Financial Marketing Gets Personal
Consumer experiences in all walks of life are becoming more personalized. In part, this is a direct result the emergence of one-to-one marketing, says Dino Balafas, director of product management at the Datacard Group in the firm’s report Personalization as a Differentiator in Financial Card Issuance.
One-to-one marketing began with organizations gathering data about their members and customers, then using it to help target marketing campaigns. And as technology developed over the past few years though, consumers gained new shopping-related capabilities online, including the ubiquitous ability to compare prices and evaluate products and services.
“As a result, the new model of one-to-one marketing equally distributes power between producer and consumer,” reports Balafas. “The new model replaces hype, intrusion, and image with authentic and relevant experiences as defined by the consumer.”
Today, there are three steps to personalizing products, according to global consultant Accenture:
In optimization and campaign management, there’s more interaction with consumers than ever before. And consumers have begun to demand this format of interaction between themselves and organizations.
“As a rule, consumers know they can [help define their products and services] and they are beginning to insist on it,” says the report. “They are willing to trade loyalty and hard-earned income for it.”
Financial institutions must get on board, or suffer the consequences. New efforts to personalize members’ and customers’ experiences include:
Each of these efforts holds potential to benefit your members and your credit union. Taking members’ advice helps you more accurately address their needs, and giving members what they want keeps them loyal.
In short, this constant flow of information keeps credit union staff and members engaged, co-participants in a dialogue designed to improve members’ experience.
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