Hoosier Banker 37 with better customized messages and a different frequency rate, based on the targeted prospect. On the flipside, it will likely take several outreaches before a customer responds to a digital ad. Offer. Lastly, the importance of your offer has not changed. Customer-centric, valuable products are crucial, and an incentive–based tiebreaker can be effective. Good service is an impossible differentiator as an offer; no institution advertises average service. On the other hand, exceptional service will make a difference when it comes to referrals. Most of the core principals of marketing have not changed, and they apply in the traditional and digital marketing areas. Don’t fall into the trap that digital marketing cannot be targeted or does not allow the one-to-one communication most effective in every channel. Targeting the right prospect with the right offer and the right frequency is key. HB Michael A. Renninger ;ϯϭϳͿ ϲϵϱͲϳϵϯϵ ŵƌĞŶŶŝŶŐĞƌΛƌĞŶŶŝŶŐĞƌůůĐ͘ ĐŽŵ ǡ Ǥǡ ͷͳͺ ǡ ǡ ͷʹͺͲ ȋͷ͵Ȍ͵ʹǦʹͲͶ ǣ ǡ Ǥ Ƭ ǡ ǡ Ǥ ͘ ǁǁǁ͘ ƌĞŶŶŝŶŐĞƌůůĐ͘ ĐŽŵ Η&Žƌ ĂŶ KďũĞĐƟǀĞ ƐƐĞƐƐŵĞŶƚ ŽĨ zŽƵƌ ŚĂůůĞŶŐĞƐ ĂŶĚ WƌŽĨĞƐƐŝŽŶĂů džĞĐƵƟŽŶ ŽĨ zŽƵƌ KƉƉŽƌƚƵŶŝƟĞƐΗ what data points are most important and predictive. Knowing a potential customer’s habits and their footprint by tabbing into their available cell and GPS-based data is a powerful addition to your predictive targeting. After all, don’t we all carry that phone with us 24 hours a day? In the digital age, targeting becomes even more important. A single billboard or the attempt to benefit from potential customers searching for their next financial institution is not enough, and maybe not productive at all. This is where banking is different from other retail businesses. Potential customers are much less likely to go online and search for the next core banking relationship. When they are ready to move on, they usually already know which institution they want to move to. With your digital and traditional marketing, you have to get inside the head of your next potential customer prior to their looking for a new PFI relationship. In the old days, a banner in front of your branch and some inside/outside signage may have been enough. Today, outreach needs to cover all channels, digital and traditional. More importantly, it needs to be highly targeted. Once your predictive model outlined above helps you identify the best targets for your institution, you need to get in front of that specific group in a one-to-one setting whenever possible. Omni-channel. Don’t operate your digital and traditional channels in silos. Traditional approaches, such as branch signage and mail, are still extremely effective. Both of them target the folks that you have identified as your best potential customers. Transitioning this to the digital channels, follow the same approach and determine how you can highly target your best prospects. Tactics such as IP targeting or targeting customers through their social channels fit the mold perfectly. Contextual targeting based on life-changing events provides another valid option. Frequency. This is definitely an area where we have channel variation. Digital channels allow outreach to customers at a much higher frequency. They also allow the flexibility of reaching your target segments
RkJQdWJsaXNoZXIy MTg3NDExNQ==