In the evolving landscape of 2024, banks face heightened challenges in retaining and expanding their customer base. Amidst economic volatility, intense competition, and rapidly changing consumer behaviors, digital marketing has emerged as a strategic pivot for driving retention. As detailed in the latest report by Maveric Systems, titled: Optimizing Client Retention: Digital Marketing Blueprint for Banks. Underscores the necessity for banks to shift their digital marketing focus towards the brand promise and customer persona to achieve sustainable growth.
The Strategic Pivot of Digital Marketing for Retention
Digital marketing is not just a tool but a strategic lever for enhancing customer retention and expansion. With the cost of acquiring new customers being significantly higher than retaining existing ones, banks must prioritize strategies that foster loyalty and maximize customer lifetime value. According to the Maveric report, digital marketing enables banks to engage customers through personalized and real-time interactions, thereby enhancing customer satisfaction and retention. The ability to deliver tailored content, offers, and experiences through digital channels is essential for meeting the sophisticated demands of today’s banking customers.
Why Digital Marketing Needs to be Pivoted Around Brand Promise
In a hyper-competitive environment, where every bank has access to advanced technologies and strategies, true differentiation lies in how these tools are executed. Aligning digital marketing efforts with the bank’s brand promise is crucial. A brand promise reflects the unique value proposition of a bank, and when digital marketing strategies are aligned with this promise, they resonate more deeply with customers. This alignment ensures that every customer touchpoint consistently reflects the bank’s core values, thereby building trust and loyalty.
Contextualizing Digital Marketing to Sector and Customer Persona
Digital marketing strategies must be tailored not only to the brand promise but also to the specific sector and customer persona. Different banking sectors—retail, corporate, and wealth management—have unique customer profiles and requirements. Understanding these nuances is key to developing effective digital marketing campaigns. For instance, retail banking customers might prioritize convenience and digital-first interactions, while corporate clients may value personalized advisory services and seamless integration with their financial infrastructure. By contextualizing digital marketing efforts to these distinct personas, banks can create more relevant and impactful customer experiences.
The 3-Step Framework for Contextualized Digital Marketing
To effectively pivot digital marketing around the brand promise and customer persona, the “Maveric’s Banking Edge Report 2024” introduces a comprehensive 3-step framework:
- Brand Promise to Customer Promise: Convert the bank’s brand promise into a customer-centric promise. This involves articulating what the brand promise means from the customer’s perspective, ensuring it addresses their specific needs and expectations.
- Mapping Customer Promise to KPIs: Develop KPIs that reflect the successful delivery of the customer promise. These KPIs should be aligned with business objectives and measurable outcomes such as increased retention rates, reduced churn, and enhanced customer lifetime value.
- Contextualizing Digital Marketing Mix: Utilize the digital marketing channels outlined in the report to deliver on the customer promise. This includes social media marketing, content marketing, email marketing, and more, each tailored to reflect the brand promise and customer persona.
For a detailed exploration of this framework and to understand how to effectively implement these strategies, refer to the latest report by Maveric Systems, titled: Optimizing Client Retention: Digital Marketing Blueprint for Banks.
In conclusion, pivoting digital marketing strategies around the brand promise and customer persona is essential for banks aiming to achieve differentiation and success in 2024. By aligning digital marketing efforts with core values and customer needs, banks can create meaningful and lasting customer relationships, driving retention and growth in a competitive market. For detailed elaboration of the framework
Co-authored by Ashutosh Karandikar, and Venkatesh Padmanabhachari
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About Maveric Systems
Established in 2000, Maveric Systems is a niche, domain-led, BankTech specialist, transforming digital ecosystems across retail, corporate, wealth management, cards & payments and lending domains. Our 2600+ specialists use proven solutions and frameworks to address formidable CXO challenges across Customer Experience, Assurance, Regulatory Compliance, Process Excellence and New age AMS.
Our competencies across Data, Digital, Cloud, DevOps, AI and automation helps global and regional banking leaders as well as Fintechs solve next-gen business challenges through emerging technology. Our global presence spans across 3 continents with regional delivery capabilities in Amsterdam, Bengaluru, Chennai, Dallas, Dubai, Kingdom of Saudi Arabia, London, New Jersey, Pune, Riyadh, Singapore, Sweden, Dubai and Warsaw.
Our inherent banking domain expertise, a customer-intimacy-led delivery model, and differentiated talent with layered competency – deep domain and tech leadership, supported by a culture of ownership, energy, and commitment to customer success, make us the technology partner of choice for our customers.
