringimportantlifemoments(homeloanprocessing).
TheThekeyisforthecustomerexperiencetobeapositivemomentinthemindsofyourcustomer-not
anegativeone.Whendesigningyouridealcustomerexperience,itisimportanttoaccountforthese
pointsinthecustomerjourneyandfocusoncreatingthebestpossibleoutcomeforyourmembers.
Youcantrackacustomer’ssatisfactioninthesemomentsthroughconscientiousfollow-upfrom a
member’sbranchorsurveys.Besides,effectiveandover-communicationwhentherearechangesto
accountsandwhenmistakesoccuriscritical.
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
20
Herearesomestepstohelpyouwalkthroughdefiningyourgotomarketdigitaldemandgeneration
strategy:
Re-defineanddocumentyournewdemandgenerationprocess.
Whatisthedefinitionofalead/prospect?AnAgreementshouldbetherebetweenalllayersofyour
organization.
Howshouldleadsbequalifiedandrouted?
Formarketing,howdoesyourtargetmarketlooklike?Forsales,whatprospectsareyou
speakingto?Whattypesofbuyersareclosing?
CustomerAcquisitionStrategiesandNurtureStrategiesshouldbeidentified.
Howwillyouacquirenewcustomers?
Whatisyourcustomeronboardingprocess?
Howwillyouretain,cross-sell/up-sellyourcurrentones?
Whatcanyoudowithcustomersthatleave?
Haveaplanforhowyoumanage,store,andarchivedata.
Systemsthatwillbeinvolvedarekey
Howdatawillbepassedbetweenyoursystemsandsales/marketingwouldneedtobedefined.
Createacontentmanagementstrategywithyourpersonasintegrated.
Whatcontentdoyouhave?Whatwillneedtobedeveloped?
Doesyourcontenteducate,inspireorbegtobeshared?
Whattypesofcontentareneeded?
Whataretheneededrequirementsandagendasofyourbuyers?
Howcanyoualignpersonaswithyourstrategy?
Basedonyourcustomerjourney,identifychannelsanddevicesthatyouneedtoinclude,improveor
scale-back.
Channels:Website,Landingpages,Portals,Forms,Social,SEO/SEM,Email,Community,Direct
MailandEvents
Devices:Computer,TabletorSmartphone
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
23
Marketingactivitiesthattypicallyoccurduringthiscustomeracquisitionphasearethecreationofcon-
tent,SEO,SEM,event,generalemail,blogsandsocialmedia.Creditunionscanprovidevariousadvertis-
ingorconsumerresourceswiththebestfitofferforcustomersincludingthefavorablebankingrates
thatwill
competewithotherbankinginstitutions,rewardprograms,loanorcardoffers.
Duringthisphase,financialinstitutionscancaptureaconsumer’sbasicinformationwhilestoringitin
yourCRM,MarketingAutomationorDataSystems.Thisinformationwillbeusedtonurturethe
consumerwithadditionalrelevantcontentandtouchpointsastheymovethroughthebuyingprocess.
Customersdonotmoveoutofthisphaseuntiltheyhaveameaningfulinteractionwithyourcompany.
Thisisusuallyanindicatorthattheywanttohearfrom youinthefutureorhavesomepurchase
intention.
MiddleoftheFunnel
Atthispointinyourfunnel,yourprospecthasdisplayedbuyingbehavior,engagedwithyourcontent,
andispotentiallyasaleslead.Theyarenolongeranonymousandyoucanstarttoidentifytheirprofile,
providesegmentationandalignthem withtheirinterests.Theywillnowpotentiallyhaveadefineddigital
journeyandyoucanmapoutadigitalnurturestrategyforeachdefinedprofileandproductoffering.
Thisprovidesaconsumerwithahighlytailoredandcustomizeddigitalexperiencethatbuildsadigital
rrelationshipovertimethroughrelevantcontent.Atthisstage,youcanstarttoemployleadscoringand
takeaproactiveapproachbyusingyourCRMandMarketingAutomationtoolstoalertsalestoreachout
toaconsumerwhoisgettingclosertoconversion.
MarketingActivitiesatthisstageprimarilycenteraroundnurtureandincludepersonalizationthrough
thewebsite,MarketingAutomation(Email,LandingPages,Forms),webinars,training/instructional
informationandvideo.Whileyouroffersmaystillbeeducationalatthisstage,theywillbemoregeared
towardsbuying.
BottomoftheFunnel
Atthebottom ofthefunnel,youareeitherconvertingtheopportunityorcreatingtheexperienceand
customerlifecycle.Everytouchpointandcommunicationareopportunitiestobuildcustomer
satisfactionandmaintainalong-term,mutuallybeneficialrelationship.
Somekeyopportunitiesduringthisstageareonboarding,cross-sell/up-sellandreferral.Muchofthe
advancedopportunitiesarewaystoconvertyourcustomersintoadvocatesandextendtherelationship.
AdigitalonboardingpAdigitalonboardingprocesscanbepersonalizedforeachmemberbyusingspecificpiecesofcontentin
apredefineddigitalconsumerjourney.Whileitisimportanttohandleonboardingatthebeginningof
therelationship,itcanbeanongoingeventtohelpimprovememberretentionandengagementby
offeringtailoredcontentandrecommendationsbasedonspecificdigitalbehaviors.
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
25
Toolsandprocessesneededtomanageyourdata(now,shortandlong-term)
KeydatapointsrequiredforallofyourinternalgroupsincludingmarketingandsalesANDwhich
system thattheyreside
Theprocesstocapturerelevantdata
Theprocesstorefineyourdata,whatwillbeactionable,whatwillbeusedforsegmentingpersonas.
Howthedatawillbeminedforactionableinsights
WhWhattheprocessistooptimizeyourdataprocessesovertime
Dataisthefundamentalbuildingblockofthedemandgenerationstrategy.Itiskeythatthereisa
comprehensiveplaninplaceforhowdatawillbeconfigured,managed,storedandhowthatdata
willbeleveragedthroughoutthemarketingdigitalstrategy.
Itiscriticalthatdigitalmarketershavethecapabilitiestoperform advancedlevelsegmentation,
personalizationandleverageinsightsontheircustomersfrom aggregateddata.Ifcreditunionsare
abletoeffectivelyleveragethatdata,theycangainthebenefitsofadigitalcustomerjourneyfor
theirmembers,determinetheprioritiesoftheircustomersandtailortheirsolutionsincluding
pproductsandservicestotheirlocalmarkets,memberbasesandindustriesserviced.
CreditUnionsneedtohavetheabilitytocollectandanalyzeitsnumerousdatatransactionsand
theactivityofitsmemberacrossitsdigitalproperties.Thesetransactionsandactivityforallofthe
CreditUnionsaccountholdersarefullofdetailedinformationaboutcustomerpreferencesand
theirspecificneeds.Theproductandmarketingteamscanusethisinformationtodevelop
particularoffersandmarketingteamscanleveragetodevelophighlycustomizedcustomer
journeys,communicationsandoffersfortheircreditunion.
UnUnfortunately,managingandcoordinatingdatacanoftenbeasizabletaskespeciallyacross
marketingplatforms.Oneofthelargestissuesisthatmostdatastillsitsinsilosandtheyarenot
abletoleveragedataacrossmultiplesystems.Italsorequiresthecapabilitiestohandlethesizeand
frequencyofdatainadditiontoaninfrastructuretoeffectivelymanagethedataandacomprehen-
siveanalyticstooltoevaluateanddecipherinsightsfrom thedata.
Thekeyisthealignmentofdataneedsthroughoutyourentirestrategyandplanningprocess.Here
aresomekeythingstothinkthroughasyouplanfordatathroughoutyouroverallmarketing
strstrategy.
TheDataChallengeforCreditUnions
AccordingtoCreditUnionJournal,onefinancialinstitutionsawa244%increaseinfunded
autoloansbyusingpredictiveanalyticstodeterminewhenindividualswerelikelytobuy
acarinthenearfuture.Bigdatacanturnmemberinformationintoactionable
intelligence.
HenryAdaso,HowCreditUnionsCanDriveBigRevenuewithBigData
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
26
Contentisthefoundationofyourdemandgenerationstrategy.Itisessentiallythefrontline
communicationwithyourcustomerandhowyoucraft,developandpresentthatcontentcandictate
whetheracustomerhasconfidence/trustinyou,hasasatisfyingcustomerexperienceandultimately
leadstoaprofitableconclusion.
8.BuildingaContentStrategy
Transitioning/nurture/scoringofleadsfrommarketingtosales
Contentmarketingisanextensiveprocessandwilloccuratallpointsofyourmarketingstrategy.During
planning/conception,itisimportanttoidentifyyourbrandmessaging,contenttypes,howthatcontent
willbedelivered,whoiscreatingandeditingthecontentaswellaswhomanagesthatcontentonan
on-goingbasis.
Complianceisalsocriticalwhenitcomestofinancialservices;contentmarComplianceisalsocriticalwhenitcomestofinancialservices;contentmarketingshouldworkwith
compliancetomakesurethateverythingcreatedincludesfulldisclaimersandmeetsallregulatory
standards.Whenregulatoryconcernsarekeptinmindthroughoutallofthecontentmarketingphases,
therevisionandapprovalprocesscanbeafluidpartofyouroverallstrategy.ForCreditUnions,that
meansworkingwithinFINRAandFSAregulationsaswellasthoseidentifiedbylegalandregulatory.
Source:ChristopherRinaldi,The6CsofContentMarketingforBanksandCreditUnions,TheFinancialBrand
Banksandcreditunionsshouldbeutilizingcontentmarketingtoprovidetargetaudiences
withusefulinformationthatdrawsthemtoawebsiteorintothelocalbranchformore
details.Financialcontentmarketingworksbestwhenitisreadilyavailableandengages
audiencesincreatingmeaningfulconnections.Goingbeyondtraditionalmarketing
techniques,financialmarketersshouldusecontentmarketingtoeducatebothexisting
andpotentialcustomers.
ChristopherRinaldi,The6CsofContentMarketingforBanksandCreditUnions,TheFinancialBrand
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
27
Inordertohaveaneffectivecontentmarketingstrategy,theremustbeawell-defined,consistent
curationprocessthatisusedtocreateanddistributecontent.Typically,contentcantakeonmultiple
forms,butitwillprimarilyfallintotwobroadcategories-promotionalandthoughtleadership.
Promotionalcontentisasalesmessagethatisgearedtowardsaproduct,serviceoractionwhile
thoughtleadershipiseducationalandcanaddresscustomerpainpointsandguidethem towarda
solution.Effectivecontentmarketingshouldhaveamixofboth.
Onceyoudeterminethetype,youcanleveragewhOnceyoudeterminethetype,youcanleveragewhatyouknowaboutyourcustomerstodeterminethe
form ofthecontent,whatyoucanre-purpose,whatneedstobecreatedandorganizethesamefor
distribution.
WhatFormCanMyContentTake?
Thecustomerprofilesandjourneysthatwerecreatedaspartoftheoverallexperiencearethefirsttwo
componentsofyourcuration/channelcontentstrategy.Onceyouidentifythecontentthatwillbe
requiredforthesecustomersacrosstheirjourney,itistimetodeterminewhichchannelsyouwill
leveragetodistributethecontent.Contentproductionwillbedeterminedbyhowyourcustomer
profilesconsumecontent.Aretheleveragingsocialmedia,websites,whatdevicesaretheyleveraging
andwhatarethecomplementaryproductsandservicesaretheyattractedto.
Forexample,youngprofessionalsforyourcreditunionmightbemorelikelytoleveragemobile
technologyandvisitlocalnewssitesonlinedailtechnologyandvisitlocalnewssitesonlinedaily.Thismaylenditselftoresponsivecontentthatisavail-
ablethroughweboremailontheirsmartphoneandyoumaywanttoadvertisetothem throughre-tar-
getingonyourlocalnewssite.
Attheendoftheprocess,convertingcontentmarketingintorevenueistheultimategoal.Youcan
measurethesuccessofyourcontentstrategythroughbehavioraldata,subscriptions,socialmediasta-
tistics,leadsandwebsiteperformance.Thebestwaytodothisisbyleveragingtoolssuchasmarketing
automationplatform (MAP),SocialListeningandacustomerrelationshipmanagementsystem (CRM)to
maketracking,engagingandclosingleadseasier.
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
29
Iwillbrieflydescribehoweachofthesecanbehelpfulforyournewstrategy,butthereiscertainlymore
tolearn,soithelpstoalignwithexpertsineachofthesedigitalstrategies(orevenbecomeanexpert
yourself).
Website
Mostlikelyawebsiteissomethingthatyourcreditunionhasalreadyinvestedin,butcriticaltodigital
strategyistheeffectivenessofthatsite.Itisimportanttocontinuallyupdateyoursiteandprovide
ongoinginvestmentincreatingthebestoveralldigitalexperience.Twopartscrucialpartsofyour
websiteexperienceishowyouawebsiteexperienceishowyouaredoingwebdevelopmentanddesign.Areyouusingacontent
managementsystem forscalabilityandpersonalization?Whatisyourwebsiteusability?Isyourwebsite
designedtocreatememberinteractionandconversions?Howareyoucollectingyourmemberor
potentialcustomerdata?HowdoesyoursitealignwithSEOstrategy?Thereareseveralcomponents
thatyoumustconsiderasyoulayeroncomplexdigitalstrategy.
Therearealsocertainwebsitecomponentsthatarecriticalfordemandgeneration,belowareafew
musthavesforyoursite:
CalltoAction-CTAsshouldstandout,sothatyourcustomerknowsexactlywhattodo.Contact
informationsuchasyourphonenumber,emailaddresses,faxnumbershouldbeeasilysearchablein
casecustomersareinterestedinreachingouttoyouregardingyourservices.
Navigation-Websiteswitheasynavigationaremoreeffectivesincevisitorscanfindwhattheyare
lookingfor.Theconventionalwisdom isthatavisitorshouldbeabletofindwhattheyarelookingfor
ontheirsitein3justclicksorless.
ResponsiveDesign-Withtheincreaseincustomerswhousesmartphones,tabletsandothermobile
devicestobdevicestobrowsetheinternet,itisimportanttocreateawebsitethatoperatesonmultipleplatforms.
Forms-Formsarerequiredtoconvertyourleadsfrom someanonymousvisittoaknownvisitor,they
areamusttomovesomeonethroughyourdigitalsalescycle.Agoodleadcaptureform mightaskfor
firstname,lastname,emailaddressorphonenumber(shorterformstendtohavebettersuccess).
Theworkofawebsiteisneverfinishedas65%ofconsumershavehadadigitalexperience
changetheiropinionaboutabrand.Evenifafinancialinstitutionhadtheirwebsite
developedinthepastyear,anongoinginvestmentinawebsitecanhelptoensureitis
continuouslyoptimizedtoconvertleadsforloansandnewaccountsinahumanizeddigital
economy.Inaddition,theuseofvideoonlandingpageswithrelatedformsandcallsto
actionscanincreaseconversionsby80%.
JamesRobertLay,7StepstoCUGrowinaHumanizedDigitalEconomy”CUGrow
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
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SEO&PaidSearch
Criticaltosuccessindigitalishowyoursiteisrankedviaorganicorpaidsearches.Thehighertherank-
ing,themostlikelytofindandconvertprospects.WhenlookingatSEOandpaidsearch,thebeststrate-
gyistodesignyourwebsitewithyouruserinmind.
Ultimately,ifyoucreateacustomerexperiencedrivenwebsite,thiswillalignwithGoogle’salgorithm
(whateveritisatthetime)sincetheirsuccessrestsontheirabilitytoprovidethemostrelevantlinksto
whattheuserrequested.TherewillalwaysbecontinualupdatesinSEO,butGoogle'salgorithmswillbe
astepaheadofthemarketersthataretryingtoplaythem.Designasitethatyourmembersandvisitors
canuseeffectivelyanditshouldresultinstrongerstandings.
SocialShare-Ifyouarecommittedtosocialmedia,itisimportanttoplaceyoursocialsharebuttons
inaprominentlocationonyoursite.Also,remembertochoosesocialchannelswisely.
Opt-ins-Thiscanbeusedfornewmembersorpotentialcustomersthatareinterestedinyouroffers.
Opt-inscanbeusedforavarietyofcommunicationvehiclesincludingnewsletters,alertsorblogs.
Content/Assets-Contentiscriticaltocreatingvalueforyoursite;ifyoudonothavemuchcontent,
makesureitiswell-placedonyoursite.Agoodstartingpointforquickcontentgenerationisasimple
blog.
Source:NeilPatel,“HowtoscoreyourWebsite'sSEOin10minutesorless”,Quicksprout
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31
Hereareafewthingstokeepinmindwhenworkingwithsearch:
BounceRate-thepercentageofvisitstoyourwebsitethatleavewithoutgoingtoanotherpage
onyoursite.Googleconsidersthisanindicatorofapoorlydesignedwebsite,soitis
importantthatcontentisrelevant,timelyandgrabstheuser’sattention.
WWebsiteContent-Searchindustryexpertsagreethatnewsearchenginealgorithmshavemade
contentqualityacriticalfactoringaininghigherrankings.Contentshouldbewell-organizedand
currentwithnewcontentaddedregularly.Imagesshouldbealignedwithkeywords(nameyour
images)andthecopyshouldbeclearandpersonalized.Stayingrelevantismucheasierifyour
websitehasaCMS(CustomerManagementSystem)tomakeeasyupdatesonthesite.
ResponsiResponsiveDesign-AccordingtoGoogleresearch,61%ofusersareunlikelytoreturntoa
mobilesitethattheyhadtroubleaccessingfrom theirsmartphone.Thatincludessitesthatuse
fontswhichareillegibleonmobiledevices,orsiteswhereusershavetozoom inorpanaround
excessively.GooglerecommendsnotonlyResponsiveDesignasthebestwaytooptimizefor
mobileusers,butalsofavorsresponsivesitesinsearchesthataremadeonamobiledevice.
Businessverificationandvalidation-“Landingpageswithtitletags,localcopyand
descriptionsandhyperlindescriptionsandhyperlinkedmapsthatallowsearcherstoclickondrivingdirectionsdemon-
stratemorerelevanceforsearchersandsubsequentlyrankhigher.Validationthroughbacklinks
from trustedsourcessuchasYelporAngie’sListenablethesearchenginetoverifyhoursand
servicesandareboostingqualityscores.”EnterpriseSEOPlatforms2015:AMarketer’sGuide,
Brightedge
Keywordresearch/rankanalysis-Itisimportantthatyouknowthekeywordsthat
consumersusetoaccessyourwebsiteandusethem inyourwebsitecopy.
Links-Linksarenowasignificantrankingfactorusedbysearchenginestoimprove
relevancyandcanquicklyhelpyoursiteriseinthesearchrankings.Themosteffectivecontent
strategytechniquesforlinkbuildingarecontentoutreach,infographicpromotionandbroken
linkbuilding.Essentially,inordertobuildaneffectivestrategyhere,youhavetocreatecontent
thatpeoplewanttolinktoandkeepyourcontentcurationandsocialsharingtopofmind.
SocialSocial-AsSEOandsocialareincreasinglyintertwined(especiallygiventheimportanceof
link-building),Googleusessocialsignalstodeterminehowyourcompanyranksinsearchresults.
Engagementfrom yourfollowersandsharingofcontentfrom yoursiteonsocialcanboostyour
SEO.
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32
LandingPages
Alandingpageisaspecificwebpagethatyousetupforthesolepurposeofconvertingvisitorsintoleads
andshouldbetargetedtovisitorsinterestedinparticularinformation.Ultimatelyyouwantvisitorstofill
inaform forcontactoropt-informoreinformation.
Somecomponentsofgoodlandingpagesinclude:
Simplicity-Simplicity-Keepthemessageandactionfrontandcenterandcreateaminimalistdesignwithalot
ofwhitespace(andnonavigationlinksoffpage).Youwantyourreaderstofocusonthe
informationyouhaveandtakeadesiredaction.
Onepurpose-Haveasinglepurposetodecreasevisitorsthatarenotinterestedinyouroffer.Youcan
haveasmanypagesasyouneedtoensurethateachcommunicatesasinglemessage.
Content-Fortheuser,thebenefitsofwhatyouareofferingshouldbeclearandevident.Content
shouldbesparseorbulletedifneeded.Becauseofthesimplicityrequiredyoucantestvarious
headlinesandbodytodeterminehighestconversions.headlinesandbodytodeterminehighestconversions.
Video/Multi-media-Videocontent,becauseofitssimplicity,canbeapowerfulvehicle.Mostlanding
pagevisitorspreferwatchingvideostoreadingthetext.
CTA-TheCTAshouldstandoutandbefrontandcenteronyourpage.Makesurealsototest
differentbuttons,coloursandlocationsonthepage.
Forms-Shouldbesimpleandrequestonlythebasicinformationneeded.IfyouuseaCMSorMAP
thathasprogressiveprofilingcapabilities,youcanstarttogatherafewdatapointsinevery
interactionwithyourcustomerastheypinteractionwithyourcustomerastheyprogressthroughthefunnel.
Social
Forsomegreattechnicaladvice,checkoutNeilPatel’s,“HowtoscoreyourWebsite'sSEOin10minutes
orless”onQuicksprout.Therearesomesimplewaystotestoutsomeofthetechnicalaspectsofyour
sitethatcanimpactSEOperformance.
Socialmediaisn'tatraditionaladvertisingchannel,butitisanexcellentplacetoestablish
andreinforcebranding.Whileboomersstillwatchtheeveningnewsontelevision,88%of
millennialsuseFacebookasanewssource.Whatanopportunityforcreditunionsto
positionthemselvesasfinancialexperts!Socialmedianetworksarealsoagreatwayto
spreadthewordaboutcreditunionmembership.Onaverage,millennialshave250social
mediafriendseach,GenXershave200andboomershaveabout100.
HeatherAnderson,SocialMediatoCreditUnions:EvolveorDie,CreditUnionTimes
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
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Socialmediacangivecreditunionsthetoolstoinitiateorguidemarket-drivenbrandandproduct-
relatedconversations.Forsocial,itisimportanttohavecleargoalsorstrategicvisioninplaceforeach
socialplatform;first,youmustunderstandtheaudienceofeachthroughresearch,surveyandonline
tools.SocialAnalyticsisavaluabletoolfrom Googlethatshowsyouhowoftensocialsharingcontrib-
utestoreferraltrafficandwebsiteconversions.
Likeallotherchannels,youmusthaveasocialstrategythatengagesyourtargetaudience,communi-
catesyourvision,andisinlinewithyourtotalcustomerexperience.Yoursocialgoalsshouldsupport
withyouroverallgoalswhetheritisgrowingyourbranchmembershiporprovidinganoutletortoolsfor
currentmembers.
Allcommunicationsonbehalfofyourcreditunionshouldcarryaconsistentvoiceandbeguidedby
yoursocialbrandingguidelines.Thatincludesposts,images,productsandresponsestonegativecom-
ments.Youwillgetthem,sobepreparedaheadoftime.Theworstresponsetocriticism isnothing.
Whichsocialchannelstouseisoftenalargepartofdeterminingthebestsocialstrategy.Whilethereare
multipledifferentwaystoapproachsocial,thekeyisfindingtherightfitforyourmembers.Beloware
thebreakdownsandoverallefficacyofindividualchannelsforcreditunions.
100
90
80
70
60
50
4040
30
20
10
0
Percent
Website Online
banking
Facebook Twitter Youtube Blogs
Use Don’tuse
UtilizationofDifferentSocialMedia SocialMediaEfficacybyChannel
Successful
Highly Minimally
MinimallyHighly
Measurable
Source:HopeSchauandPerIvarSchau,From PresencetoPurpose:DevelopingSocialMediaStrategies
andMetricsforCreditUnions,Filene
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Emailisoneoftheprimarytoolsinthemarketer’sarsenalandcanbeusedinavarietyofdiffering
capacitiesateverystageofthefunnel.Ithasbecomesuchanimportantandwidelyusedtoolthat
inboxesareinundatedwithemailsfrom avarietyofbusinesses.Thekeytostandingoutinacrowded
inboxiscreatingpersonalized,specificengagingemailcontentthatmembersandpotentialcustomers
areinterestedin.Thisrequiresthecreationofarelevantemailmarketingstrategyacrosstheentire
customerexperiencefrom prospectswhohavevisitedoneofyourdigitalpropertiestocurrent
customersthcustomersthroughouttheirentirelifecyclewithyourcreditunion.
Intheageofpersonalizationandhyper-targeting,consumersexpectbrandstodirectlytargettheir
needs,toknowwhotheyareandprovidecontenttheycareabout.MarketingAutomationin
combinationwithanintegratedmarketingeco-system canhelpdeliveronthatpromise.Itprovidesa
centralmarketingdatabase,anengagementmarketingandanalyticsengine.
Email
Belowaresomespecificconsiderationswhencraftingyouremailcampaigns:
SubjectLines-Subjectlinesarethegreetingandtheyareyourfirstopportunitytoyou’reyour
memberorprospectengaged.AccordingtoExperian,emailswithpersonalizedsubjectlinesare26%
morelikelytobeopened.Craftingtheperfectsubjectlinecanbetrickyandrequiresrepeatingtesting
andoptimization.
Segmentation-Segmentation-DMAreportedthatmarketershavefounda760%increaseinemailrevenuefrom
segmentedcampaigns.Segmentationisthemostefficientwaytogroupcustomersbyspecific
demographicinformation,purchasehistory,andbrowsingactivity.Thiswillbeimportanttomarketto
specificcustomerpersonasbasedonthesecontactattributes.Segmentationcanbeasgranularas
neededtotailoryouremailsothosepersonasacrossthecustomerjourney.
Dynamiccontent-AJanrainstudyreportsthat74%ofonlineconsumersgetfrustratedwith
websiteswhencontent(e.g.offers,ads,andpromotions)appeartohavenothingtodowiththeir
inteinterests.Thesameistruewithemails;emailblastswithone-size-fits-allmessagesarenolonger
effective,dynamiccontenttailoredtoacustomer’sspecificinterestisnecessarytocutthroughthe
clutter.
Atargetingenginemustbebuilttoguidetherightmessagetotherightperson.And
operationsneedtobereadyforthechange;creatingandsending3,000e-mailsadayisvery
differentfromsendingonemasse-mailblast.Althoughit’salotofwork,itdrivesreal
returns:onefinancialinstitutionincreasedrevenuefromtargetsegmentsby20percentby
usinglife-cycleeventstotriggerpersonalizede-mailstoexistingcustomers.
NoraAufreiter,JulienBoudet,andVivianWeng,McKinsey
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Emailautomation-Emailautomationallowsmarketerstocreateworkflowstosendpersonalized,
timely,relevantemailstocustomersattherighttime.
ResponsiveDesign-AccordingtoCampaignMonitor,emailopensonmobiledevicesgrew30%
from 2010to2015toastaggering53%oftotalemails.Giventhenumberofcustomersusingmobile
ortabletstoviewemails,mobile-readydesignisamusthave.
Thecorecomponenttoallemailmarketing,whetheritistargetedcontenttomoregeneric,isthe
databasethatisusedtosendthoseemails.Theaverageemailpenetrationofbankandcreditunion
accountholdersis37%(HarlandClarke)andbasedonindustryaverageestimates,30%oftheemail
addressesinyourdatabasewillvanisheachyearthroughnon-engagement,bounces,
abandoned/changedemailaddresses,unsubscribes,andspam complaints.
MaintainingandgMaintainingandgrowingyourdatabasewillbeasuccessfactorinyouremailmarketingcampaigns.You
canacquireemailaddressesthroughoutawidevarietyofactivities.Duringcustomeracquisitionyoucan
collectthem onyourwebsiteorlandingpagebyofferingtoprovidemoreinformation,assetsorthought
leadership,sinceonlyasmallpercentageofyourvisitorswillconvertduringtheirfirstinteraction.
Youcanalsocollectemailsfrom in-personcommunityevents.Onceanemailisobtained,youcanguide
them throughthecustomerjourneybyprovidingfollow-upnurturetouchpointsthatwill
encouragethem toconvert.Forcurencouragethem toconvert.Forcurrentmembers,youcanleverageopt-informsandoffersonyour
website.Theseopt-informscanbecustomizedforspecificsegmentsandcanoffertoprovide
customizedcontentorbenefitstoeachmember.Youcanalsomakeemailandotherdatacollectionas
partofyouronboardingprocess.
Traditionally,bankandcreditunionlandingpagesincorrectlyusedirectcallstoactions,
whichaskforthebusinessimmediately.“ApplyNow”or“OpenanAccount”arethe
standarddirectcallstoaction.However,only1%-3%ofwebsitevisitorsconvertontheir
firstvisit.Anddirectcallstoactionsareonlyapplicableforthosewhoarereadytoapply
foraloanoropenanaccount.
JamesRobertLay,8SimpleWaystoResurrectYourEmailMarketingtoGrowYourBankorCreditUnion,CUGrow
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
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Whileeachtoolandvendorhavetheircapabilitiesandstrengths,itiswidelyacknowledgedthata
marketingecosystem’sfoundationisestablishedwiththreecoretools-CustomerRelationship
Management(CRM),MarketingAutomationPlatform (MAP)andaContentManagementSystem (CMS).
Asyoudeterminethechannels,measurementsandactivitiesthatwillbepartofyourcustomer
experienceandjourney,othertoolsmaybeneededtoachieveyouroverallplanandstrategy.
CRMorsalessystemsthatkeeptrackofcurrentleadsandcustomersincludingalloftheirpertinent
contactdata:names,emails,phonenumbers,purchasinghistory,andallcommunicationsbetweenthe
companyandthosecustomers.Salesandmarketingcanaccessallofthisinformationtodevelop
strategiestoconvertprospectsandretaincustomers.Thisonesystemsalignsbothgroupsaroundthe
samegoalsandgivesthem accesstothesameactionableinformation.
InconjunctionwithCMSandMAP,aCRMcantellthesalesteam customersthathavebeenactivein
variousmarketingchannelsincludingweb,emailanditcantailorthesalesconversationbasedon
behavioralclues.Itwillalsogiveyouasamarbehavioralclues.Itwillalsogiveyouasamarketerthecompletepictureofyourprospectsand
customersandhowtoengagethem aspartofyourcustomerexperience.
CustomerRelationshipManagement(CRM)
OnlyhalfofcreditunionsandbankssharedtheyhaveadoptedaCRM.Thisisoneof
threekeycornerstonesinadigitalmarketingandleadgenerationsystem.
JamesRobertLay,CreditUnionsandBanksareinCriticalConditionandDyingfromDigitoolitus,CUGrow
CreditUnionsandBanksareinCriticalConditionandDyingfrom Digitoolitus
Customer
Relationship
Manager
Marketing
Automation
Content
Marketing
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
40
AccordingtoEthanDunhillinUsingCRMasaPartofYourMarketingStrategythereareawidevarietyof
benefitsofaCRMforbothsalesandmarketing.
Marketingautomationisalsoreferredtoas‘revenueperformancemanagementsinceitsapproachisto
programmaticallycoordinateandoptimizemarketingactivitiesacrossoneormorechannels,suchas
email,websitesandsocialmedia.Inshort,itallowsmarketerstodigitizemarketingprograms,trackand
targetusers,automatecontentdeliveryandtriggerautomaticresponsestouserbehaviors.
Marketingautomationhasawidevarietyofuses,whileitwasoriginallyrootedinautomatingwork
flows,consolidatingdataandreplacingemailserviceproviderplatforms,anincreasingnumberof
capabilitiesarebeingaddedtotheplatforms.
Knowasmuchaspossibleaboutyourcustomersandprospects
Providerapidresponsestoinquiriesandissuesanddocumentalloftheseinoneplace
Deliverareallypersonalexperiencetoanyonewhoisatanypointintheconversionprocess.
Allowaccessbyeveryonetoindividualcustomer/leadinformationaswellasaggregatedatathat
candrivemarketingdecisions
Allowanenterprisetomoveawayfrom inefficientspreadsheetswhicharealsoimpersonal.
KKeepallaspectsofthecustomerlifecycleinoneplace.
Ensurethatcustomersandleadsdonotfall“throughthecracks.”
Promoterelationship-buildingbypersonalizingcustomerexperiences.
Canschedulefollow-upwithleads,“lookers”andcustomers
Canrefineemailandsocialmediacampaignsbasedupongroupingsofcustomerprofiles.
TheleadingvendorsforCRMareSalesforce(SFDC),MicrosoftDynamics,NetSuiteandSugarCRM.
MarketingAutomation
Only21%ofcreditunionsandbanksrespondedtousingamarketingautomation
platformtoautomateandimprovedigitalmembercommunication,akeystrategic
prioritytooverhalfofcreditunionsandbanksin2014.
JamesRobertLay,CreditUnionsandBanksareinCriticalConditionandDyingfromDigitoolitus,CUGrow
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
41
Marketingautomationcanhelp:
Whenassessingmarketingautomationtools,thereareafewmajorfactorsthatdefinethedifference
betweenthem andwhatisrightforyourcreditunion.
Bridgethegapbetweenmarketing,salesandcompliance:itisaplatform thatgivesmarketersa
waytoquicklymodify,implementandtrackallcommunicationsandremaincompliantwithindustry
regulations.
SeamlesslyintegratewithCRMandothermarketingsystems:awell-selectedmarketing
automationplatform willseamlesslyintegratewithanyothermarketingplatform.
Managetheirfunnels:moveprospectsandclientsthroughtheircustomerjourneyswithlead
qualificqualification,leadscoring,nurtureandhandoffprocesses.
Personalizetheircustomerinteractions:providemorefrequent,meaningful,personalized
communications.
Segmentandcustomizetheircommunications:providemultiplecommunicationstreamsfor
bothdigitalwealthmanagersandclients.
Passoninsight:drivekeyinsightsfrom yourcustomerstoyouradvisorsthatpreparethem better
toserviceandnurtureleads.
Usesalesenablementtools:Usesalesenablementtools:marketingautomation’ssalesenablementtoolsgivewealth
managersthecontroltheyneedtomanagebrandsandregulatorycompliances,whileproviding
individualadvisorswiththeflexibilitytheyneedtocustomizecollateralandmessagingwhichworks
bestfortheiraudience.
Leveragethoughtleadership:provideevaluationofyourcontent/collateralassetsandmap
them towhatprospectswouldlookforatdifferentstages,basedontheirdifferentpersonalneeds.
Thebusinesssize,verticalsorcustomertypethattheyfocus
Thespecificfeaturesthatareoffered.
Thestaffrequiredandlevelofcomplexityofsegmentation,automationandworkflows
Integrationwithothertools.
System interface
Emailmarketingfeatures
TTestingfeatures
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DefinitiveguidetoDigitalDemandGenerationforCreditUnions
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Marketingintelligenceandanalytics
Webmanagementandlandingpagecapabilities
Connectedandintegratedmarketingcampaignmanagement(oftenmulti-channelcampaign
management)
Leadmanagementandcustomerexperiencemanagement
Advancedpersonalization,testing,segmentationandoptimizationfeatures
A/Btesting,MultiA/Btesting,MultiVariateTesting(MVT)
LeadingvendorsinthisspaceincludeOracle’sEloqua,Marketo,SFDC’sPardotandExactTarget.
ContentManagementSystem
CMSisoneCMSisoneofthefundamentaltechnologiesneededinyourmarketingecosystem toconsistentlydeliver
anexcellentcustomerexperience.Contentmanagementsystemsarethesystemsthatdrivethemostof
thewebsitesthatyousee.Theyseparatethedetailsofhowwebsitesaredraftedbywebdevelopers,from
theworkofcreating,reviewingandpublishingcontentthatisusedwithinthoselayouts.Theycanalso
delivercustom,personalizedcontentbasedoncustomerpersonasfrom datagatheredfrom user’sactivi-
tysuchaschannels,campaigns,visitorinformation,andperformancemeasurements.
ACMScandriveaconsistentwebexperienceforyourcustomerssinceitcanpublishcontentacross
channelsandthroughoutyoursite.Thisprovidescontentconsistencyacrossotherchannelslikeemail
andsocialbyinterfacingwiththoseotherplatformsintheecosystem.CMScanalsointegratewiththe
CRM,MAP,ad-servingsoftware,videostreamingapplicationandanyothersystem thatwouldbenefit
from sharingcustomerdataacrosstheenterprise.
WhendeterminingtherightCMSsolutionforyourbusiness,DouglasMalanin‘6TipsforPickingtheWhendeterminingtherightCMSsolutionforyourbusiness,DouglasMalanin‘6TipsforPickingthe
RightContentManagementSystem forYourBankingWebsite’,outlinessomefactorsthatmighthelp
creditunionsinselectingtheCMStoolthattheywilluse.
1.TypeofFunctionality-Willyouneedlogins,onlinechat,ratesdatabasesordoyouneedasimpler,
lessexpensiveoption.
2.OngoingCosts-AnnualCMSlicensefeesalsoshouldbetakenintoconsiderationandalignwiththe
leveloffunctionalityyouneed.
3.FlexibilityandScalability-CanyourCMSgrowwithyourbusinessandneeds,canitadjusteasilyand
efficiently.