Phoenix Synergistics: Maximizing Digital Marketing Strategies
- Ownership of Devices
- Experience with Web-Based Channels
- Financial Email and Text Messages
- Online and Mobile Chat Services
- Social Media
- Digital vs. Traditional Marketing
National Survey – The survey will include 1,500 online interviews with consumers age 18 or older.
- Measure the depth of consumers’ “digital life” in terms of acquiring financial accounts and services and interacting with financial providers. Examine activities such as email, texting, online banking, online or video chat, chat bots, and online shopping or information gathering.
- Examine consumer activity at video and photo-sharing sites or channels for obtaining information about financial accounts and services. Assess the impact of these sites or channels on the consumer relationship and account acquisition activity.
- Profile consumer interaction with financial services providers on social media – such as Facebook, Twitter, or Google+. Measure the extent to which they have become fans, friends, or followers of financial institutions. Determine the impact on consumers’ financial activities and decisions – such as obtaining information, moving funds, or opening accounts.
- Assess consumer reaction to targeted messages from financial institutions sent via email or text to their mobile phone – ranging from seeing this as valuable to regarding it as an invasion of privacy. Evaluate the usefulness of specific types of messages or promotions.
- Evaluate the role of digital channels relative to others in the account acquisition process – both for obtaining product information and application. Determine the most important reason for application channel preferences.
- Examine consumer perceptions regarding financial institutions using digital channels and social media for marketing financial accounts and services – both overall and relative to conventional channels – traditional media advertising, FI websites, and physical branches. Assess the concerns of consumers with the content of digital channels.
- Determine which consumer segments are the most promising current and potential adopters of innovative digital channels. Identify demographic, behavioral, and attitudinal variables that are important for marketing strategies and tactics.
June 22, 2018 – Final acceptance of client comments on the questionnaire.
June 22, 2018 – Charter fee date.
August 2018 – Initial results available.
September 2018 – Project Report available.
Today, financial services marketers have a vast array of channels for marketing their products and services to consumers. Email, text, chat and social media are among the newest options in the financial services marketing mix. These exciting channels can make marketing more engaging for the consumer. With bold graphics, colors, sound and the ability to interact directly with the user, financial services marketing has entered a new transformative era. Marketers need to be creative, as well as act and respond instantly – recognizing that a sale may be only a click away.
While these digital channels are changing financial services marketing, marketers need to develop strategies that include traditional channels. Consumers may use a mix of the old and new when shopping and obtaining financial services. They may shop for a product online before going to the branch to obtain more information or to actually obtain the product or service. A direct mail piece may encourage the consumer to go online to the financial institution website. Consumers may also switch between multiple devices during the shopping experience.
Developing digital marketing strategies in today’s fast-paced world requires financial services marketers to be at the top of their game. Advances in technology can bring rapid changes and can make channels and devices obsolete. In this environment, it is essential to understand the consumer’s perspective. Attitudes and expectations, usage patterns and behavior can be in flux. While the world of digital marketing is exciting and dynamic, it also is challenging.
Key Finding from a Recent Report:
In a previous 2015 Phoenix Synergistics survey, Digital Marketing Mix for Financial Services, findings revealed targeted mobile messages were emerging as a digital marketing tactic.
Has consumer reaction to email and text marketing changed over the past several years?