The concept of marketing is changing for many organizations, including financial institutions. While the objectives of marketing continue to include customer acquisition, guiding prospects and customers along the customer journey from awareness through fulfillment, and measuring process cost‑effectiveness, the actual process is different as the industry moves to a digital-centric marketing strategy, which has become increasingly important to the success of today’s financial institution. The digital marketplace shifted the power structure away from the financial institution and toward the consumer, making traditional marketing programs ineffective.
Successful digital marketing detects a customer’s presence and intentions based on website navigation and length of stay, measures signal strength used to quantify intent and propensity to purchase, and captures customer data used to target engagement during the early customer journey stages of awareness and consideration. This allows a financial institution to increase influence using directed, intelligent responses.
Intelligent responses include media such as educational material, articles, whitepapers, blogs, videos, and helpful infographics. Outreach for product and service marketing employs digital technologies including website content and links, mobile apps, email, search engines, display advertisement, social media, and other digital engagement methods.
ARGO is helping customers make the transition to this new marketing model and embrace the digital space, with the SS 2020 platform. SS 2020 functionality begins with prospect and customer detection. In this connected world, consumer interest, intent, and signal strength can be tracked. Tracking website navigation and time on page yields quantifiable insight into customer propensity and probability of success.
This new digital‑centric model requires new cost‑effective metrics management. Tracking and measuring digital efforts and success rates, balancing digital versus human efforts, and targeting marketing investment toward high probability/high yield opportunities, increases marketing success through measurable KPIs. Management insights and reporting demonstrate the high value of this new model.
With this combined information and data, an appropriate engagement path can be defined, including education, engagement, needs assessment, targeted offerings, and value‑add next steps, to move a customer from awareness to fulfillment and growth, resulting in increased revenue and success for the financial institution.
For more information, view ARGO Connects Digital Marketing.