Jeff Godish, Senior Director, Digital Media and Messaging, co-authored this post with Diana Tummillo.
Successful bank marketers are becoming more focused on integrating one-to-one marketing across their organizations. This requires capabilities for inbound and outbound engagement and the consolidation of the customer view among all offline and online touchpoints. Customers will also expect a seamless delivery as they fluidly cross between various offline and online channels on their journey through the purchasing and servicing funnel.
One main area of change is in the CRM technologies necessary to plan, run, and measure complex, integrated online and offline campaigns. These technologies will operate as "eco-systems" where data and highly specialized services are called and processed against the goals of the campaign. Management of this marketing technology eco-system (or "stack") will be uniquely configured for every organization and become a core enabler of 1-to-1 marketing.
Another change required to support this new technology environment revolves around the rapidly evolving mix of talent and skills which is vital to running a successful financial service marketing organization. Operating in what will largely be a digital-centric and highly integrated environment, the future marketer must not only know financial services, but must also command a host of other specialties from advertising platforms to econometric modeling. We refer to this mix of advanced capabilities as the "Platform Marketer" and see these skills as requisites to the effective pursuit of business goals.
Regardless of their size, banking institutions must take several important steps in order to embrace and evolve to a much higher degree of customer centricity. This begins with steps which outline the marketing competencies required for the near future, and extends further into how an institution can adapt and prepare from an organizational standpoint.
1. Forge a plan for organization change. Banks need to be strategically and financially committed to having a customer-centric approach or a desired state where marketing, sales, and overall customer engagement is highly integrated. This will require a material shift in customer engagement strategies, the technology platform, and, most importantly, the organization and competency structure. For this reason, marketing leaders must be able to commit to a comprehensive assessment and planning exercise that involves the entire enterprise, not just marketing.
2. Identify moments of truth across media and inbound channels. Consumer engagements with banks are becoming increasingly complex. Yet there are clear engagement opportunities in the customer lifecycle where banks have the potential to divert lost revenue—or more importantly, customer attrition. To inform these moments of truth and enhance customer engagements, marketers need to take a holistic approach to technology. That way they can leverage multiple data streams and analyze a greater array of data than what has historically been used by marketing.
3. Employ a singular resource that owns integrated engagement. To best achieve a vision for an integrated customer experience, both prospect and customer engagements must be managed across lines of business and channels based on known and anticipated needs. In order to align these efforts, there needs to be one owner of these experiences. Single ownership creates consistency and accountability and shifts focus onto customers instead of functions, channels, and products.
4. Adapt internal IT infrastructure to the ongoing evolution of the digital infrastructure. Historically, payments involved two parties exchanging good and services for money and have been the relationship entry point for banks. Payments today consist of digital representations of money that involve multiple parties such as payers, payment services providers, banks, telecom companies, mobile, and payees. Understanding and dealing with these new dynamics in addition to integrating bank messaging becomes a key competitive advantage that is difficult for competitors to imitate.
5. Prepare for unforeseen changes in the business environment which will drive prioritization in the implementation roadmap. Because of the complexity in the technology eco-systems, it is imperative to identify and track issues, as well as seek speedy resolution—especially for issues that impact project timeline and cost.
To be successful, marketers must align business strategies, technology infrastructure, internal organization competencies, and specialized agency partner resources against key business goals. When that alignment is achieved and optimized, marketing will be able to deliver on its value proposition to the entire organization.
To learn more, request a copy of our new book “Connected CRM” written by David Williams, CEO, Merkle or attend our webinar: 2014 Marketing Imperatives: The Rise of the Platform Marketer