Marketing in the financial industry is not about cool commercials, bold advertising or slick emails. Rather the most powerful marketing from banks, investment firms and insurance providers give customers a reason to remain engaged. Let’s face it, the financial industry is part of the fabric of our lives. We work, we get paid, money gets deposited, money is withdrawn, and we then start the cycle all over again. Those financial firms that make that vicious cycle easier and more efficient are the ones that drive positive word of mouth marketing and create an immersive brand presence that transforms customers into advocates. One of my favorite financial firms is USAA – a full service financial institution headquartered in Texas and chartered to serve the unique needs of the military and their families. They’ve earned top marks for customer service from BusinessWeek, MSN Money, Forrester and Cogent, and to a far lesser degree the respect and admiration of me. USAA provides three great lessons for the financial industry. While I can’t guarantee these alone will transform financial services marketing, I know that implementing these elements will create passionate customers and drive positive public perception.
Serve – The best marketing campaigns are fueled by customers, not corporate marketers. Every customer interaction must be treated as a marketing engagement – whether it’s online, in the local branch or on the phone. Serving the unique needs of customers by making account information easily accessible and keeping customers aware of account status and issues via text messaging and email is no longer a novelty, it’s requirement.
Simplify – There is no better way to drive customer retention than to make the complexities of financial services simple. Making it easy for customers to stay engaged with accounts is paramount. Online and on the phone are great venues for customer interaction, but customers want to check balances, transfer funds and read recent communications on the go. Allowing customers to control how they interact and receive balance notifications, fraud alerts, account statements and policy information simplifies the customer’s life and buoys customer satisfaction.
Save – Great financial firms save customers time by making it easier to set preferences and interact with account information. USAA does a great job at this by allowing customers to opt out of all paper communications and set triggers to email or text updates about accounts or investments. Although they can, customers don’t have to log into the Website, call someone or visit the local branch for an answer – they can just text and receive all the information they need.
Reviewing USAA’s approach to customer-driven marketing provides a great opportunity for all marketers to review how their programs are serving the unique needs of customers. Does your program look like USAA’s? Does it serve the unique needs of your customers, simplify their interactions and ultimately save them time.
Let me know - @mitchdf.
Let me know - @mitchdf.
Comments for 3 Tips to Transform Financial Services Marketing
blog comments powered by Disqus