The Covid-19 pandemic has profoundly altered consumers’ needs. Specifically, customers who once settled for basic customer service now crave brands that make them feel valued, safe, and happier. Adjusting omnichannel marketing strategies to adapt to changing needs is always important, and now it is essential for building brand preference and loyalty. Companies that instinctively pivot to “now” are thriving.
As recently featured in MarketingTech, Why it's time to tailor your omnichannel marketing strategy to fit the now, written by Bruce McMeekin, Founder and CEO of BKM Marketing, highlights four ways in which marketers can update their omnichannel strategy to meet the ever-changing needs of consumers.
“Since March 2020, checking account sales in the U.S. are down 200%, according to Raddon. Credit usage has also been displaced by debit card usage, which increased by 8.6%, according to the Federal Reserve. Bank marketers need to react to that sea change. What behavioral insights can we draw from this data?”
Topics: Bank Marketing, Direct Marketing, Marketing For Banks, Financial Marketing, Bank Merger, Bank Communications, Marketing Strategies, Strategic Marketing, Digital Marketing Agency, Small Business Marketing, Marketing For Financial Services
Year-over-year many bank marketers are asked to do more, and to produce greater results than the prior year, but with the same budget.
As we move into a new year, many marketers are hopeful about bouncing back from the challenges of 2020. Now is the time to expand your marketing strategy with tips and tools to best position your campaigns for success.
With BKM Marketing’s new eBook, Augmenting Digital Marketing with Direct Mail, 6 Tips to Boost Response Rates in 2021, you’ll learn how to do just that.
This eBook gives insight into understanding your audience, breaks down the top drivers of success for ROI-focused campaigns, outlines where direct mail can be most effective, and introduces ways to integrate digital strategy with direct mail.
Multichannel, multi-touch marketing continues to be a critical communication strategy. In 2020, this is not a new concept, but we still see brands struggling to implement this approach in a connected way, especially when marketing teams and/or databases are siloed by channel. It’s still common to see a team dedicated to email, a team to direct mail, at team to digital, and so on. However, even if this is the case there are ways to still implement a multichannel, multi-touch approach.
Put yourself in the consumer’s shoes or think about your own shopping/browsing behavior. In today’s digital world we’re on multiple devices and consume information via multiple channels at various times. Think about how often you’re on email, or opening a web browser, or checking Facebook or Instagram. Simultaneously we’re living in an offline world too – checking our mail, having conversations, shopping in a store and so on. At each of these points where we’re consuming information, we’re also ripe for seeing ads and offers.
As marketers we also need to acknowledge that most people don’t make a purchase decision based on seeing an ad once – generally speaking it takes 7-9 touches to create a sale, especially with larger B2C purchases and B2B decision making.
In our experience, we begin to see significant lifts in response when multichannel, multi-touch is implemented in 2+ channels in a highly targeted way. For example, when we added a targeted digital display buy to a direct mail campaign, along with a highly focused landing page we started to see lifts in sales from 21% - 44%. Read the full case study here to learn more about how our lawn care client increased sales with a multichannel, multi-touch approach.
The US banking industry has seen a relatively consistent consolidation rate of 5% over recent years. Prior to the pandemic hitting the industry beginning in March, analysts were touting positive financial indicators that this year could produce an even greater rate and size of merger combinations. Obviously, things have changed dramatically across the industry but the underlying core need for more competitive institutions with more developed digital capabilities and a greater connection to consumer and business needs has arguably never been greater.
For the last three months the BKM Marketing team has been working remotely, just as much of the country has. As Massachusetts prepares to enter phase two of reopening, we too are getting ready to slowly return to the office at our individual discretion. The truth is, today’s technology and our small size has afforded us the ability to continue to conduct business in much of the same way we would as if we were together in the office.
The reality of addressing all of the moving parts needed to effectively communicate a pending bank merger can be daunting. The fact is that most banks don’t have the resources to dedicate to this “one-time project.”
BKM Marketing's Bank Merger Communications - Excelling Through Change is more than a how-to guide for navigating checklists of do’s and don’ts for merger communication.
This ebook is intended as a resource for bank executives to think strategically about how to effectively plan and execute high impact communications to an array of audiences using all of the key elements of the two bank brands – acquirer and acquired – and build a solid foundation for post-conversion alignment focusing around our Key Takeaways:
1. Focus on Employees
2. Build an Iterative Communication Plan and Manage to it
3. Understand Your Audiences and Focus on What They Need to Know
4. Think Beyond the Merger
5. Conduct a Formal Post Mortem