Level the Playing Field

Transcription

1 Level the Playing Field When Resources are Tight Chris Warwick VP Consumer Marketing, Kasasa

2 The Challenges We Face Community Banks 1 Measuring Performance 6 Resources 2 Data Analytics 7 Too Many Initiatives 3 Budget 8 Silos 4 Marketing Automation 9 Digital Marketing Strategy 5 Risk Averse 10 Compliance

3 The Challenges We Face Community Banks 1 Measuring Performance 6 Resources 2 Data Analytics 7 Too Many Initiatives 3 Budget 8 Silos 4 Marketing Automation 9 Digital Marketing Strategy 5 Risk Averse 10 Compliance

4 Our Focus Today How to make the most of limited resources and sort through the list of priorities Making smart choices about digital marketing Marketing strategies that will help you do more with less How to stretch your marketing budget and understand your true ROI

5 My role by the numbers.. 8 products 12 employees 15 marketing channels 25+ marketing technologies 200 financial institutions serviced 1000 things we want to do

6 Limited Resources

7 Make the Most of the Resources You Have Establish priorities and goals Cross-train your team Learn new things Leverage technology Buy versus build

8 Too Many Initiatives Mobile Banking Millennials More Loans Customer Experience Grow Deposits Increase Retention

9 The Average Community Bank has 50+ Products Adjustable Rate Mortgage Affordable First Time Home Buying Program Auto Loan Basic Checking Bill Pay Certificates Of Deposit Certified Checks Check Reorder Classic Checking Commercial Checking Debit Mastercard/AT M Card estatements Fixed Rate Mortgage Health Savings Account Home Construction Mortgage Home Equity Loan/LOC Individual Retirement Accounts Kasasa Cash Kasasa Loans Kasasa Saver Merchant Mobile Banking MyChecking Night Depository Service Non-Profit Checking Notary Public and Signature Guarantee Online Banking Overdraft Payroll Processing Personal Money Orders / Treasurer s Checks Relationship Plus Checking Remote Deposit Capture Retiree Checking Safe Deposit Boxes Small Business Checking Student Checking Student Plus Checking Telephone Banking U.S. Savings Bond Unsecured Loan

10 The Average FinTech Competitor Has 2

11 if you try to be everything to everyone, you ll be nothing to no one

12 Tough Conversations What is the overall strategy Biggest impacts to the business Impact versus level of effort Something s has to give.

13 Let s Talk Marketing

14 Marketing Has Become Increasingly Complex <1990 TV Radio Display Print Direct Mail Telephone Early 1990s IM Website Search Online Display TV Radio Display Print Direct Mail Telephone Late 1990s Paid Search Landing Pages Microsites Online Video Webinars Affiliate Marketing IM Website Search Online Display TV Radio Display Print Direct Mail Telephone 2000s Mobile SMS / MMS PURLs Blogs RSS Feeds Podcasts Wikis Social Networks Mobile Web Paid Search Landing Pages Microsites Online Video Webinars Affiliate Marketing IM Website Search Online Display TV Radio Display Print Direct Mail Telephone 2010 Addressable Voice IR, NFC Virtual Worlds Widgets Twitter Facebook Mobile SMS / MMS PURLs Blogs RSS Feeds Podcasts Wikis Social Networks Mobile Web Paid Search Landing Pages Microsites Online Video Webinars Affiliate Marketing IM Website Search Online Display TV Radio Display Print Direct Mail Telephone Today Alexa Google Home Mixed Reality AR / VR SnapChat Instagram Pinterest Beacons WhatsApp Native Ads Geo-Location Programmatic Widgets Twitter Facebook Messages, SMS / MMS PURLs Blogs Product Feeds Podcasts Wikis Mobile Web Paid Search Landing Pages Hubs & Portals Online Video Webinars Affiliate Marketing IM Website Search Online Display TV Radio Display Print Direct Mail Telephone

15 NEW CONSUMER CHALLENGES Consumer Personalization Multi-Channel Data-Driven Engagement

16 Todays Marketers Must Wear Many Hats Data Data Access Consumer Understanding Predictive Modeling & Insight Targeted Automated Programs Tech Constant Engagement Constant Testing & Optimization Multi-Channel Creative

17 Cross Channel Engagement OOH / Event Direct Mail - Prospect Digital Display Prospect SMS / MMS PPC Social Online / Mobile Cross- Sell Direct Mail Cross- Sell Referral Programs Member Promotion Loyalty Marketing TV PR Owned Web Remote Promotion Product Enhancement Social Pandora In Branch

18 Conversations. Not Campaigns.

19 Explosion in Technology ~350 in 2012 ~5,000 in 2017

20 KASASA Technology stack Data & Segmentation Creative & Content Distributed Marketing Analytics Data Infrastructure INSIGHT Data Infrastructure

21 lcome to the Age of the Consum

22 Do You Need a Digital Marketing Strategy?

23 87% of consumers use more than one device at a time. Accenture Digital Video and Connected Consumer

24 Generation Entertainment

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26 THE NEW DIGITAL STANDARD 62% 62% believe websites will know what you are looking for before you tell them 41% say they would stop visiting a website if it did not anticipate what they need, liked, or wanted 51% believe websites will become more human in experience by exhibiting emotions when you visit and interact with them 58% believe all websites will talk to each other, and present a personalized experience

27 Your Digital Experience Matters. A lot. Consumers have high expectations If your website looks old, so are you Brands must create a digital presence in order to survive Let s look at what s happening in this space...

28 GLOBAL FINTECH INVESTMENT $25B $17B 12 $8B $0B $8B * Source: CB Insights, amounts in U.S. dollars with only disclosed rounds of funding included in totals

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35 Driving Marketing Success When Resources are Tight 1 Targeting/Segmentation 2 3 Multi-channel Marketing Cohesive Message & Creative 4 Ongoing Conversations 5 Data Analytics & Measurable ROI

36 Targeting and Data Collection 2 Types Current Member - Contact/Demo - Membership info - Payment and balance - Product ownership - Product Usage Potential Member - Contact Info - Demographic - Psychographic - Segmentation - Product expectations - Proximity to branch

37 Lifecycle Marketing

38 Performa nce Marketing

39 Auto -pay 3.2% APR $8K 1 Auto Loan Likelihood to take credit card Likelihood to open Savings 1 Share Draft No DDA Yes OLB $234 $56K 27 years old Member 5 yrs City rents Marcos Current Service Relationships

40 $4K Likelihood to take credit card Likelihood to open Share Draft 4.5% APR 1 Auto Loan 27 years old $72K City rents Kim Potential Member

41 Advanced targeting and segmentation SATELLITE CITY MAINSTREAM FAMILIES YOUNG ACHIEVING SATELLITES EXPANDED ACCUMULATING FAMILIES GENTRIFIED FAMILIES SUPER SUBURBANS MAIN STREET STRIVER CLASSIC CAUTIOUS MATURES MIDDLE AMERICA FAMILIES AFFLUENT SUBURBAN GRAYS SINGLE STRIVERS MAIN STREET FAMILIES USA COUNTRY COMFORTABLE COUPLES

42 Targeting Makes a Difference Compare the results of 4 FIs. Two with good targeting and two without, but using the same creative for the same product. Used targeting & segmentation Target consumers New consumers Total accounts $550 million FI 9, $500 million FI 8, NO Targeting $300 million FI 9, $350 million FI 9,

43 Multi-channel Marketing: One List, Multiple Conversations Your best consumer targets identified across multiple channels: mailing address, address, digital footprint Ongoing Conversations Greater marketing efficiency Improved ROAS return on ad spend

44 Multi-channel Performance Test: Direct Mail + + Social Group A Group B D 1 D 30 D 1 D 30 Two financial institutions: Michigan & Pennsylvania Group A received 2 direct mail efforts D 15 D 45 Group B received 2 efforts of direct mail + 2 s + ongoing Facebook impressions D 1 D 60

45 Ongoing Conversations: & Direct Mail D 1 D 21 D 42 D 63 D 84 D 15 D 45 D 75 Always on conversations drive ongoing engagement and conversions over time

46 Connect & Direct Mail Month 1-6 of ongoing conversation... Results Industry Standard for Direct Mail is 0.45%

47 Multi-Channel Creative

48 Measuring Performance Percentage of targets who have converted over time Conversations Total Prospects

49 Budget Marketing budget should be tied to goals Inputs: example: 200 new checking accounts in 6 months Known CPA historical conversion rates time to convert most effective combination of channels Test and Learn Track key performance metrics Track conversions online in branch

50 Thank you!