With the continued emergence of fintech, the competitive pressures innately forced upon businesses to improve the online customer experience continue to grow rapidly. By 2020, it’s estimated that your customer will manage 85% of their relationship with your business without human interaction, according to Walker Information.
Many businesses have adopted a self-service online model, giving customers more control over their accounts and transactions. While this is certainly a step in the right direction, where many fall short is the “set it and forget it” mentality. The result? Potentially frustrated customers, increased customer service calls, decreased retention rates, and lost sales opportunities.
Thankfully, there are solutions on the market geared toward improving an organization’s online UX. Electronic Presentment (ePresentment), for example, is an application that can help you satisfy today’s needs with the capabilities of facing tomorrow’s challenges. Here are some tips to ensure your ePresentment is cutting it in today's technology driven world:
1. Personalize. Studies show that customers react positively to personalization. Why? Because they like to feel valued as individuals rather than just numbers.
2. Utilize Dynamic Messaging. You have so much customer data at your fingertips- now it’s time to put it to good use! Age, income, geographic location, and marital status can help you deduct if your customers are eligible for your other services. From there, you can display messages and ads that are relevant to each customer.
3. Be consistent in design. Your ePresentment design should look just like it is part of your home banking site, giving the customer peace in familiarity.
4. Provide interactivity. Including interactive marketing messages and direct check view access are both capabilities that are enhanced through ePresentment. Marketing messages that can be clicked on for immediate access to offers are extremely beneficial and allow for a more pleasant UX.
By implementing the above tips, you can enhance the user experience and keep your customers coming back for more. To learn more about ePresentment and how it can help your organization, click here.
Spotify’s multicontinental out-of-home (OOH) advertising campaign rollout this week is both hilarious and creative. The worldwide music services conglomerate utilized aggregate and individual listener data from 2016 to create personalized and segmented messages for display in high traffic areas across the world. Here are a couple of messages that made us laugh:
“Dear 3,949 people who streamed ‘It’s the End of the World as We Know it’ the day of the Brexit vote, hang in there.”
“Dear person who played ‘Sorry’ 42 times on Valentine’s Day, What did you do?”
“To the person in NoLIta who started listening to holiday music way back in June, you really jingle all the way, huh?”
According to an interview between Creativity-online.com and Spotify CMO Seth Farbman, the idea for the data-driven campaign originated with 2015’s end-of-the-year “Year in Music” campaign, which revealed that data from listeners in different geographical areas reflected culture through listener behavior.
“There has been some debate about whether big data is muting creativity in marketing, but we have turned that on its head,” Farbman said. “For us, data inspires and gives an insight into the emotion that people are expressing.”
While many OOH advertising campaigns are successful in driving new business, they can be pricey. The good news is that you can take a page out of Spotify’s book and combine it with outreach efforts to your current customer base without breaking the bank. The end result? Deeper customer relationships and higher margins.
Enter statement advertising. Customers receive print and/or electronic statements each month, which gives you the chance to connect with them on a whole new level. Based on what we have seen with the quick success of Spotify’s campaign and our own statement advertising expertise, here are a couple of tips to help you effectively advertise on monthly customer statements:
1. Put customer data to use. Sixty-four percent of marketing executives “strongly agree” that data-driven marketing is crucial to success in a hypercompetitive global economy. Spotify did an excellent job of using both aggregate and individual data to create their campaign. Not all customers are created equal, and data will reflect that. You have a much better chance of standing apart from all of the usual communications your customer receives on a daily basis by presenting them with messaging that is targeted specifically to their needs.
2. Be creative. You’ve gotten a customer’s attention- now it’s time to keep it. Spotify combined quick, witty text with colorful billboards. Simple, yet extremely effective. In a statement advertisement, the use of color combined with the right words and a strong call to action can do wonders.
3. Connect with your customers on an emotional level. Spotify definitely hit the nail on the head and mainly focused on humor in their campaign. From a psychological perspective, when humans feel something, they think, “What can I make of this, what can I do about this?” Those responses have dominance and lead us to a certain behavior – like clicking through to a mortgage application or sharing low auto loan rates on social media.
Data-driven communications are the future of advertising and marketing. Like Spotify, if you utilize data to personalize, be creative and connect emotionally, you will forge stronger customer relationships, increase retention rates and improve margins.