Why customer experience is the new differentiator in banking

Banking IndustryIn 2012, the Canadian financial services industry spent an astounding $8.7 billion dollars on information technology.  According to a Deloitte 2014  Industry Outlook, many banks are investing on IT to focus on revenue growth, customer experience, and security.  There is a strong desire by the banking industry to drive performance, mitigate risk and improve operational efficiency.

Customer experience is the new differentiator, requiring the seamless and unified delivery of online, branch, and mobile channels.  By leveraging technology, banks can better understand customer spending habits, preferences and product demand and  grow revenues.

McKinsey research, The three Cs of customer satisfaction: Consistency, consistency, consistency supports the belief that a consistent customer journey across multiple touchpoints is a key predictor for customer satisfaction and loyalty. Key findings include: companies can differentiate their brands by focusing on customer experience; building trust leads to long-term business success; and consistency-driven emotional connection is essential for customer loyalty. Continue reading

Advertisements

Demonstrate ROI with Marketing Process Automation

380_wpm_lowresI recently came across an interesting post by Vince Koehler of Sales Benchmark Index, a Georgia-based sales and marketing consultancy focused on sales effectiveness.  I recommend subscribing to their blog. The topic of Marketing automation is growing in popularity because of the increased pressure on marketers to show Marketing ROI.  Marketing has become more complex with the need for faster sales velocity, better insight into campaigns, and the flexibility to adjust marketing budgets on the fly.

I know, why is a PR Pro like myself writing about marketing automation? In a former life, I did a stint as a marketing operations manager.  But more importantly, PR and all marketing activities must foster engagement with identifiable communities and generate leads.  I take a holistic viewpoint in my PR practice and recognize the need for process integration and metrics.  We must always define and measure success. Continue reading

The Nike+ Community: No Shoes Sold Here

AthleticismOne of the best examples of community building and brand advocacy is found at global footwear, apparel and equipment powerhouse Nike.  Many brands have tried, but only Nike is winning the race in social media thanks to its popular Nike+ platform.  There is a major social component in playing sports and social media is a natural fit for Nike’s communications engine.  At the centre of the Nike+ platform is a technology that tracks data of every run someone takes and connects that person with runners from around the world. There are over 6 million members participating on the Nike+ platform today and the #nikeplus hashtag is found on all major social networks.

The Nike+ platform has evolved into the brand message, expressing physical activity, personal goal setting, and competitiveness.  Users can share successes on Twitter and Facebook, including their running routes in real-time with friends using a third party API from mobile-only social networking company Path. Continue reading