CRM:-Why Bank marketers are running south looking for sunrise?

When it comes to CRM, bank marketers need a lot more clarity and direction to be able to achieve their business objectives. Read on to know why.

In today’s omni-channel marketing scenario, almost every bank is committed to CRM initiatives. Back in 2006, I still remember pitching to banks and explaining the value [read RoI] of their customers’ multi-channel data footprint to their marketing programs.

But that was back then..however today, across the board, at varying maturity levels banks are committed to CRM. Sadly, though most bank marketers are failing to recognize that investments in marketing automation, heavy data lifting and manipulation and spiking campaign velocity is suicidal.

Its only obvious that esoteric technology and new age methods get affordable and accessible over time. Attempts by technology vendors to build stacks on the cloud or in premise that promise accelerated paybacks remind me of the pre-dot com bubble days where anyone with a ‘eureka’ powerpoint was getting funded!

Bank marketers need to understand that outcomes from Tools, Technologies and New Modelling equations are still a few steps away before you can actually start counting the ‘cash’.

What needs to be done is to figure out a way to address the interests and biases of your Target Audience. And the proverbial ‘keys to the kingdom’ lies here, not the scored list that your IT Team has shared!
What interests your Target Audience will always shape the way they hear your communication. Hence its imperative for bank marketers to harness that interest to advantage. The word Target Audience is deliberate. If you want your communication to resonate with your Target Audience; bank marketers will have to remember that what matters most is:-

A.Personalized,

B.Emotional experience rendition to drive congruence, and eventually call-to-action [i.e. prefer your
bank’s Personal Loan offer]

And for that primarily you’ve got to figure out a way to hook your Target Audience’s attention.

Theater and Filmmakers, unlike bankers have a huge advantage here. The list seems inherently unfair with a dark theater, one way dialogue advantage, visual and soundtrack interruptions that can almost instantly interrupt the audience’s thought process. Well, without deviating from our original line of thought, lets park the challenges that Theater owners and Filmmakers face for now.

While its alluring to trigger the ‘Lights-out’ multi-channel campaign, bank marketers must know answers to the following questions before hitting the go button:-

1. How to cut through this clutter of information and get the audience’s attention?

2. After #1 above how to get the audience to embrace the desired call-to-action?
Unfortunately, neither the Product companies, nor the Technology services companies or Consulting Services company seem to be helping the Bank marketers solve this key problem.

And all propsitions that the Bank CEO and CMO get to see hardsell on ‘Cheap, Cost effective, Quick
RoI’ none from the bank’s end customers’ vantage point.

If you’re the kind of bank marketer interested in brand and consumer emotional congruence for a mutual win-win, keep watching this space Please feel free to get in touch for any doubts or if you seek help.

Want to learn more about the ins and outs of creating a Buyer persona? Find out Xerago’s advanced customer value maximization service here

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