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Digital Demand Generation for Credit Unions

Learn why Credit Unions must balance their personalized services with online offerings.

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Digital Demand Generation for Credit Unions

  1. 1. 0 eDynamic, Friday, May 6, 2016 Digital Demand Generation for Credit Unions
  2. 2. 1 eDynamic, Friday, May 6, 2016 • How Digital is transforming … banking, specificallycredit unions • Digital Customer Experience what is it, value, how do you plan • Demand Generation Strategy components, implementation, tracking,infrastructure Discussion Topics
  4. 4. 3 TheLandscapeisChanging Buyer is informed Buyer Journey is dynamic and cross channel (channels and devices) Abundance of Information, Little focus
  5. 5. 4 TheImportanceofCustomerSatisfaction
  6. 6. 5 Heavyinvestment indigital isbeing rewarded
  7. 7. 6 Mobileisnowthemostsatisfyingchannelforinteraction
  8. 8. 7 Mobile banking hasincreasedacrossall segments
  9. 9. 8 eDynamic, Friday, May 6, 2016 Highly targeted & personalized communications are being delivered to customers, credit unions need to embrace a shift from campaign based model The consumer buying process for offerings from banks and credit unions is changing dramatically, with an increasing array of online and off-line options for researching and buying new products and services, using multiple devices, 24/7 The New Buyer Journey Source: efma & Backbase
  10. 10. 9 eDynamic, Friday, May 6, 2016 How DCX can help Credit Unions Customer Acquisition : • The right, best offer for a particular customer or segment • The right banking rates that will compete with other banking institutions or lending sources • Rewards programs that will attract customers • Identify trends that can impact new customer acquisition • Develop segmentation and customer profiles that match with your current members and offers • Ways to grow your card portfolio Customer Retention : • Have a better understanding of your members with segmentation and modeling • Provide ready-fit offers that align with your customer product interest, spending habits and lifestyle • Develop an optimal contact strategy for your customers: where do they bank, what tools are they using and what digital properties do they visit • Offer pre-approved credit decisions that are aligned with your customer’s characteristics
  12. 12. 11 Gartner defines customer experience management (CEM) as “the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus, increase customer satisfaction, loyalty and advocacy.” It is a strategy that requires process change and many technologies to accomplish. In plain English, it means saying the right thing at the right time to your customer at every occasion that they come into contact with your brand. CXM Defined
  13. 13. 12 Research by HBR found that companies whocan effectively manage and execute customer experience strategies gain untold benefits. They achieve higher customer satisfaction, reduced churn, increased revenue, and greater employee satisfaction. By 2020, customer experience willovertake price and product as the key brand differentiator. Why it Matters 1. Reduce at-risk revenue. Recover potentially lost customers. 2. Engage existing customers as a sustainable engine for growth. 3. Reduce the costs of new customer acquisition.
  14. 14. 13 CEX by the Numbers Compiled from Gartner/Forrester 64% think that customer experience is more important than price 55% of customers admit that they would gladly pay more for a better customer experience Value vs Price 9% stopped doing business with a company after experiencing a poor customer experience 2X More likely share their bad customer service experiences than they are to talk about positive experiences Negative CEX Customer Retention 5- 20% Probability of Selling to a new client 60- 70% Probability of Selling to an existing client 6X Costs more to attract a new customer than to retain an existing one 12 Number of positive experiences required to make up for a bad one 50% Will share their bad experience with family/friends
  15. 15. 14 eDynamic, Friday, May 6, 2016 How do you get started 1. Customer Experience Plan • Buyer Personas • Customer Journey 2. Demand Generation Strategy 3. Marketing Infrastructure “ In the retail banking industry, customers who are fully engaged bring 37% more annual revenue to their primary bank than do customers who are actively disengaged. Fully engaged banking customers also have more products with their bank, from checking and savings accounts to mortgages and auto loans. Plus, they have higher deposit balances in their accounts than less engaged customers with the same products do.” by Susan Sorenson and Amy Adkins, Why Customer Engagement matters so much, Gallup
  16. 16. 15 eDynamic, Friday, May 6, 2016 Customer Experience Plan • Value Proposition • Understand your Customers • Understand your own Sales Cycle • Extend your reach- be where your customers are • Listen to your Customers • Establish Key Metrics • Maintain a solution-oriented, ever-green strategy When defining your customer experience, it is important to work through the following:
  17. 17. 16 eDynamic, Friday, May 6, 2016 Value Proposition When starting to develop an optimal customer experience, it is important to understand the company’s value. This will ultimately underscore what type of experience they want to provide their customers.
  18. 18. 17 eDynamic, Friday, May 6, 2016 Buyer Personas LeverageyourDatabaseandDigitalTouchpoints  Contacts/memberdatabase.  Digitalbehaviors ViewyourcustomerTransactionalBehaviors  Leveragetransactionaldataincludingloanpayments,feespaid, spendingpatterns,howtheyuseonlinebankingandnumberof productspurchased. TalktoyourStakeholdersandyourcustomers  Takeintoconsiderationyourteam'sfeedback(Sales,Marketing andCustomerServiceEmployees)  Socialmedialisteningtools ConductinterviewstospecificallydevelopCustomer Profiles  Interviewcustomersandprospects,  Leveragesurveydatatogetyourcustomer’sdirectfeedback Archetypal depictions of who buyers are, what they are trying to accomplish, what goals drive their behavior, how they think, how they buy, when and why they make buying decisions.
  19. 19. 18 eDynamic, Friday, May 6, 2016 Features of a Persona
  20. 20. 19 eDynamic, Friday, May 6, 2016 Sample
  21. 21. 20 eDynamic, Friday, May 6, 2016 Acustomer journey is the process of developing a map of the customer’s experience. It encompasses all the steps users, prospects or customers go through when engaging with yourcompany from your initial contact with the customer during consideration, into purchase and through yourlong- term relationship with them. The ideal result is that as a brand orcompany, what youare offering is a unique experience for yourbuyers- yourspecific customer experience. Customer Journey
  22. 22. 21 eDynamic, Friday, May 6, 2016 Customer Journey across Personas Inquiry Comparison Purchase Retain Advocate  What is the ultimate goal at each stage along the funnel, what are they looking to achieve and what are their expectations of you as a company?  How is your customer feeling? What are they thinking?  What do they want to accomplish when they come to each of your channels ?  Mapping out their paths from first interaction to the last will show if they are achieving their goals.
  23. 23. 22 eDynamic, Friday, May 6, 2016 Create a Journey Map 1. Alertthatthebuyingcyclehasbegun 2. Customer pathandstagestheywillgothrough 3. AlignCustomer GoalsandBehavior wStages 4. Channels involvedintheseStages 5. Customer touchpoints/Moments ofTruth 6. Questions/Concerns Source: Digital Banking Personas and Insights: Fashioning a Tailored Experience, Fiserv
  24. 24. 23 eDynamic, Friday, May 6, 2016 Credit Unions most used touchpoints in Journey mapping Source: CU Grow
  25. 25. 24 eDynamic, Friday, May 6, 2016 Moments of Truth
  27. 27. 26 eDynamic, Friday, May 6, 2016 • Re-define and document your newdemand generation process • CustomerAcquisition/Nurture Strategies should be documented • Data Management Strategy • Content Management Strategy • Channel Management Strategy • Metrics • Tools &Technology • Resources & Budget Demand Generation Strategy
  28. 28. 27 eDynamic, Friday, May 6, 2016 Onceyouhaveidentifiedyourcurrentleadlifecycle,youcanoptimizeitfor yourgrowthgoalsofyourcreditunionandtoalignwithnewcustomer experiencestrategy. Topofthefunnel(ToF):Generateorre-activateleads Middleofthefunnel(MoF):Convertleadsforloansandaccounts Bottomofthefunnel(BoF):Increaseprofitabilityandwalletshare Digital Lead Framework
  29. 29. 28 eDynamic, Friday, May 6, 2016 Herearesomekeythingstothinkthroughasyouplanfor datathroughout youroveralldatamarketing strategy. • Toolsandprocessesneededtomanage yourdata(now, shortandlong-term) • Keydatapointsrequired forallofyourinternal groups including marketing andsalesANDwhichsystemthatthey reside • Processtocapturerelevantdata • Processtorefineyourdata,whatwillbeactionable, what willbeusedforsegmenting personas. • Howthedatawillbeminedforactionable insights • Whattheprocessistooptimizeyourdataprocessesover time Data Management Strategy
  30. 30. 29 eDynamic, Friday, May 6, 2016 Content Management Strategy Source: Christopher Rinaldi, The 6 Cs of Content Marketing for Banks and Credit Unions, The Financial Brand
  31. 31. 30 eDynamic, Friday, May 6, 2016 Types of Content eBooks Articles Blogs Case Studies Cheat Sheets Checklists Email Infographics Guides Podcast Webinars Reference Guides Slideshares Surveys Videos Whitepaper Workbook Web Advertising Calculators Testimonials Ratings Reviews And more….
  32. 32. 31 eDynamic, Friday, May 6, 2016 What’s the Right Channel Strategy? The overall channel strategy for credit unions must begin to integrate both the digital and physical channels into a single, seamless experience. • The question for credit unions is which of your channels is driving the most valuable customer engagement? • 65% of customers interact with their banks and credit unions through multiple channels. Source: Jim Morous, Omnichannel Banking: More Than a Buzzword, Financial Brand
  33. 33. 32 eDynamic, Friday, May 6, 2016  Call toAction  Navigation  Responsive Design  Forms  Social Share  Opt-ins  Content/Assets Website Critical Components
  34. 34. 33 eDynamic, Friday, May 6, 2016 SEO & Paid Search
  35. 35. 34 eDynamic, Friday, May 6, 2016 Some components of good landing pages include: • Simplicity • One Purpose • Content • Video/Multi-media • CTA • Forms Landing Pages
  36. 36. 35 eDynamic, Friday, May 6, 2016 Social Media Source: Hope Schau and Per Ivar Schau, From Presence to Purpose: Developing Social Media Strategies and Metrics for Credit Unions, Filene
  37. 37. 36 eDynamic, Friday, May 6, 2016 Considerations when crafting your email campaigns: • Subject Lines • Segmentation • Dynamic content • Email automation • Responsive Design • Database Email
  38. 38. 37 eDynamic, Friday, May 6, 2016 Metrics- Tracking Performance When dealing with digital metrics, there are hundreds of unique data points that can be used to get to actionable insights. According to the Salesforce 2015 State of Marketing Report, most companies find the greatest value in metrics focused on revenue growth, customer satisfaction, return on investment, customer retention rates and customer/audience acquisition.
  39. 39. 38 eDynamic, Friday, May 6, 2016 Withtherightperformancestrategy,youcan • Identifythecampaigns,channelsormessagingthatperform, howtheyimpactyouroverallcustomer • Testhowvariousparametersimpactyourresultsand profitability • Followprospectsthroughoutthefunnelandtheirlifecycle, determinepredictiveindicatorsforbehaviorandbestresponse • Understandstagesoflifecycle,conversionsandtimeateach stage;lookforleaksinyourstrategyandcorrect • Establishbenchmarkstomeasureoverallsuccess;track againstthosebenchmarkstodetermineadelta • Re-workmarketinginitiativesbasedoninsightsgained (closed-loopprocess) Metrics- The Benefits
  41. 41. 40 Tools & Technology
  42. 42. 41 Critical Infrastructure
  43. 43. 42 Somekeycomponentsoflaunching,maintainingorchanginga toolinclude: • SupportStaff(ITinvolvement) • Costforlicensinganddevelopmentdollars • Agencyinvolvement • Fitofthetoolnowandaftergrowth • Capabilitytofullyleveragethetool Infrastructure Planning
  44. 44. 43 The Roadmap
  45. 45. 44 eDynamic, Friday, May 6, 2016 Connect with us 1-877-339-6264