Digital marketing is the swiss knife for giving value
Year after year “individualism” appears in the global trend’s reports. Self-love seekers prioritize their happiness, feel comfortable in their skin and indulge and services that elevate their sense of self. Companies need to create deep connections with customers and one powerful way is through experiences.
Customer experience has been utilized to offer improved and mass customized products and deliver genuine customer value. Pine and Gilmore have defined experience as a consumer activity or engagement with a company that is memorable and pleasing. Who doesn’t want that? We all want to have memorable and pleasing experiences during our day and brands want to deliver that to their customers.
Product experiences can be either direct with physical contact or indirect through an advertisement. A combination of both indirect and direct experiences can considerably influence attitude, purchase intention, product preference, and product recall. Experiences also occur during consumers’ interaction with a product, when they search for a particular product, during examination and evaluation of a product.
When working in marketing we always think about value, the exchange of value is what gives purpose to the field. Value for the consumer and value for the company (€) so we always try to crack what is into the consumers’ minds and deliver it. The great news is that in the banking industry we have a powerful way to do it and to make it unique for each client called digital marketing and we have information about all of our clients to deliver a great individual experience for them.
Behavioral economics: A key element of digital marketing
Understanding human behavior regarding decision making is a key element to enhance customer experience and simplify banking for the customers, this is called behavioral economics. Considering how individuals make choices (drivers) and what are the barriers is key for generating value because it relates to a crucial aspect of their lives: their monetary circumstances. By understanding them we can guide consumers through a complex process in a way that feels comfortable and intuitive for them.
Digital marketing also enables us to reach all of our clients no matter where are they, who are, and how important are to us. We can reach all of them and as many as we want since it is highly scalable.
Another powerful element of digital marketing for the banking industry is that we can divide the customers into homogenous groups to communicate and give value that is very relevant to the particular group with the proper messaging and offers. For instance, if we know that a customer needs money we can identify that and reach out with a solution.
Digital marketing: always be on the customer’s side
Being able to be when and where the customer needs us is another benefit of digital marketing for the industry. Customers have a channel of preference depending on their needs and background. For instance, for a complex product such as mortgage clients may prefer to have some sort of human contact. Talking with an agent over the phone or going to a branch. On the other hand, for a personal loan when you need money and are spending the weekend in the mountains, getting the loan through the app in just 3 clicks can be convenient.
This year in the Digital Marketing class with the fourth-year students we recreated customer experiences, structured, simulated, and analyzed complex business decisions from different cases using all the tools that the swiss knife that is digital marketing provided us.