What are do's and don'ts in digital marketing within the financial services?
Tieto hosted together with Episerver a breakfast seminar at Epicenter Stockholm for digital marketing professionals in financial services sector. Here are my key takeaways from the event.
The seminar opened up with a presentation entitled “Make Meaning….Not Money” by Charlotta Wark from Tieto. So how do we make meaning instead of focusing on money? In the traditional sense companies have been focusing on making money instead of making meaning for their customers. Companies today, still primarily have a traditional marketing approach of “pushing and selling” products and services instead of providing a personalized serving and engaging approach.
If you aim to create meaning towards your customer this will result in loyalty and that loyalty will eventually monetize your business. To achieve this we must focus on giving the best experience for our customers.
Digital marketing is the game changer, why?
Due to the acceleration of digitalization, customer behavior has drastically changed especially for the younger generation that are dubbed– millennials or the google generation. They do not find their information or services the traditional way by stepping into a bank or an insurance company, they go – online! They will ask friends on Facebook or often google it.
That’s why we have to be better, smarter and faster and always be present where this generation is.
Next up was the talented Gustav Cajander, Solution Architect at Episerver. He gave us interesting insights into marketing today, examples of creating superior experiences for their Financial Services customers and how Episerver personalized omni-channel platform attracts, engages, converts and provides care for the end customer with the ideal goal of driving brand advocacy. An interesting statistic Gustav highlighted was that we as consumers are willing to pay up to 23% more for a superior experience, this seemed to validate Charlotta Wark´s thinking, to focus more on meaning than money..
The final key note speaker, Mira Pakarinen- Head of Digital Marketing at Ilmarinen Mutual Pension Insurance company gave us many great examples and advisory points on how to achieve this level of personal customer engagement and highlighting marketing as the new sales. A year ago they set off with the task to grow their online business, with the key focus that “Service is Interaction” First they established their digital ecosystem on how to engage not only via their controlled channels (Ilmarinen touchpoints), but their uncontrolled channels (social media) and which would be their strategic and supporting channels. Also most importantly was to ensure that investments into the digital marketing project could be monitored by management / stakeholders in the form of easy to understand analytic dashboards accessed anytime. With some logical thinking and the right tools and clear focus on the customer, they were able to rapidly grow their online business within the first year. Key takeaways are to provide 1) an exceptional UX and be as agile as possible 2) Validate, optimize and measure every action and 3) Use personas and dashboards to drive development.
So, what are the do's and don'ts?
- DO go where your buyers are
- DO design with ONLY the customer journey in mind
- DO embrace the ecosystem
- DO think beyond the sale
-DON’T shut out mobile users
-DON´T Keep it simple & Minimal Viable Product
-DON´T Fail fast
-DON`T Hate the haters!
The breakfast ended with an inspirational look into the future by allowing everyone to experience augmented reality with Microsoft Hololens headset and use case demos developed by Tieto. The conclusion was simple– it has a great potential. But developing services for augmented and virtual reality really underlines the importance of do’s and don’ts discussed the seminar.
We need to focus on validating every action we do with - what, why, when, how, where, who? We need the right tools and a partner who can help us co-create the best experience for the customer.