The digital revolution in the past decade has presented wonderful opportunities for financial 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/she becomes a customer, the entire product journey could be mapped using digital platforms. Financial marketers are able to articulate the kind of data that they need, the frequency at which they need it, and also the context in which they need it.
Lemnisk Prime Time with Mohamed Adam Wee
Mohamed Adam Wee is a marketing veteran with a career spanning more than 25 years. He has previously worked for esteemed brands such as Maybank, Sunrise Berhad, Astro, BBDO Malaysia, and the BMW Group in various senior and regional management roles. He is also the winner of the Best Marketer in Retail & Promotions Marketing at CMO Awards 2018.
On Lemnisk Prime Time, Adam imparts valuable thought-leadership on how companies could leverage digital technologies to improve customer engagement.
1. The Financial Services sector is sitting on a gold mine of data which enrich the understanding that financial marketers have of customers. To utilize this data better, marketers need to invest in an intelligent data management platform that can analyze and understand customer propensities at different levels in order to conceptualize services and products and make them relevant and better.
2. Within every domain, whether it is banking, insurance or other financial services, CMOs and other industry leaders are able to articulate the data that they need, in the frequency and context in which they need it. Technology providers need to facilitate this process and come up with a platform that is consistently able to provide real-time data with strict SLAs. The data should be easily accessible to downstream marketing eco-systems. The platform should be bundled with features that can make a financial marketer’s life easy and allows the extraction of actionable insights.
3. A Customer Data Platform (CDP) can bring together disparate sources of data in one place. Using CDP’s, single customer view, Financial Services companies can easily understand the digital footprints of customers. It allows real-time segmentation of customers by understanding their behavior and matching the data against other variety of information. Once the customer needs are understood, the right and relevant information could be served thus enriching their online experience.
4. Algorithmic Channel Orchestration can radically change the traditional way of driving customer journeys. It helps Financial Marketers in personalizing customer journeys at an individual user level on their most preferred channels. This helps in improving online conversions, engagement, and loyalty.
5. When it comes to personalization, there is always a fear of intrusion into one’s personal space. Financial Marketers should make sure that they deploy non-intrusive campaigns which are targeted at customer requirements. If some customers have not given permission to market to them, then they should be left alone. It’s very important for marketers to respect this privacy. Data should be used not to intrude into a customer’s personal space, but to surprise him with an offer when he needs it. This results in a more positive customer experience.
6. Marketers shouldn’t jump into the technology bandwagon just because it is trending. Adopting new technologies doesn’t mean that it will reap benefits. It’s vital for them to understand why they need these technologies in the first place and how they can solve their business and customer problems.
By Bijoy K.B | Senior Associate Marketing at Lemnisk