Leveraging Digital Marketing Management to Optimize CRM for Better Customer Retention Within Financial Services
In the recently published ninth annual World Retail Banking Report, industry authorities Capgemini and Efma found that 49% of consumers don’t have a long-term commitment to their bank, while 9% are likely to switch banks in the next six months. Financial services marketers have long been seen as leaders in CRM. As consumers spend increasingly more time online, the adoption of emerging technologies to make CRM strategies more effective will be critical to the long-term success of marketers looking to build and maintain customer relationships in the digital world.
Suggestion for CRM marketers in the world of financial services: create a digital testing ground to integrate offline strategies with emerging technologies, like DataXu’s DX3 Digital Marketing Management platform.
A great place to start could be direct mail. Direct mail is a tried and true vehicle for financial services brands to precisely target customer segments with offers and messages predicted to be relevant. However, with a high cost-per-piece, direct mail is also a weighty investment. By employing a platform like DX3 to support CRM tactics, marketers can identify top performing message-offer-consumer combinations before ever going to print. The result: brands connect more of their customers with the most relevant offer, and ultimately increase ROI on their campaigns.
Financial services brands should also look at a data management platform to integrate CRM segments (while protecting customer PII) with available first- and third-party data to better reach these segments through digital channels, and understand how to improve offline efforts. For example, with our DX3 platform’s real-time insight reports, brands can see which messages and offers are most effective in driving the desired outcome for each segment. These findings give marketers the real-time intelligence required to make the best possible decisions to manage their direct mail investments.
As brands better understand and leverage the benefits of real-time optimization, it will be interesting to see how the passive, iterative processes typical of “test and learn” in direct mail pieces are disrupted and improved.
What’s the take-away? Using digital to supplement your direct mail strategy can expedite testing, reduce waste, increase overall ROI, and help your brand retain that all-important 49%.