Why Consumer Banks Need Behavioral Marketing Strategy?
bankingciooutlook

Why Consumer Banks Need Behavioral Marketing Strategy?

By Banking CIO Outlook | Tuesday, November 12, 2019

Having a marketing strategy that leverages behavioral analytics can help consumer banks create a personalized customer experience, which is essential in acquiring, growing, and retaining customers.

FREMONT, CA: To stay ahead of the curve, consumer banks today are prioritizing behavioral targeting, personalization, and customer journey management. Research says that 55 percent of banks are planning to increase their investment in customization, and the banking industry as a whole recognizes its need for more targeted, personalized marketing tactics. Engaging customers with individualized messages rather than following the concept of one-size-fits-all will help customers feel appreciated and strengthen trust. See what behavioral marketing can bring to consumer banks.

More than any other industry, banking has a wealth of data at its disposal. So creating a personalized customer experience will be easy for the banking industry than any other. The challenge is to get access to real-time data to deliver responsive and personalized customer interactions that make business easier and convenient. Behavioral marketing platforms are making it possible for banks to access real-time behaviors of users to identify key customer trends and to individualize customer interactions through responsive digital marketing. The result is more targeted marketing, sales activity, and new opportunities for cross-selling and upselling.

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Behavioral marketing has all static and real-time customer data in one place. This allows banks to respond to immediate opportunities based on the prospect's or customer’s actions. For example, if someone visits a bank website, engages with specific content, or begins to fill out a form but doesn’t complete it, banks can re-engage that person with a web pop-up or email trigger and help in task completion.

Banks will also be able to help customers by sending drips that have nurturing content to educate customers on the topic they were originally researching. The best part is that behavioral marketing takes into account any change in behavior. If the bank’s responsive triggers do their job, the customers will automatically stop receiving drips and receive relevant content based on their most recent interaction with the bank.

With the “culture of busyness” prevalent among consumer communities, all brands must embrace behavioral marketing strategies—and consumer banks are no exception. Behavioral marketing makes it easier for banks to stay top-of-mind with busy consumers.

Check out: Top Customer Experience Solution Companies

 

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