Pub. 1 2021 Issue 3

June 2021 | 27 • 1.6xmoremonthly searches for “personal loan refi” and “auto loan refi” (March 2020) 3 • 35% increase in digital account applications (July 2020) 2 If you want to compete, you have to evolve — as both a marketer and a financial institution. You need to expand your responsibilities to capitalize on the trends that are here to stay. Implementing these five strategies today can help you navigate whatever tomorrow holds. Strategy 1: Take a multi-channel approach to engagement. Consumers don’t rely on one single channel to make purchase decisions. In fact, 70% of consumers use three or more channels when researching a purchase. Your marketing mix needs to meet consumers where they are. A multi-channel approach means a better chance of reaching your intended target and gives your message more chances to resonate. Reliable channels to reach consumers: • Social media—79%of people in theU.S. use social media 4 • Email (it’s far fromdead)—76%of U.S. adults use email 5 • Directmail—42.2%of recipients either read or scan theirmail 6 • Streaming audio or video—89%of people use an on-demand streaming service 7 • Paid search—Paid search visitors are 50%more likely to purchase than organic visitors 8 Today more than ever, consumers live online. Digital marketing engagement is only accelerating since the onset of COVID-19. Over the first half of 2020, we saw a categorical rise in engagement across digital channels: • 33% increase in clicks on display ads 9 • 71% increase in social media clicks 9 • 28% increase in paid search clicks 9 Of course, getting in front of your audience is only half the battle. You still need a timely and relevant message to convert eyeballs into customers. Strategy 2: Transform your branch experience into a digital one. It’s no surprise that online banking is surging at a time when nearly 40% of people still don’t feel comfortable walking into a branch. But how much do consumers really value the digital experience at your bank or credit union? Well, when you ask them, here’s the answer: a lot. For 79% of consumers polled, a complete digital experience is the expectation. 10 And the younger the audience you want to attract, the more the capabilities of your digital experience matters. That means everything from finding personalized answers to opening accounts and banking services, all available via your online and mobile channels. Creating a seamless digital experience all the way through account opening will pay off in your marketing, too — powering your calls to action to drive end-to-end results. Strategy 3: Measure your success. At every point in the customer lifecycle. Hitting your monthly or annual goals is great. But the only way to sustain success is to know WHY you got those numbers. Can you attribute each new account your institution opens back to your marketing efforts — and can you do it with confidence? It’s important to measure beyond the basic impressions and clicks that give you a snapshot of your channel-level performance. Continued on page 28