The financial services industry has always been competitive. The fight for consumer attention and loyalty has always demanded great marketing. However, this past year, as consumer behaviour has changed through the pandemic, effective engagement marketing has become more vital than ever.
According to Mckinsey, consumers are ditching the brands they have been loyal to at unprecedented rates. A shocking 75% of consumers have been trying a new shopping behaviour through the pandemic in response to economic pressures, and changing priorities.
In this post, we will discuss how customer engagement helps financial services businesses increase customer loyalty and three tactics for engagement marketing you can put in place to create loyal customers in these uncertain times.
Mobile apps are a powerful tool in financial services and more so than in any other industry. Conversion rates are higher than most other industries see – 37% on iOS and 33% on Android.
Simply creating an app is not enough. Your financial service business needs to encourage customers to use it. Send your customers updates about your app. Encourage them to download it and explain all the functionality it has – and how this will save them time and confusion in navigating their finances.
Provide resources for how to get the most out of your app. While some of your customers will be digital natives or millennials that are comfortable with mobile technology, financial services customers span a wide demographic. There will be a segment of your audience that is not “tech-savvy” and will need encouragement and guidance to become comfortable with your app.
Financial services businesses that achieve the greatest success in customer loyalty use multiple marketing channels. To engage your audience and keep them loyal, you need to reach them where they are.
Customers are no longer dedicated to one digital marketing channel – email, push notifications, social media, etc – they are using them all at once. And they expect your brand to provide cohesive marketing messages across them all.
Cross-channel engagement marketing is vital for financial services success. By branching out, you increase your exposure, provide a better service for your customers (by going to them rather than making them find you) and can counter competitors better by ensuring they are not reaching your customers where you aren't.
For national and international financial services brands, cohesion between your offices and departments is essential. Data silos and gatekeeping of information stop a flow of insights that can help ensure successful customer engagement.
Local teams understand cultural nuances and the context of local banking and financial services. The insights that they have should be shared across the business to ensure that local marketing campaigns have the most powerful impact.
When you are looking to expand into a particular market you need to ensure you can engage and retain customers there. Integration of platforms across the business that allow your local teams to quickly share accurate data and insights with your marketing department will help you create reactive and timely campaigns that will build customer loyalty.
Most financial services brands are not living up to their full customer engagement potential. Outdated marketing techniques that stick to single channels and a lack of communication and sharing of customer insights are stopping financial services from creating relationships with customers that encourage loyalty.
By branching out into multi-channel marketing and removing data silos in your organisation you will quickly watch customer retention increase.
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