10 MINUTES READ
Marketing is always crucial in this tech age. You might be marketing manually, or using automated tools, but either way, automation in marketing typically looks to provide you with data that is relevant to your business so that you can maximize your growth and potential customers - this is done by analyzing the data and providing analytics as well as working on prospecting and lead generation.
Use this blog as an exploration into how marketing automation can help you drive results for your business and help you to prepare to decrease the potential time of lead acquisition, especially for the Banking and Finance Services and Insurance sector (BFSI).
But before we start, think about your reaction when you first heard about the Covid-19 pandemic. For most, it may have seemed rather terrifying how such a common thing that we take for granted could cause so much harm - but it also presented us with an opportunity to learn from the ultimate marketers- panic, uncertainty, and terror. The Covid-19 pandemic catalyzed the need for digital marketing in two ways - one by causing the shutdown of physical stores and offices which forced businesses across the world to operate digitally at full-scale, and two by giving consumers more free time to spend on digital platforms. This need for digital marketing has, in turn, spiked the need for methods to increase the efficiency of campaigns, which is achieved through marketing automation. Credence by ACL (now Sinch) is a wonderful tool to have when looking at automated marketing.
Why do enterprises need marketing automation?
Marketing automation offers integrated, pre-configured tools that are used to perform the core functions of marketing. Such automation is commonly implemented through on - or off- the -shelf platforms, depending on whether companies need a full-service platform or prefer to pick and choose individual functionalities.
Benefits of marketing automation
Marketing automation has helped companies rise above the noise and churn out better-targeted content that does not get ignored by potential customers. Marketing automation platforms automatically deliver better-customized and more personalized content to customers or prospects based on insight obtained from their online transactions, website interactions, and social media interactions.
Collect rich user data
Customers create a digital footprint with every single click, and this data is very important, especially for marketing. It gives insights into what channels a customer frequents, at what times, what content they are likely to interact with, what content they ignore, etc. Marketing automation platforms have tracking and analytics systems in order to collect this user data which is used to derive the best results from campaigns. Since users have a larger online presence today because of the pandemic, it's an ideal time to harvest rich user data that can be used for nice marketing and sales campaigns.
Create personalized conversations
A personal message will always have a better chance of conversion than a generic one. For example, sending out an email with information on a new line of credit cards to users who have been researching credit cards online will yield a higher ROI than sending an email blast to all users in a campaign list. Since email platforms charge based on recipients, the business in this example also saves costs on marketing by only targeting interested users.
Multi-channel marketing capability
One major challenge faced by businesses today stems from the fact that the number of channels to reach users is massive. Targeting all platforms is just not an option - The costs will be huge, and the ROI will be low. Marketing automation makes reaching out to customers on all these channels, both a viable and affordable option by using user data to target the right channels at the right time.
More effective campaigns
All the above lead to highly effective marketing and sales campaigns. A business does not need to invest money on creating open campaigns on all platforms for fear of missing out on a potential customer or sale, because the marketing automation tool can forecast a user's online journey through data analytics and targeting the right platform for better costs per conversion.
Marketing automation isn't always talked about in the same frame as the other media channels that small businesses commonly invest in, but it has clear advantages to market, keep your brand out there, and get new leads through email.
Marketing automation: What’s in store?
• The marketing automation software market is estimated to reach USD 10,418.6 million by 2025 at 12.7% CAGR.
• Marketing automation, on average, drives up to 14.5% increase in sales productivity.
• 80% of users using marketing automation software saw an increase in the number of leads, and 77% had an increase in conversions.
• 91% of marketing automation users agree it is 'very important' to the overall success of their online marketing activities.
The above pointers have been sourced from analysis by industry insiders and Invespcro and these are highly encouraging for both businesses and solution providers. These numbers indicate not only the importance of marketing automation for business growth but also its impact. Industries like software and retail have been quick in adopting marketing automation.
Marketing automation and importance for BFSI in post-covid era
Some industries, like BFSI, however, have digitized their services but not their marketing processes. This is either because they don't see a potential for ROI or because of a lack of know-how. However, this is what you need to know.
Customer expectations have changed
The modern customer is tech-savvy and spends a large part of their day online on a computer or a mobile device. People tend to divide their time among multiple online channels - social sites, email, web-apps, video conferencing tools, websites, OTT platforms, etc., with this consumption increasing since the pandemic. Most industries have leaned into this diversity by creating multi-channel communication lines between them and their customers. They reach out to customers via different platforms - social media, email, search engines, etc., and customers can reach them via multiple channels. This, in turn, has normalized multi-channel communication and customers expect it from all their service providers, even BFSI.
Customer journey has changed
Because purchasing services and/or products is extremely easy today (it can literally be done in a few clicks), customers take time to make decisions. They compare services across providers, take feedback over social channels, and sometimes delay decisions for a later time (since it is easy to just continue from where they left off now that the service is digital).
This means a customer looking for a service is moving across multiple online channels and being able to identify their online journey helps brands position their services for better recall and ultimately, conversion.
Financial institutions are not fully utilizing the potential of user data, says research by Capgemini.
1. Only 37% of banking customers feel their financial institution knows their needs.
2. Only 44% of customers experience consistent multi-channel communication.
3. Only 43% of customers are satisfied with their bank's product-channel fit.
4. Only 43% of customers feel the relationship with their bank is satisfactory.
So, what should be done? The Capgemini research gives us some solutions. A marketing automation tool, at its core, collects and analyses public user data (hence identifying the customer's journey) and then pushes marketing messages on the platform they are using (creating multi-channel conversations across web, social, email, and text). The technology has the capability to modify its messaging and strategy mid-campaign for better results, which allows businesses to run entire campaigns on autopilot.
What to keep in mind when implementing marketing automation?
Ensure data security
Data security is especially critical for BFSI companies because the data involved is sensitive. When implementing a marketing automation system, users must be made aware of the data being collected through privacy policies, and this data must be stored in a secure location.
Integrate existing systems and processes
The automation tool selected must be able to incorporate legacy systems (or be able to import data from legacy systems) and existing business processes. The alternative is to redefine system architecture and processes which are time and cost consuming.
While marketing analytics systems can harvest all public user data, not all of it will be relevant for all companies. Defining what metrics are useful and what are not will help the automation tool derive best results. For example, impressions. When a business is running a limited-time sale, it makes sense to show the same message to the same customer multiple times (therefore, higher impressions per user). For long-term and regular messaging, setting lower impressions makes more sense.
Implement the right solution
There are a lot of options that BFSI companies can explore to implement marketing automation. However, because the expertise of BFSI companies is towards finance and not technology, implementing a solution that can take care of all the aspects mentioned in this article makes the most sense.
Our marketing automation platform, Credence, automates data aggregation, audience targeting, and campaigns along with real-time analytics and monitoring. The powerful platform empowers businesses to optimize engagement across all touch points in a customer’s journey.
With Credence, you can orchestrate marketing campaigns at scale- optimized for devices and conversions. The platform has so far supported leading banks and financial institutions of the country in achieving higher ROI with fewer resources spent on planning, scheduling, and optimizing campaigns.
Why are large enterprises using Credence?
Several functionalities in Credence help enterprises succeed at marketing automation.
Platform users have the option to target their subscriber through Email, SMS, WhatsApp and Voice channel
but also has the option to reach their customer through the channel on which the customer engagement is high.
Send time optimization
The business can target their subscribers through email at the time they are most active and engaged. Such calculation is based on historical engagement data. You even have the option of
handling fallback time and blackout window as also handle communication if the send time has already passed.
You can analyze your workflows over multiple KPIs for engagement channels.
Suppose that the platform user wants to send an OBD call to their bank account holders regarding the loan outstanding amount and last day of payment, they have the option to select number of personalized fields, play numbers, amount, name and date as personalized field, option to re-order the sequence simply by drag and drop and the option to upload clips in wav and mp3 format.
It can be used when the platform user wants to send an OBD call to their bank account holders with language selection option and post language selection the bank wants their account holder to select from different options like Personal loan, Home Loan or Credit Score and as per selection bank wants to send communication.
Token criteria for conditional journeys
This can be used when the platform user wants to target those customers who were born after a certain year and the bank has the date of birth of their customers.
Arithmetic operations on transactional data
Suppose that the platform user wants to target those customers who have already spent 90% of the total credit card limit. In this case, the bank needs to provide each transaction event to Credence and the desired action can be taken.
Platform users have a file-based system in which the bank gets loan details daily. Bank wants to upload the base on certain frequency and wants to send communication to those users who are
either new in the base file or the loan_paid status changes from yes to No. This can be facilitated through Credence.
With Credence, send weekly mailers to their subscribers without manual intervention. You can also use Pinch which is the in-house email platform to support business continuity or integrate your existing vendor on the platform to avoid disruption of ongoing campaigns.
You have the option to integrate a Facebook Business Manager account with Credence UI.
That’s not all! Credence equips your business with advanced browser push, drag and drop builder, conversion tracking metrics, funnel creation option and much more!
Request a demo