By Lisa Nicholas, Vice President, Vertical Strategist, Vericast
Q4 is upon us and it’s time for marketing strategies to be developed for the next year. Considering current market trends, these five strategies could have a big impact on your 2023 marketing results.
Re-evaluate your digital approach
The digital advertising landscape has changed quickly. Increased consumer privacy, cookieless browsing and limits on targeting have affected how we zero-in on consmers.
How to make it happen
Make sure you have a plan to use your first-party data or other methods for matching. According to the Vericast 2022 Financial TrendWatch report, fewer than 1/3 (28%) of financial institutions surveyed are ready for a cookieless targeting strategy.
Reevaluate your behavioral targeting and your partnerships. Be sure you’re working with a company that is well-versed in the dynamic landscape of display ads and Google® keywords, email, short-form video, social media and connected TV (CTV).
Build customer connections using social media
People don’t care how much you know until they know how much you care. Produce social media content that is informative but also demonstrates empathy.
How to make it happen
Incorporate engagement opportunities into your stories. The easier you make it to connect with your brand, the more likely people will feel you know or want to get to know them.
Match the type and tone of content to each platform. It’s not a one-size-fits-all experience. TikTok viewers are very different from those on LinkedIn, for example. The wrong messages to the wrong audience can damage your reputation.
Help your customers save
Customers expect personalized financial advice and guidance. Help them reach their financial goals and give them a reason to choose your financial institution.
How to make it happen
Consider offering incentives for deposits. Sixty-six percent of respondents said “yes” to incentives like a cash reward for switching an account from another financial institution.
Now is the time to reevaluate your credit card program. It’s also an ideal time to help your customers leverage higher home values by informing them about fixed rate or low introductory-rate home equity loans.
Leverage your data for personalization
According to Vericast’s 2022 Financial TrendWatch, 72% of consumers only engage with personalized messaging. Banks should take advantage of their wealth of customer insight to deliver personalized messages, offers and contact.
How to make it happen
Merge customer and transactional data with demographics and other consumer insights to create smarter segmentation and better targeted campaigns.
Remember, what’s old can be new again
New technology and innovation have their place. AI and robot assistance are great at helping behind the scenes but not so much for building meaningful relationships. Sometimes tried and true methods hold the best solution.
How to make it happen
Offer live chat agents with 24/7 availability or extended hours. People want to talk to live support when they need help. Use outsourced support that lets you scale up or down as needed.
Don’t discount direct mail. Direct mail is gaining favor for discounts and coupons, especially when combined with QR codes and personalized URLs (PURLs).
Lisa Nicholas specializes in marketing and digital transformation for the financial services industry. Nicholas has more than 30 years of experience in the banking and tech industries.
Sources: Vericast Financial Health Survey, June 2022, n=1,000. Vericast Financial TrendWatch report, March 2022, n= 6,798
