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Banking and Finance

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by

Greg Abele

on 25 February 2013

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Transcript of Banking and Finance

Take aways How trends in banking are forcing banks to re-examine their customer connection

What brand advocates are, and how they can fit into a bank’s long term marketing plan

How banks can generate referrals and testimonials from their customers, and why they can add more value than any traditional advertising Consumers losing trust in their banks due to economic downturn Emerging customer behavior is having a direct negative impact on customer profitability, with almost half of banks seeing customer profitability drop by between 5 and 15 percent. ~Accenture Banks suffer from overall perception that they are too big, lack transparency and are untrustworthy.

On the positive side, banks have done a great job of keeping up with consumer demand for new social, mobile and digital tools and technologies. Acquiring new customers
Engaging and retaining current customers
Targeting and analyzing their CRM for cross-selling
Re-establishing trust with customers
Getting the word out about their latest features and functions BANKING WHAT ARE Those institutions who identify their outspoken customers and win them over will protect and grow their brand. ~The Financial Brand Brand Advocates: The channel of the future! Produce positive user-generated content that drives purchasing decisions
Make and write millions of referrals and testimonials
Can change consumers’ perception of a brand
Reduce churn
Promote cross-selling WHAT CAN BRAND ADVOCATES …monitoring and analysis of programs and advocates to optimize their results, and a process to nurture advocates on an ongoing basis. 1. Peer to peer Referrals 2. Advocate-generated content 2 TWO CATEGORIES OF PROGRAMS RECOMMENDED FOR BANKS HOW CAN BANKS GENERATE REFERRALS? ASK!!!! Ask across your entire organization! Every product and service banks offer should have a referral program. Every successful interaction with a customer should include the opportunity and incentive for them to tell a friend. Every promotional campaign should have a referral program. Friends love to share great promotions. The simplest form of content an advocate can generate for your bank. When your bank helps a customer, that customer should have the opportunity to share their success – new homes, insurance, a new retirement fund…. banks are there for their customers’ defining moments! Sharing Programs Promotional Customer Referral Programs “Always on” Customer Referral Programs Employees are your best assets!! A well-designed employee referral program recognizes your employees and generates new customers, and promotes cross-selling. Employee Referral Programs If your partners can receive monetary rewards, they can earn free services and will send new customers your way from a trusted source. Partner Referral Programs HOW CAN BANKS GENERATE TESTIMONIALS? If asked at the right time, a satisfied customer will provide highly valuable testimonials within their own social networks, on banks’ social pages or on third party review sites. Testimonial Programs Almost everyone has a laptop or a smartphone these days. Your customers can use cameras to create very powerful endorsements for your bank. Video Testimonial Programs Banks need to keep a close eye on their online reputation. Those institutions who identify their outspoken customers and win them over will protect and grow their brand. THE COMPANY THAT POWERS WORD OF MOUTH AMPLIFINITY – A lot!!! We understand the challenge of managing brand advocacy. That’s why we developed the… ADVOCATE MANAGEMENT PLATFORM (AMP) We give The tools they need to design programs that motivate advocates to take action The ability to promote programs across all available touchpoints The capability to easily perform ongoing monitoring and analysis of programs Simple ways to nurture advocates on an ongoing basis OBJECTIVES TODAY BRAND ADVOCATES? DO FOR A BANK? Online Paper Web and ATM Mobile/Online Face-to-face interaction banking statements social properties Interactions Brand Advocacy is what Marketing has Become. Banner ads Emails Promote
Socialize
Refer
Endorse The ability to track and measure advocacy and deliver real ROI banks: Signage Signage Handouts A bank has a million potential brand advocates and we help you mobilize them. Banks cannot harness an advocate’s power without technology. Amplifinity has the technology.
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