MODERN MARKETING TOOLS

Transcription

1 Learning Objectives: To understand the importance of modern marketing tools which can be used for making the marketing campaign more meaningful and for creating a viral effect. 1

2 17.1 Introduction The rise in digital technologies is transforming how bank marketers can reach, engage and deliver value to their customers. With a proliferation of media channels, financial marketers must understand these new digital tools and be in a position to implement digital strategies that add value to the marketing mix and integrate with already established marketing and business practices. Financial institutions have traditionally been slow to change, mostly due to the existing perspectives of how things should be done and the long time-scales required for their operations. This makes them rather conservative and unwilling to experiment with new and possibly unsafe technologies. 2

3 Some of the financial intermediaries have already embraced digital marketing which proves that not all financial service organizations are being held back. These modern marketers have their hands on with marketing technology to provide Return on Investment (ROI). They have a clear a plan & motivation to roll up their sleeves with relentless execution. ROI is based on IT and sales alignment and a significant amount of content to help generate leads, qualify leads, nurture leads and ultimately close leads. 3

4 17.2 What is Digital Marketing? The Wikipedia defines digital marketing as a type of marketing that uses electronic devices such as personal computers, smart phones, tablets, cell phones, and game consoles to engage with stake holders. Digital marketing applies technologies or platforms such as websites, e- mail, apps (classic and mobile) and social networks. The term digital marketing was first used in the 1990s, but became more sophisticated as an effective way to create a relationship with the consumer that has depth and relevance in the 2010s. 4

5 One should start with a digital plan comprising of digital strategy to link with SMART objectives and Key Performance Indicators to make sure you are on track for supporting a digital transformation. Digital marketing process starts with planning and undergoes a major transformation as illustrated in the following picture. 5

6 17.3 Types of Digital Marketing: (a) Pull Digital Marketing : The customer actively seeks the marketing content via web searches, opening an , text message or web feed websites, blogs and streaming medias. Consumers prefer special sales and product information than interesting information. (b) Push Digital marketing : The marketer sends a message without the recipient actively seeking the content, such as display advertising on the websites, blogs, , text messages and web feeds. The push and pull digital marketing can be used in conjunction e.g. an campaign can include a banner ad or link to a content download. 6

7 17.4 What is the difference between digital marketing and traditional marketing? A marketer uses traditional marketing tools such as radio, TV, print and bill board ads but these marketing channels have certain shortcoming in comparison to digital marketing. a. Traditional methods are expensive and suitable for those financial intermediaries who have substantial marketing budget. Digital marketing methods are comparatively less expensive. b. Traditional methods fail to provide instant feedback and reports about who saw or heard an ad, and took action. Data is collected long after the initial ad impression is made and the statistics collected may not be near to the real numbers. Digital marketing allows the organization to see how a campaign is performing in real time. It can provide all sorts of statistics like what is being viewed, how often it is viewed, how long it is viewed, what percent of viewers have converted into sales conversions etc. 7

8 17.5 Is Internet marketing and digital marketing the same? There is a close link between internet marketing and digital marketing but we cannot say that internet marketing and digital marketing are the same. Internet is a channel that is used for digital marketing and has already overtaken the television channel in the advertising market. Other channels include wireless text messaging, mobile instant messaging, mobile apps, podcasts, electronic bill boards, digital television, radio channels etc. Websites often use banner or pop-up ads. 8

9 There is a close link between internet marketing and digital marketing but we cannot say that internet marketing and digital marketing are the same. Internet is a channel that is used for digital marketing and has already overtaken the television channel in the advertising market. Other channels include wireless text messaging, mobile instant messaging, mobile apps, podcasts, electronic bill boards, digital television, radio channels etc. Websites often use banner or pop-up ads. 9

10 17.6 What is Social media marketing? Social Media (SM) involves a natural conversation between people about something(thoughts and experiences) of mutual interest through social electronic online channels. Social media is used effectively through participation and influence. The collective wisdom of the crowd decides about the acceptance and performance of any product or service which in turn influences the business goals and objectives. A community of supporters can help the company to build its business. Hence the marketer needs to use expert skills to influence the crowd on social media. In a world where a complaint from an annoyed customers can go viral in less than 24 hours, social media has to be taken seriously. 10

11 17.7 Mobile Marketing Mobile Marketing involves communicating with the consumer via cellular (or mobile) device, either to send a simple marketing message, to introduce them to a new audience participation-based campaign or to allow them to visit a mobile website. Mobile connectivity not only enables people to connect to the Internet via a cellular telephone, PDA or other gadget, but also consolidates the different communication channels in a simple, yet effective, medium. 11

12 Define your goals: What would you like to achieve, sales leads, newsletter signups. Research your market: Gain as much market understanding as possible to ensure that your approach is correct. Plot your presence: Decide what mediums to use (MMS, mobile website, Social Media), and how to cross-pollinate between them. Define your message: What tone and angle are you going to take to inspire your target audience to get involved? Create sharing opportunities: Create share points, and invite users to share your content or information between handsets or platforms easily. Feed your campaign: Fan the flames by releasing updates and encouraging renewed interest. Track, analyze and optimize: Mobile Marketing is great in that it allows for precision analysis and tracking, making campaign optimization an ongoing process. 12

13 17.8 Importance of integrated marketing communications The marketing theory that was established during the earlier formative years has been taken over by the complexities of real-time, multimodal, multidirectional digital communication. Integration has become an essential concept in marketing because of technological advances. Marketers should make sure that their brand is found ahead of competitors as customers will often make an online search before considering buying a product or service. Marketers should also ensure that the audience should have a positive and helpful experience. 13

14 Marketers should also study and analyze the use of visuals and their infusion in digital content to reach out to people and engage them to define their choices. Visual marketing enhances consumer buying behavior by increasing the factors of recall, memory and identity, enabling decision making. Visual marketing includes all visual cues like the logo, the signage, the sales tools, the vehicles, the uniforms and every other thing that meets the public eye. 14

15 Multimedia such as live casting and podcasting photos, video and file sharing can also spread the word about one s company and its financial services and help it to build a product as well as company brand awareness in a very unique and powerful way. This particular type of multimedia has the ability to go viral quickly. 15

16 Multimedia platforms are used for mass communications of marketing messages to the device of choice on demand. These tools can be used in conjunction with other multimedia tools to support the business, the marketing, the sales and promotion of various products and services. A beautiful case study on digital marketing is posted by digitalvidya.com by Mr. by Pradeep Chopra under the following link among-indian-banks-for-social-media-practice/ 16

17 What does the future hold? In the near future, policy-related data and reminders on renewals through Facebook messages are some endeavors insurers in India are actively working towards. Increased customer interaction on social media might even obliterate the need for customers to visit branch offices in the future. Things certainly seem to be looking up for insurers on the social media horizon in India. 17

18 With this we complete our session on chapter 17 MODERN MARKETING TOOLS Next we move to Chapter 18 Conclusions and the road ahead 18