How finance brands can master omnichannel marketing
Omnichannel marketing is simply connecting your finance brands’ different communication channels to create one holistic experience for consumers. This means connecting through multiple messaging platforms, creating a consistent message across all social channels, and ensuring offline marketing strategies are inline with online marketing strategies. With the continued digitisation of the financial sector, it’s more important than ever to create a seamless and simple customer experience across all platforms to help nurture prospective leads. In fact, 88% of consumers purchase from brands that create a personalised and cross-channeled experience, presenting a prime opportunity for finance brands to gain a competitive edge.
Omnichannel marketing and finance brands
The rapid digitisation of the financial sector has meant consumers are finding finance brands online more often than through traditional advertising. Creating an omnichannel marketing strategy means ensuring there are multiple consumer touch-points that generate meaningful leads. Ensuring your finance brands’ marketing strategy is a holistic experience is also important to build consumer trust, greater brand recognition and an improved brand image.
Omnichannel marketing is about seamlessly integrating your finance brands’ persona into every platform. From social media content, to blog content, web page content and physical customer interactions, your finance brand must present a consistent message. It’s also about offering multiple channels for customers to engage with in meaningful ways, such as chatbots, voice recognition software, and in-person communication.
88% of consumers purchase from brands that create a personalised and cross-channeled experience.
Omnichannel marketing is about shifting your finance brands focus from being product-centric to becoming customer-centric. Unlike multichannel marketing which is simply when a brand has multiple platforms they’re advertising on, omnichannel marketing is about integrating your finance brands’ different channels to create a connected and seamless experience. In a study by Altudo, a European bank implemented large-scale cross-channel marketing changes that saw continued and sustainable growth of 20%.
How to create an omnichannel marketing strategy
Omnichannel marketing can be simple to implement but requires constant surveillance to ensure it remains a holistic experience for customers. Utilising an omnichannel model and an always-on content strategy will allow your finance brand to gain the best results. According to CompereMedia there are three things to consider when building an omnichannel marketing experience. These are:
- Audience first – Consumers don’t just want to purchase a product from a finance brand they want to build an authentic relationship with them. Understand and identify a target audience and cater content across all platforms to them.
- Mix up your content – Creating repetitive content that is the same across all platforms isn’t an effective approach. Ensure your content is purposeful and meaningful to facilitate greater engagement across all social channels.
- Test and learn – Approach your omnichannel marketing strategy as if it’s a living, breathing organism. It won’t always work on the first try so ensuring your finance brand tracks KPI’s and identifies what connects with your target audience is critical for success.
At the core of it, omnichannel marketing isn’t just about creating a consistent message across all platforms. Instead, it’s about creating a unique customer experience that builds an authentic customer relationship. Content builds upon itself to create a grand holistic experience that spans across multiple platforms, rather than individual pieces of content. Omnichannel marketing works when it focuses on the target audience’s preferences.
Benefits for finance brands
With brands that implement omnichannel marketing experiencing 23x higher customer satisfaction rates it’s a prime opportunity for finance brands to cash in on. Omnichannel marketing is the future but the key to it lies in creating content appropriate for the audience and platform and creates a central message without becoming repetitive.
With 80% of customer touchpoints and 25% of sales occurring online it’s critical your finance brand has a strong marketing strategy that both generates meaningful leads and nurtures them. The goal of an omnichannel strategy should be for customers to be able to flick between platforms without fear that the financial institution will lose their journey. Overall, omnichannel marketing effectively builds authentic relationships with customers improving brand awareness, consumer trust and generates a positive brand image helping to both retain customers and convert new ones.