DIGITAL MARKETING MIX FOR FINANCIAL SERVICES (May 2015)

Omni-Channel Strategies

Online and Mobile

Social Media

Key Finding from a Recent SYNERGISTICS Research Survey:

Results from a 2012 SYNERGISTICS survey revealed that three in ten Internet households have been influenced in their financial decisions by social media. One in six have made a serious decision, while one in seven have opened an account as a result of contact via social media.

F232 Prop Graphic

Highlights of the Study

This study examines consumer reaction to digital marketing tactics, including both online and mobile channels.  The role of social media is explored as well.

National Internet Survey – 1,000 consumers age 18 or older.

 

Key Dates

February 27, 2015 – Charter fee/Intro pricing ends.
February 27, 2015 – Final acceptance of comments on questionnaire.
May 2015 – Project Report available.

Strategic Questions

  • How broad is the scope of consumers’ “digital life” in terms of acquiring financial products and interacting with financial providers – encompassing aspects such as email, texting, online banking, online chat, and online shopping or information gathering?
  • How are consumers using online video channels for obtaining information about financial accounts and services? What types of sites – provider, news, financial, or user-posted – are visited when searching for financial information? Should providers have a presence on video sharing sites such as YouTube?
  • What should be the objectives of connecting with consumers via social media – such as Facebook, Twitter, or Google+ – for financial services providers? How widespread is being a fan, friend, or follower of a financial institution? Does involvement with social media result in consumers making financial decisions – such as obtaining information, moving funds, or opening an account?
  • What are the marketing implications for financial providers of GPS and other location-based technologies that deliver targeted shopping messages and promotions to consumers via their mobile devices in real time? How do consumers react to these tactics? Will “wearables” have a role in marketing financial services?
  • How do consumers’ device usage and preferences impact the development of digital marketing strategies for financial products and services? Are certain activities or behaviors becoming more exclusively mobile or tablet in nature? What is the position of traditional channels – such as the branch and telephone call center – in relation to digital channels for activities such as customer service and account application?
  • What is the expectation among consumers for using digital channels in the near term when searching for information on a financial account or service? Will digital channels play a wider role in actual account acquisition?
  • What customer segments are the widest adopters of recent innovative digital channels and technology? What demographic, behavioral, and attitudinal identifiers are important in developing marketing strategies and tactics?

Research Issues

  • With the advent of digital channels, the marketing of financial services has moved into an exciting new era transforming how providers reach, engage and market to their customers.  Providers are embracing social media, email, websites, and apps as part of the marketing mix.  Digital marketing can require a new approach to marketing and a new understanding of consumer behavior.  These digital channels make it necessary to focus on content management to ensure that the intended message and information are communicated.  At the same time, visual components including video, sound, graphics, and motion are increasingly important and need to be incorporated in marketing messages.
  • Marketing strategies will need to be developed to blend traditional and digital channels.  Consumers may use websites for information when comparison shopping then move to Facebook or Twitter for advice and recommendations. The final step or actual purchase, depending on the product or service, may be in person at the branch.  In addition, when shopping consumers may transition from the PC screen to the screen of a tablet to a mobile device.
  • In today’s digital world, marketing is extremely dynamic – frequently changing and being tweaked.  Providers must be ready for the next big thing while recognizing that what’s hot today may be gone tomorrow.  Understanding the consumer perspective is essential in implementing successful digital marketing programs.  It is valuable to understand consumers’ attitudes and expectations, usage patterns, and behavior.  With this information, providers will be ready to compete in the new world of digital marketing. [F232]