Clearly, no marketer wakes up and says "today I am going to annoy my customers and train them to ignore my messages". However, despite our best intention and effort, too often our messages are perceived as generic and indiscriminate, and therefore irrelevant.
And for many of us, that's simply because we lack adequate tools for segmentation and targeting.
Let's talk about a better way...
There must be a better way?
What if your communications weren’t only about sales? Imagine sending an offer for an auto loan, coupled with valuable literature that is relevant and contextual.
For example, a financial institution may decide to target two different demographics with unique auto loan offers. Not only can the FI deliver the personalized offer, they can also choose to include valuable and free content relevant to each customer.
Anne is a young professional, recently graduated, looking to purchase her first new car. She’s a relatively new client, and the FI would like to target her - and clients like her - with an offer of a 2.5% APR car loan. In addition, the FI decides to provide Anne a complimentary guide; “Top Ten Considerations Before Purchasing Your First Car.”
Philip, on the other hand, is a well-paid executive with a wife and two children. Philip and his family have been clients of the FI for over fifteen years. Philip is offered a preferential rate of 1.49%. Not only that, Philip is given a complimentary guide more likely to be relevant to his current lifestyle; “Top Ten Luxury Sedans in 2021.”
Combining sales offers with personalized and valuable resources can help your institution build relevancy with your clients. The content doesn’t have to be random. In the examples above, each demographic would be provided car buying guides suitable to them at their particular stage in life. Anne is far more likely to be interested in the first guide, whereas Philip is more likely to find the luxury car guide valuable.
In both cases, the marketing content is consistent with the FI's loan offer. It’s a goodwill gesture targeted only to those customers who are likely to find it valuable. It’s not a generic guide delivered to everyone. It’s personalized, refined, and far less “salesy” than traditional bulk messaging. It’s sending the right offer (and content), to the right customers.
More personalized, segmented campaigns have proven effective. A 2019 study conducted by Campaign Monitor revealed marketers who use segmented campaigns can generate as much as a 760% increase in revenue.
The future of targeted marketing campaigns
Today's marketing platforms offer AI-powered algorithms that not only help predict the “Next Best Offer” for cross-selling but also provide a seamless tool for delivering customers value-rich content. Campaigns can be refined to ensure customers are targeted intelligently and effectively, rather than drowning them with persistent spam-like messaging.
Taking advantage of available data and software solutions can turn your messaging from something a customer dreads into something they’re eager to read.
Take A/B testing, for example. Compared to those that don’t, companies that A/B test every email enjoy email marketing returns that are an impressive 37% higher.
Customers are increasingly savvy and skeptical of generic marketing emails. As a result, creative and targeted offers are essential. Businesses must address the personal needs of their individual customers to remain relevant. Luckily, the preponderance of available data coupled with platforms like Prisma enables companies to implement superior campaigns with minimal effort.
Let’s be honest; if your content isn’t personalized, relevant, timely, and valuable, rest assured it’ll quickly make its way to the junk folder.
Want to know more about how to drive effective communications with your customers? Here's some additional content that you might enjoy:
- Roadmap to Personalization in Banking - Report by Ron Shevlin
- How can technology help your FI sell more and sell better? (Part 1)
- How can technology help your FI sell more and sell better? (Part 2)
Are you ready to learn more about Prisma? Let us show you how we're helping financial leaders worldwide provide their customers with more personal and valuable communication. Let's chat!