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Like every other field, marketing has evolved over the years. A big part of the shift is due to the transition from in-person communication to digital experiences. Not only that, but with so much noise on digital channels, people have become very good at tuning things out. What this means is that old marketing efforts that focus on mass messaging and one-solution-fits-all tactics will no longer cut it. With people being more aware and attuned to what’s around them, and with information being more readily available, the stakes are higher than ever before — with consumers in the driver seat.
So with all that said, what exactly does this mean for marketers in the financial industry? And how can you turn digital experiences into meaningful relationships? Historically, the financial industry has been slow to adopt new technologies and innovations. And it makes sense. With so many regulations and the focus on keeping customers’ data secure — safety has always come first. But moving slowly is no longer an option, and adopting new technologies doesn’t have to compromise your customers’ security. Here are 3 ways you can market to the masses, one person at a time, with audience segmentation.
1. Make your data speak
The power of any marketing tool is limited by the data that feeds into it. Although segmenting audiences is a powerful way to reach the right person at the right time, if the information you have is in disparate locations and in various formats, it will be hard to create offers that target the right audiences. The first thing you’ll want to do is bring your data together in one location, sounds easier said than done, but working with the right third-party providers can simplify things. From there, you’ll want to make transactions easily understandable so they can become actionable. For example, once you have your customers’ information in one place and in a way you can understand it, you’ll know what life stage they are in in terms of their finances. Are they looking to buy a home? Will this be a second home? Or are they first time buyers? All these things will help you craft the right kind of offers, so you can reach out to them with marketing materials that will always be relevant and timely.
2. Make it easier to act faster
Timing is everything — and that applies to marketing too. With audience segmentation you can use multiple data elements in a single query, group objects in a query, and add logical operators (and/or/nots) to queries. What that really means is you can do all the technical stuff without technical support. The more you’re able to control every aspect of your campaigns, the faster you can get your offers out the door, and the more likely you are to reach people when it matters to them most. You don't want to waste a week preparing a campaign only to realize by the time you got it out the door, your competitor gave your customer the same offer — just sooner. This will also help you pivot faster if you see that something isn't working the way you thought it would. You’ll instantly be able to adjust the logic behind your segments and offers and realign anything that might not be optimized. Tracking campaign performance in real time allows you to see what messages are resonating and which need to be improved upon. And as an added bonus, having more control over the technical aspects of segmenting your audiences will likely free up operational costs and reduce inefficiencies across departments.
3. Make it personal — for everyone
We all want to feel seen and heard. But conveying that feeling to customers across digital channels can be a daunting task. So, how do you duplicate that feeling of a branch experience without duplicating the effort? With better audience segmentation. When you create hyper-specific audiences and then target those customers with personalized campaigns, each customer feels like you’re speaking directly to them. The more you can show your customers that you understand their specific financial situation at any given time, the more likely they are to come to you when they need to make a financial decision. This will increase customer loyalty and trust. And when it comes to their next big financial purchase, they’re likely to finance it through your financial institution. What’s more, the better you become at segmenting your audiences, the more efficient you will become with your ad spend. This is because customers will receive ads that are relevant to their needs, making it more likely for them to convert on your offers.
Making sense of it all
Bank marketing has changed because people's needs and the way they communicate has changed. But underneath it all, the same drivers exist. What you were able to create in an in-branch experience, you can now do online. It's just a different way of doing so. Audience segmentation allows you to talk to your audience as if you were speaking to them in person. You’ll be able to understand their needs through their actions and provide them with offers that make sense in return. Over time, this will build that same trust you were able to foster in person, and you’ll become their trusted resource for all their financial decisions big and small.
What to see how MX can help? Find out more about MX Audience Segments.
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