Google, Facebook and Apple don’t need to become banks to disrupt the financial services sector. Their ability to offer mobile wallets that combine payment services, offers and loyalty programmes is a credible threat to one of the sector’s most important sources of data – payment insights.
Financial organisations need to play the tech giants at their own game. As the volume of data continues to grow and diversify, making greater use of this information enhances competitive advantage. Marketers in the sector are now taking greater strides towards using advanced analytics technology to do just that.
Driving customer growth and loyalty through technology
The financial crisis of 2008 has left an indelible mark in the minds of consumers. Trust in the sector is at an all-time low, resulting in a lack of loyalty among customers. Lack of transparency due to regulation adds fuel to the fire. This means that the relationship between consumer and provider is no longer purely transactional. Your marketing needs to go much deeper than highlighting what your product is and how much it costs.
Taking a data-driven approach to marketing gives you a better understanding of what your customers are looking for, what their pain points are and how your organisation meets their needs. This insight enables you to be more proactive and personal – communicating a more effective message, capturing your potential customers at exactly the right time and engendering trust.
Delivering valuable consumer insight
A large company we work with in the financial sector employs a diverse marketing mix, focusing on paid search and online activities to drive new business. Traditional marketing measurement tools didn’t provide them with enough information to accurately determine whether their marketing spend was producing optimal results. Partnering with Mediahawk enabled them to quantify the impact of their marketing initiatives, analyse their marketing mix and allocate their budget more effectively.
Generating opportunity in a highly competitive market
To remain competitive, marketing analytics technology needs to be at the core of your strategy. For leaders looking to grow, it provides you with the insight needed to identify new revenue opportunities, it allows you to differentiate your business by being much more targeted with your products, increases loyalty by improving customer service and satisfaction.
Sophisticated analytics tools enable you to cut through reams of customer data to deliver valuable insight. Marketers who continue to use one-sided analytics tools are at risk of being left behind. Advanced analytics technology increases efficiency and delivers greater returns to your bottom line.