The marketing function at financial organizations is disrupted by new technologies and tools. Financial organizations should use data and advanced technologies to build personalized communication and improve customer experience and engagement. Following are some of the ways that marketers should follow to raise the standards:
Automation: According to Gartner estimation, investment in marketing technologies accounts for 29 percent of all marketing budgets. Also, 7000 different martech solutions are available in the market. Technologies support marketers to tackle challenges, speed up processes, automate actions, improve marketing, and find new markets. The tools reduce the time spent in reading and recording data and information about client, product, or market.
Personalization: Consumers become frustrated when companies fail to provide relevant, personalized experience. Financial enterprises should capitalize on their historical strengths in offline channels and build strong relationships with consumers in digital channels. Brands can use automated tools to deliver the hyper-personalized experience. Intelligent technologies driven devices can raise customer services to a new level of comfortability.
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Digital media channels: In the presence of today’s affluent technologies many financial enterprises still spend the bulk of their marketing budgets in traditional channels as print, radio, TV, or billboards. They should spend the budget on digital campaigns, SEO, retargeting, and social media platforms.
Customer experience: Delivering greater customer satisfaction is one of the major aims now for the marketers. According to a study by Gartner reveals that CMOs (chief marketing officer) are now spending an average of 18 percent of their overall marketing budgets on customer experience initiatives. Organizations should use technologies that promote recommendation engines based on buying trends that help them in driving impulse purchases.
Data analytics: A business profit comes from a few, valuable customers. Analytics provides the data analysis that helps to consider about the time and effort the business should spend on which groups of customers. Data analytics aim to identify the weak points of an enterprise and aid to address them.
Today’s fierce competitions, changing regulations are making enterprises to follow technologies and place innovations in their business functions. They should anticipate customer demands and deliver services accordingly.
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