24 Hoosier Banker January 2016 The brainiacs at Think With Google* have coined a new term – “micro-moments” – that has marketing professionals overhauling their approach to how they connect with consumers. But what is a micromoment? A micro-moment is a narrow time window of opportunity that occurs when your audience wants to know or do something. During this moment of need or want, customers reach for their mobile devices. Think With Google categorizes these scenarios as “I want” or “I need” moments, such as: • I want to buy … • I need to learn … • I want to know … • I need to go … • I want to do … Each of these moments is in real time, and the customer is intentionally seeking help or information. Usually the customer is searching the Internet via smartphone. Because the moment is so fleeting, and because people have such high expectations for fluid experiences, they don’t want to navigate complex websites, talk with service people, sit at their PCs, visit branch offices or make phone calls. The consumer merely wants to know something right now. Whether shopping, waiting in line, sitting on a bus or dining at a restaurant, he or she is trying at that moment and place to satisfy a need or desire. That’s where bank marketing comes in. Why Is This Groundbreaking for Banks? While most financial institutions have integrated some digital approaches into their marketing strategies (mobile and online banking, email marketing, social media, search engine marketing, etc.), the savviest bank marketers are now analyzing their clients’ daily routines to determine when they might need bank products, services, advice or insights. Every time your customer needs or wants something, it’s an opportunity for you to shine. Every need or desire also presents an opportunity for you to anticipate your customers’ future needs and impress them with how attentive you are. Your job is to identify the moments you want to win – or can’t afford to lose. Think about the moments when your customers make pivotal financial decisions, and then think about the outcomes you’d like to achieve and the behaviors you’d like to influence. Following are a few examples: Four Tips for Banks to Win Consumer ‘Micro-Moments’ Making a purchase Making a purchase Buying a car Looking for an ATM Buying a house Saving for college Switching health insurance Starting a business Kitchen remodel Teaching kids about money Moving to a new city Referring a friend Make a wise choice; spend within their budget Use your FI's credit or debit card Check with you for current rates; finance with your FI Use yours instead of another FI's Get pre-approved and finance through you Visit you for advice; start a 529 Start an HSA or FSA with you Talk to you about a business account, LOC Get HELOC from you Start a kids account; bring them to the branch for a visit Open primary account with you; transfer assets and investments Recommend your FI; explain how you stand out above others MOMENT / DECISION DESIRED OUTCOME OR USER BEHAVIOR About the Author Andrew Bank is co-founder of Larky, a mobile loyalty platform that drives acquisition, retention, wallet share and interchange revenue. He is responsible for client relationships, marketing and thinking about continuous improvements to providing service. A graduate of the University of Michigan, Bank previously was a co-founder of Techstreet, a B2B enterprise information service for engineers and technical professionals. The author can be reached at 734-531-8489, email: andrew@larky.com. Larky is an associate member of the Indiana Bankers Association. MARKETING / SALES
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