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Top 10 Marketing Tricks for the Banking Industry

Financial services is one of the top disrupted industries today and this presentation will look at tips and tricks on how the banking industry can counter digital disruption. The goal of this presentation is to offer innovative ways for banks to transform their marketing strategy. It refers to case study examples of financial companies that are leading the way today with their revolutionary marketing strategies. The presentation also provides workable tasks that you can start using today.

Top 10 Marketing Tricks for the Banking Industry

  1. 1. TOP 10 MARKETING TRICKS FOR THE BANKING INDUSTRY
  2. 2. “You’ve got to start with the customer experience and work backwards to the technology.” -Steve Jobs 10_Top_Tricks_part1.ai 10_Top_Tricks_part2.ai 10_Top_Tricks.pdf 20151002_Prototype_Finance_Slideshare.pptx Rene Bieder - Choplin Bold.otf Rene Bieder - Choplin Light.otf 10_Top_Tricks_part1.ai 10_Top_Tricks_part2.ai 10_Top_Tricks.pdf 20151002_Prototype_Finance_Slideshare.pptx Rene Bieder - Choplin Bold.otf Rene Bieder - Choplin Light.otf
  3. 3. OVERVIEW Banking Industry: Banks innovate slower Financial services is one of the top disrupted industries today Pressure through shrinking margins “Innovation is the key to growth and competitive differentiation.“ BUT HOW TO INNOVATE?
  4. 4. “It is processes, rather than a breakthrough product, that are innovating financial services, adding significant value by way of cost saving and improved productivity”
  5. 5. AIMS OF THIS PRESENTATION Offer innovative ways for banks to transform their marketing strategy Refer to case study examples of financial companies leading the way with revolutionary marketing strategies Provide workable tasks to start using today
  6. 6. TIP 01 COLLECT DATA
  7. 7. Data is the key to understanding your audience and user so you can better cater to their needs The main task is to collect data and information about your current digital state and user Understanding your users can help you to create an innovative marketing strategy that meets your users ‘in the moment’ they need their banking services Understanding your users can help you to create an innovative marketing strategy that meets your users ‘in the moment’ they need their banking services Content personalization should be a key priority for banks - zooming in on each individual consumer “Mobile has forever changed what we expect of brands. It's fractured the consumer journey into hundreds of real-time, intent-driven micro-moments. Each on is a critical opportunity for brands to shape our decisions and preferences.” - Google
  8. 8. TIP 02 GET STAKEHOLDER BUY IN
  9. 9. Get stakeholders to support you. It’s important to get buy-in from all stakeholders and have top management support you to avoid dead ends and speed bumps.
  10. 10. Hold Stakeholder interviews: One way to gain and understanding of the marketing potential within your organization can be to interview each department head, ask them what systems they use ad if they have have products/services that are market-able. You should also ask them what their main business goals are and what their main business goals are and what they hope a marketing effort would produce for their team.
  11. 11. TIP 03 ASSESS YOUR INVENTORY AND PRIORITIZE NEW ASSETS
  12. 12. Create Inventory. “Content is still King” and you need excellent assets to execute a successful marketing campaign. The best way to start is with a simple inventory and add to it as more data about your user becomes available. Examples of inventory: Existing products Services Valuable content - blogs, white papers, webinars etc.
  13. 13. Inventory and prioritization of assets. The inventory is a simple register of all assets that can be used in a marketing effort.
  14. 14. Create a plan for the creation of new assets and stick to a timeline. Make sure each asset has: A KPI, a purpose for its creation - what will it do to help the marketing campaign You have all the resources necessary to create good content - design, UX and content creator
  15. 15. TIP 04 DEFINE KPIS FOR EACH ASSET
  16. 16. Key performance indicators (KPIs) help to measure the performance of each asset or individual components. KPIs can also be aligned to business objectives - for example: Reduce call centre calls by implementing FAQ module (KPI: Reduction of calls). The best way to define a KPI is to think of what is the impact to the business the component has. KPIs need to be measurable and the measurement must be actionable.
  17. 17. TIP 05 ALIGN WITH BUSINESS GOALS
  18. 18. One common mistake in marketing is to forget the business objective. Compile your business objectives. This part only comes now, since it is important to understand any existing goals before planning new ones. Take the business objectives of your company, the ones taken from the business heads and match them with your digital marketing strategies where possible. This will give further insights on how each marketing strategy contributes to your overall business strategy or which effort are missing.
  19. 19. HELLO GLORIA! YOU CAN USE OUR FINANCIAL PLANNER FOR FREE TO SAVE MONEY ON YOGA CLASSES + YOU HAVE A CHANCE TO WIN A FREE SPA DAY! MY BANK ACCOUNT GO TO FINANCIAL PLANNER
  20. 20. TIP 06 FOCUS ON CONTENT PERSONALIZATION AND MICRO-MOMENTS
  21. 21. We know more about our customers and can go beyond age and income to include consumer lifestyle, education, hobbies, profession and brands. Personalized marketing efforts are 10% to 30% more effective. Personalized marketing inspired by events, lifestyle or trait mapping makes the recipient feel a stronger connection. Banks and credit unions need to make use of more of their available data and get better at micro-targeting ads and promotions. Banks also need to ask their customers how they can better serve them - customers know best and can spot gaps in the market you may not have considered.
  22. 22. Personalized cross-channel experiences for customers. This entails collecting data about customers, includes their behavior, preferences and patterns, in order to create content that best works for them. For example, if your data sug- gests that a customer has just started a family, you could send them information to help with financial planning for the future. Benefits of personalization are: Examples can include tailored offers based on interest, up-selling or cross selling products based on customer profile, and products that fit the life stage of a customer. Cost reduction in marketing efforts Higher closing ratio Requires: A solid CRM and data strategy Seamless integration between different online channels Less staff required to create personal experiences
  23. 23. TIP 07 DEVELOP NEW PRODUCTS
  24. 24. Financial marketers have discovered that they are fully capable of developing their own technical solutions. Examples include how CBD developed their own interactive Facebook App. Institutions are finding that by developing innovative products, they are controlling the experience while also creating intellectual property that will help in the future. This not only has product implications, but marketing and branding ones as well. VISIT CASE STUDY: http://prototype-interactive.com/our-work/cbd-facebook-branch
  25. 25. TIP 08 MOBILE FIRST
  26. 26. 0% Number of Mobile-Only Internet Users Now Exceeds Desktop-Only in the U.S. Single Platform Users’ Share of Total Digital Population Source: comScore Media Metrix Multi-Platform, U.S., Age 18+, Mar 2014 - Mar 2015 Mar2014 Apr2014 May2014 Jun 2014 Jul2014 Aug2014 Sep 2014 Oct2014 Nov2014 Dec2014 Jan 2015 Feb 2015 Mar2015 5% 10% 15% 20% 25% Desktop Only % Mobile Only %
  27. 27. TIP 09 OMNI-CHANNEL MARKETING
  28. 28. As we have seen with the mention of micro-moments, banks need to be available for their consumers at any point of the day on any device. In the morning, on the way to work. On their laptop at work. On their iPad in front of the TV. Each experience your user has across each platform needs to be the same offering users an omni-channel experience on all devices and platforms.
  29. 29. Making banking services more accessible gives banks access to new or under banked customers. Create better customer segmentation and personalization. Buys into this concept of “Everyday banking”. Extending the ecosystem with multichannel marketing tools.
  30. 30. TIP 10 HOW TO USE NEW (AND OLD) TECHNOLOGY
  31. 31. Technology for Convenience - make life more efficient for your user Internet of Things/Wearable Devices - smart watches capable of paying your bill? Digital Payment Channels Social Banking - pay friends with ease of social banking apps such as Venmo
  32. 32. THE OMNICHANNEL BANKING EXPERIENCE WHAT YOU NEED TO GO TO OMNICHANNEL, HOW TO PLAN FOR SUCCESS. www.prototype.ae Download our latest whitepaper WHAT YOU NEED TO GO TO OMNICHANNEL, HOW TO PLAN FOR SUCCES.
  33. 33. THANK YOU! www.prototype.ae | +971 (0) 4446 5789

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