The global consumer mobile market has come a long way from its initial days. Smartphone penetration has now exceeded over 90% of the mobile devices market. With internet access becoming very affordable, consumers all over the world have almost equal access to data and information. This digital revolution has presented wonderful opportunities for marketers to understand customers better and measure their marketing campaigns effectively.
Using data and digital strategies, marketers are able to associate success across the marketing value chain. From the time a prospect becomes aware of the product to the time he becomes a customer, his entire product journey could be mapped using digital platforms. Marketers are able to articulate the kind of data they need, the frequency at which they need it, and also the context in which they need it. The more you delve into the digital ecosystem, the more you can evaluate success and connect it to the business matrix.
Decoding Customer Data for Financial Services
In the financial sector, there is a huge variety of data that is not available in any other sector. It consists of data such as a customer’s online activity, branch visits (offline activity), etc. All these data enrich the understanding that financial marketers have of customers. Using a big data platform, they can analyze and understand customer propensities at different levels in order to conceptualize services and products and make them relevant and better.
Lemnisk’s job as a marketing technology provider is to facilitate this process for Financial Services marketers. The questions that are asked prior to initiating the process are as follows:
Is it possible to provide reliable real-time data with strict SLAs that is easily accessible to all downstream marketing ecosystems?
Can domain-specific context be added and accelerators created that can reduce time-to-value?
What sort of value-added segmentation, analytics, algorithms, and other features can be added to the platform that can help a financial marketer to extract insights and action them accordingly?
Driving the Digital Strategy for a Financial Services Provider
Lemnisk recently played an intrinsic part in a Financial Services brand’s growth marketing journey. With respect to the company’s marketing vision, the Lemnisk platform was a great fit.
The financial services company had the following sources of data:
a. First party data – data that gets generated from the company website as well as their offline data sets
b. Third-party audience data
c. Data from different marketing channels
Lemnisk’s Customer Data Platform (CDP) brought together all these various sources of data in one place. Using CDP’s, single customer view, the company looked at digital campaigns to get a baseline of click-through-rates (CTR) through normal ad placements. The data collected earlier showed a CTR which was in the single digit segment. The company then segmented customers by understanding their behavior and matching the data against other variety of information. They then chose elite customers from the segmented list and deployed the campaigns on that segment.
This resulted in an improved CTR which was 3 times the original number. So once the company’s needs were understood, the right and relevant information could be served and immediate results could be seen.
Implementing Algorithmic Channel Orchestration
If a marketing segment of 100,000 users is considered, the traditional way of driving journeys is to send this segment an email, wait for 24 hrs, and then send them an SMS or a browser push notification. In algorithmic orchestration, each of the 100,000 users is monitored and their channel responses are recorded. The algorithm consists of a recurring neural network which is able to understand propensities at a single user level. So, the moment a segment is launched, 100,000 journeys explode out with each user getting their own personalized journey.
With algorithmic orchestration, Lemnisk was able to prove very meaningful lift both in terms of engagement and conversions measured in the form of lead submissions for the financial services brand.
Delivering a Positive Customer Experience
When customers have a need of buying a house or a car, they might think of getting a financial service or product. Using big data and the right growth marketing platform, financial services marketers can serve the right kind of proposition at the right time. In this way, instead of intruding into a customer’s personal space, he is pleasantly surprised when he gets an offer when he most needs it.
Thus, delivering a positive customer experience using algorithmic orchestration is the key to maximizing user engagements and growing online conversions for financial services marketers.
By Bijoy K.B | Senior Associate Marketing at Lemnisk