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How the Banking Industry is Leveraging Marketing Automation to Better Engage Consumers

Engaging banking consumers has become increasingly difficult. The traditional Marketing funnel of mass media advertising to a broad audience is long gone. The rise of new platforms such as Netflix, Facebook, and Instagram have only increased the competition for the consumer’s attention making it harder to get your message to them. This is where Marketing Automation comes into play.

To cut through the noise and keep your banking consumers engaged you need to market to them as individuals. This means highly personalized messaging, hyper-targeted to the right person, and delivered at the exact moment your customer expresses a need.

This raises the question: “How can a bank implement highly customized marketing to engage individual customers at scale?” The answer: By leveraging marketing Automation.

Why Marketing Automation?

Imagine this: a current customer is searching through the credit card section on your website. He browses the business credit card page and decides to apply for it. He begins to fill out an application for the card but stops halfway. He’s unsure if this is the right option for him. As he goes to close the window, a chat box appears asking “Do you need help with anything?”. He types “I’m unsure if I need an overdraft or credit card”.

This triggers an email nurturing sequence highlighting the benefits of different business financing options. Also, an alert is sent to a sales rep/customer success to follow up.

This is the power of marketing automation for engaging customers — you can deliver the right message, to the right person, at the right time.

How Marketing Automation Works to Improve Consumer Engagement

Marketing automation works to improve engagement in the following ways:

Personalization: Marketing automation provides a central database of customer data that can be used to create personalized marketing campaigns. When customers view your emails, web pages, and social media, this data is accessed to dynamically display content that is tailored to their preferences, needs, and intent.

This specific and relevant messaging increases consumer engagement, while dynamic content increases the efficiency of your marketing efforts by personalizing messages at scale.

Targeting: Marketing automation software streamlines the process of targeting specific customers. Both prospects and customers are automatically categorized and tagged in the database using details such as their demographics, interests, and behaviors. This makes it easy to identify segments to target with marketing campaigns that will improve engagement.

Triggers: Smartphone users take action immediately when they need or want something. Imagine if you were able to present them with a relevant offer at this exact moment — how effective do you think this would be for improving your engagement?

Marketing automation allows you to identify these opportunities and take advantage of them to improve engagement with your customers.

Behavioral Tracking: Marketing automation uses tracking codes in emails, web pages, and social media, to get an idea of a consumer’s intent. By analyzing multiple links you can get a better idea of a buyer’s behavior. You can then use this data to create personalized email campaigns according to their intent.

Analytics: Analytics help to track the results of your marketing programs. Through constant improvement of your marketing campaigns, you can increase the engagement of your customers.

3 Ways Banks Leverage Marketing Automation to Better Engage Consumers

 1. Provide Support to Customer Service: If a customer has visited your FAQ page several times after recently opening a new account with your bank, this could trigger a customer service popup asking if they need any help. Also, a “new customer” sequence could be triggered to provide tips and information on how to get the most out of their account.

 2. Return to Buy: If a customer has visited a product page several times but has not made an application, this could trigger an email asking if they have any issues or questions about applying for an account, loan, or investment. This helps you uncover any obstacles for applying, as well as provide excellent customer service.

 3. Email Campaigns Based on Their Stage of Interest: A customer looking for general information about car loans is likely at the early stage of the buying process. Based on this, you can place them on a lead nurturing email campaign.

Conversely, a customer who has an alert from the credit bureau while shopping for a car is evaluating their options and is close to making a decision. This could trigger an email sales sequence, as well as a trigger for your sales team to contact them.

How to Leverage Marketing Automation with FSSI for Your Marketing Communications

Founded in 1980, FSSI is a full-service outsourcing and technology company that offers customized marketing communications services to the financial services industry. Our MarketAdvantage technology allows you to utilize marketing automation technology for banking to send personalized campaigns, to the right person, at the right time. Learn more about FSSI’s Marketing Services by contacting Dan Palmquist, VP of Sales, or call 714.436.3300 to get started.

The post How the Banking Industry is Leveraging Marketing Automation to Better Engage Consumers appeared first on FSSI.



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How the Banking Industry is Leveraging Marketing Automation to Better Engage Consumers

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