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Articles for the ‘Financial Services’ Category

Building Customer Advocacy To Boost Your Bottomline

Today financial services providers, whether they are banks, investment firms or insurance companies, want desperately to deepen existing customer relationships. A key driver of deeper customer relationships centers on a trait often labeled “customer advocacy.” Simply put this trait is the perception by the customer that the firm acts in their interests and not just what’s best for the firm.

Unfortunately, today there’s a mother lode of mistrust because too many institutions have looked the other way. And while a customer may not switch providers as a result, persuading that customer to buy additional products and services becomes problematic despite the advancement of marketing tools and technology.

Forrester Research has created statistical models that demonstrate that customers who do business with financial services companies who rate high on customer advocacy are most likely to consider buying more products from that company. Here are 4 common themes demonstrated by these companies along the customer advocacy dimension.

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Bank Marketing In A Digitally-Focused Marketplace

For banks, there has never been a more important time to re-think traditional marketing strategies and tactics because the landscape has and is changing with great velocity. The credit crisis, near-zero interest rates, loss of trust and low brand loyalty have resulted in banks seeking new ways to re-build lost revenue and profits. Add to that the myriad of investment choices like credit unions and government backed securities, banks are increasingly competing to acquire and retain their customer base.

A recent Accenture study estimates that as many as 30% of a bank’s customer base is “in play,” meaning these customers will change their banking relationships or change the amount or nature of their relationship with the bank’s products and services.

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Custom Landing Pages are utilized to complement and enhance the performance of your marketing efforts like Direct Mail, Email Marketing, Telemarketing, QR Codes, Banner Ads and PPC. They can also be used to support traditional mass-media marketing channels like TV (think infomercials) and Radio Ads. A landing page allows you to selectively target and profile your audience while offering them customized and targeted offers. They are an optimal touch point for your prospect and optimized landing pages have been proven to boost conversion rates by up to 50%. CLPs can be used as a vehicle for event registration, product surveys, or to promote and sell real estate. Read more about the 7 Habits of Building Highly Effective Landing Pages.

Marketing Automation focuses on demand and lead generation with targeted marketing programs to drive awareness and interest in a company's products and/or services and nurture leads from first interest through to sale. To develop a strategic marketing plan, a fully automated marketing automation platform is designed to develop, manage and analyze campaigns, enable audience and customer segmentation, lead qualification, lead scoring and lead nurture. Distributed Marketing, a discipline that encompasses automation of internal marketing processes, is one way to enable marketing automation across your channel, partners, dealers, franchisees, etc. This type of system dramatically increases the organization's ability to deliver personalized content to relevant entities or individuals at appropriate times.

Email marketing is a very powerful customer engagement tool which is extremely cost-effective and effective, if done right. Email marketing is often reported as second only to search marketing as the most effective online marketing tactic. (MarketingSherpa, January 21, 2009). An effective email marketing strategy involves 3 things: Improved Deliverability, Better Open Rates and Increased Click-through Rates. Use the following design and content guidelines to Create an effective email marketing campaign and follow this 7 step checklist to avoid spam filters and cater to different flavors of email clients.

eBusiness methods enable companies to link their internal and external data processing systems more efficiently and flexibly, to work more closely with vendors, suppliers and partners, and to better satisfy the requirements of their customers. eBusiness involves business processes spanning the entire value chain: purchasing, order processing, logistics, customer service, cooperating with business partners, etc. Special technical standards and/or APIs meant for eBusiness facilitate the exchange of data between companies.