DIGITAL DISRUPTION & WHAT IT ALL MEANS Info/Banking School/2016/Course… · Mobile Banking...

DIGITAL DISRUPTION & WHAT IT ALL MEANS

Today’s Agenda

• Consumer online behavior • New competition • Mobile first world • Digital marketing and communication • The power of data • Key takeaways

UNDERSTANDING CONSUMER BEHAVIOR

We’re Constantly Connected

We Live In Moments

We Hold Our World In Our Hands

Millennials

We Share Everything

We Want Digestible, Valuable Content

We Want Personalization

“By 2020, customer experience will overtake price and

product as the key brand differentiator. The winners will be

companies that consciously and deliberately work at

anticipating the future needs and create an experience that

customers’ value.”

Walker’s Customers 2020 Report

We Adapt To New Technologies

We Expect Everything To Be Connected

Photo Credit: OrbiWise

NEW COMPETITION

Source: Image borrowed from TomLoverro.com Nov. 16, 2014

Source: Image borrowed from TomLoverro.com Nov. 16, 2014

“We are in a new era for Wells Fargo. Historically, when people have asked, ‘Who are your competitors?’, we would answer Chase or Bank of America. Today, we

would answer Google or Amazon.”

- Jamie Moldafsky, CMO

Accenture Survey of 4K+ Retail Customers

• 27% of consumers would consider a branchless digital bank if they were to leave their current provider

• 71% of U.S. consumers consider their current banking relationship as merely transactional

• 51% of consumers want their bank to proactively recommend products and services (55% said it would increase their loyalty)

• 48% of consumers are interested in a spending analysis that is both real-time and provides a ‘forward view’

• 49% of consumers would bank with a company they currently use but that doesn’t offer banking services (77% of millennials, 58% of those 35-54, 28% of those 55+)

IT’S A MOBILE FIRST WORLD

Mobile Is The Preferred Device

Mobile Surpassed Desktop

Google Update 4.21.15

#MOBILEGEDDON

Responsive Websites

Search Is The Start Point

Mobile Banking Exceeds Branch Banking

DIGITAL COMMUNICATION

Fis Are Spending More Digitally

Digital Ad Spend Will Surpass TV 2017

1. Developing content strategies

2. Maximizing distribution & conversations with social

media

3. Increasing visibility on search engines (paid &

organic)

4. Targeting audience segments with online and

mobile display

5. Sending timely and relevant emails

Top 5 Digital Communication Strategies

1. Content

Every Minute

• Facebook users share nearly 2.5 million pieces of content

• Twitter users tweet nearly 300,000 times

• Instagram users post nearly 220,000 new photos

• YouTube users upload 72 hours of new video content

• Apple users download nearly 50,000 apps

• Email users send over 200 million messages

• Amazon generates over $80,000 in online sales

Your Goal Should Be To

Help first. Sell second.

Outline Your Plan

Keyword Research

• Website content

• Newsletters

• Social content

• Photos

• Whitepapers

• Videos

• Emails

Examples of Content

• Infographics

• How-to-guides

• Online press/news

releases

• Blogs

• Podcasts

• Advertorials

Audit Existing Content

Inventory

• What content is already available?

• How can I repurpose existing content?

Quality

• Is the content current & of high quality?

• Do any of it need to be updated to a more current format?

Relevancy

• Is it relevant to my audience?

• Does it meet the needs of my audience?

Gaps

• What needs to be created?

• Determine priorities.

Build a Content Editorial Calendar

Make Your Content Accessible

2. Social Media

1. Increase brand awareness

2. Highlight community involvement

3. Be more transparent and humanize your brand

4. Improve brand loyalty

5. Deepen customer relationships

6. Gather customer insights

7. Develop more business opportunities

8. Increase website traffic

9. Improve your search engine rankings

10.Target the audience you’re looking for

Why Social Media?

Mission Focused Campaigns

• Supported food banks in PA, MD, NJ, W. Va. • Nov. 1 – Dec. 31

• Each like/share/comments on the daily Stellar

Deed = 5 meals donated

• 361,000+ meals (plus previous 830,000)

• Received tons of local press

• Social impressions: 2,021,262

• Reach: 1,552,796

• New Facebook fans: 9,029

• Total engagements (likes, comments, shares): 13,774

• 2.13% lift in Stellar account openings (as compared to the same time period in 2012).

Highlighting Community Involvement

Fan Engagement Campaigns

Building Loyalty

Providing Customer Service

Prizes & Giveaways

Offering Product Specials

Being Visible at Moment of Relevance

Business Development

Sales Tool For Lead Generation

Advertising

1. Defined goals and objectives

2. Executive buy-in and an organized social media committee

3. Risk assessment (operational, reputational, compliance)

4. Social media employee policy, training and resources

5. Content editorial calendar

6. Fan acquisition and retention strategies

7. Social media management/monitoring tool

8. Social media archiving tool

9. KPIs and reporting capabilities

10.Marketing support

What You Need To Succeed In Social

Be Smart & Establish The Following

Source: CohnReznick June 2014 Whitepaper

3. Search Marketing

Google - 64%

Microsoft - 21%

Yahoo - 12%

Other - 3%

The process of gaining traffic and visibility from search

engines through both paid and unpaid efforts. It

encompasses both SEO and SEM.

SEO – Search engine optimization. It is the process of

getting website traffic from the free/organic search results

SEM – Search engine marketing. It is the process of gaining

website traffic by purchasing ads on search engines.

Moment of Relevance

SEO Tips

• Use Webmaster Tools (xml sitemap, robots.txt, redirects, site errors, links, search queries, etc. )

• Mobile optimization

• Focus on quality content

• Keyword research – long form

• Be descriptive in headers and meta tags

• Local SEO - Geographic-based searches

• Don’t be afraid of lengthy content, but understand mobile needs to be shorter

• Gain authority through links & social signals

• Consider load time

• Use a simple and logical architecture

• Use simple and descriptive URLs

• Consider format and load time, esp. for mobile

• Manage consistent content on online directories

• Use Alt tags on all images

• Get quality inbound links

• Understand social signals

Annual Search Pattern On Finance Terms

SEM Tips

• Conduct thorough keyword research

• Group keywords into specific themes

• Set up separate mobile campaigns

• Use site links and location extensions

• Title case in ads

• Use Keyword Insertion in ads

• Bid on competitors

Google My Business

4. Online & Mobile Display w/ GDN

• Google Display Network is made up of over 2,000,000 websites that reach 92% of Internet uses worldwide

• Test various ad formats – text, image, video and mobile

• Ad scheduling, above-the-fold, frequency capping and exclusions are all available

• Lots of targeting options—contextual, placement, remarketing, interest categories, topic targeting, geographic, and demographic

Targeting Options Within GDN

• Contextual Targeting

• Placement Targeting

• Remarketing/Retargeting

• Interest Categories

• Topic Targeting

• Geographic

• Language

Display Example on GDN

Contextual Example

5. Email

Onboard New Customers

Email Dashboards

Utilize Drip Campaigns

GETTING COMFORTABLE WITH AND USING DATA

NOOO! ANYTHING BUT DATA!

Meet Paul

• Has a checking account with your bank

• Comes into the bank once a week to deposit his check

• Is looking to buy his first home with his expecting fiancé, Meg (who doesn’t bank with you)

• Uses his mobile to pay bills • Carries a high interest rate

car loan with another bank

Data Can Be REALLY Powerful

Two Main Types of Data

Transaction Data: The result of a transaction. Can be financial, logistical, or work-related and always has a time dimension, a numerical value and refers to one or more objects Interaction Data: Interactions of customers, partners, and competitors that affect your organization. Social discussions, blogs, reviews, etc.

Common Challenges With Using Data

• Lack of technology/software • Trying to merge silos of data • Extraction of data is a mess • Lack of time and human resources • Fractional view of each customer • Fragmented/missing data • Manual measurement of performance • Tactical vs. strategic marketing (stuck in our ways)

3 Best Practices Among Modern Marketers

Data Driven Marketing (DDM): Marketing insights and decisions that arise from the analysis of data about or from consumers.

Cross-channel Attribution: A method of assigning credit to a particular marketing-driven interaction or other brand-imposed touchpoint.

Marketing Automation: Software platforms and technologies designed to more effectively market on multiple channels online and automate repetitive tasks.

Benefits of the 3 Best Practices

• Improve organization of data and campaigns • Increase efficiency of daily tasks • Build a holistic view of customers • Identify opportunities • Increase relevancy of campaigns • Strengthen internal collaboration • Optimize results across all channels utilized

More Budget Will Go To Tech Investments

Know What You Want To Measure

• Conversions

• Sales

• Clicks

• Leads

• Traffic

• Engagement

Determine KPIs & Metrics

• Digital marketing ROI (Total Revenue Attributed to Digital – Total Cost of Digital Marketing)/(Total Cost of Digital Marketing)

• Conversion rate (Form Submissions + Tracked Calls + Tracked Emails)/(Total Website Visitors) = Conversion Rate

• Cost per lead (Total Spent on Campaign)/(Total # of Leads)

• Sales (Total Revenue Attributed from Digital)/(Total Monthly Sales)

Cross Channel Attribution

Example of Measuring ROI

What you know: • Approximately 1 in 20 people who submit photos become customers

• Average LTV for customer = $200

• Value Per Submission = $10 ($200/20)

• Total Photo Submissions Per Channel: Facebook – 250; Twitter – 100; Instagram – 150

• Benefits Per Channel: Facebook $2,500; Twitter - $1,000; Instagram - $1,500

Social Channel Creative & Advertising Fees

Labor Hours Labor Cost ($30/hour)

Cost/Channel

Facebook $500 20 $600 $1,100

Twitter $0 10 $300 $300

Instagram $250 15 $450 $700

Channel Benefits Costs ROI

Facebook $2,500 $1,100 127%

Twitter $1,000 $300 233%

Instagram $1,500 $700 114%

(Benefits – Costs) X 100

Costs

NEXT STEPS

•

Key Takeaways

• Do an audit of how you appear on mobile, as well as if/how you’re found by mobile searches

• Keep an eye on nonbank competitors and why users are adopting their product

• Have a plan to invest more into technology enhancements … for both external & internal benefits

• Help create relevant content for your audience • Utilize more digital channels to reach your audience • Use data to have a more holistic view of your

customer(s) • Help marketing measure and optimize results by

identifying your KPIs

THANK YOU Amber Farley

amber@financialmarketingsolutions.com

@amberfarley

Financial Marketing Solutions

www.FinancialMarketingSolutions.com

@fms4banks

615.591.2073