Experts in results
In this opportunity we will analyse what Omnichannel Marketing is and what its influence has been in recent years as a marketing trend for banks.
As the technology landscape continues to grow, new channels continue to emerge through which it is possible to engage with users and capture potential sales.
And this favours the management of an Omnichannel marketing strategy. But what are the benefits of implementing this type of method? Through the increasing visibility and accessibilitythe probability of growth increases.
Current outlook of the average consumer of financial products
Our market study on digital marketing and banking has shown that at least 71% of users have a poor understanding of advertising in this sector.
This lack of understanding is often related to the lack of differentiation of advertising content. Internet users are looking for a friendly service and an experience associated with innovation.
In contrast, financial services and products often have many similarities. So in a way users feel that they have received the same advertising message over and over again.
However, putting in place trends such as predictive analytics and optimising Omnichannel marketing is ideal for changing this perspective. For it is a challenge to capture the interest of the average consumer, but it is also an important goal.
Predictive analytics helps to understand the real interests and needs of potential customers. While Omnichannel marketing strategies do what they do is to maintain this targeted advertising on all possible channels.
What is Omnichannel marketing?
Let's start by understanding what Omni-channel marketing is. Basically, it is a strategy that identifies and uses all possible channels to deliver a value offer to the user.
It is very likely that you currently have various means of to enhance the user experience. For example, if you have social media, a blog and even a YouTube channel then your business offers a multi-channel experience.
However, the particularity of the Omni-channel strategy is that all media must be in sync in terms of the message being promoted.
By achieving the developing a comprehensive strategyThe only way we can say that there is a truly satisfying multi-channel experience.
And in the application at the banking level, it must be understood that there are more than just branches, but that the digital ecosystem opens the way for a wide variety of channels to be explored.
Omnichannel strategies and their characteristics
- These are strategies that follow a commercial approach, but whose priority is to promote a unique user experience.
- The principles of Omni-channel techniques are based on generating a good experience regardless of the differences in interaction that different channels reflect.
- There is an alignment of messages, purposes and objectives. So the information displayed on the different channels maintains optimal cohesion.
Omnichannel marketing and some examples
The concept of omni-channel marketing has not been around as long as other banking marketing trends. However, its results have been very promising in some of the most recognised financial companies.
Bank of America
Bank of America is one of the most famous banks today, and its scalability is simply undeniable.
Did you know that BoFa has had a successful Omnichannel marketing strategy for years? And it has not only kept true to the principle of promoting the same message and to pursue the same objectives in each channel, but also maintains the same functions.
Unlike other banks, BoFa makes available the same variety of functions of their application, in the desktop web version. They even allow their customers to channel cheque deposits from their website.
Thanks to its Omnichannel strategies and methods aimed at guaranteeing a good user experience, its growth continues. Even the value of its shares has increased over the years.
Why implement an Omnichannel marketing strategy?
According to a study by Forbes, one Mexican company increased its sales by 150% from the optimisation of Omnichannel marketing strategies. But what were the benefits of this trend that managed to pay off in results like this?
User behaviour has changed in recent years, with users now wanting answers almost immediately. And because of the proximity provided by the digital ecosystem, they also have an interest in getting what they want in more than one channel.
A financial products company with a multi-channel strategy increases the likelihood of interacting with potential customers. But above all, it captures the interest of users with diverse styles.
While some customers prefer to contact businesses via messaging platforms such as Whatsapp, other users are not comfortable with this idea. But being accessible to the larger ecosystem of your audience will reflect higher profits.
Facilitates personalised service
Customer service and good user experience are key to bank marketing strategies. Mainly because the customers of these companies need to develop trust and acceptance in the service in order to formalise the contract.
And this is achieved through the right interaction with each and every prospect. Do you want to increase reliability? A multi-channel system will generate exactly this impact.
Helping to understand the user
Another of the main benefits that this banking marketing strategy promotes is the understanding of the consumption habits of potential customers. As well as their interests and behaviour in various digital media.
The composition of an omni-channel marketing strategy in conjunction with the use of predictive analytics can improve positive results considerably. Especially if the benefits of CRM tools are also harnessed.
Finally, once this information is managed by specialists, the increased conversion rates is much more likely. In this way, the financial sector company can consolidate long-term scalability because it has applied customised methods according to its niche.