Winning the Hearts and Minds of Your Consumers

May 17, 2016: John Phillips, VP, Client Solutions - Financial Services

Financial services institutions need to change the conversation with consumers—and be more in their hearts and minds and less in their pockets. In this short clip, Bluespire CEO Mike Beckerman and MECLABS Institute Founder Flint McGlaughlin discuss the importance of truly uncovering the consumer journey.

 

“Winning hearts and minds” is a mantra that takes me back to my days managing ecommerce and catalog marketing at the U.S. Olympic Committee leading to Salt Lake in 2002. On the heels of 9/11, patriotism was at an all-time high and what better way to show national spirit by sporting Team USA head to toe. It was a no brainer.

By no means would I ever seek to exploit a traumatic event for monetary gain. But our understanding of human behaviors, attitudes and daily journeys can reveal opportunities to create better experiences and services that enable consumers to connect with on a deeper, more personal level.

So what does this have to do with financial services? Well, everything. It starts with observations and the development of an understanding of individuals or the cohort which demonstrates similar characteristics in demographics, psychographics and preferences guided by digital fingerprinting (including consumption patterns on and offline).

While these observations are inputs into a predictive model that informs propensity to engage and transact, our understanding of the consumer must be dynamic as the last interaction is always the most important influence in a personalized journey.

Where do we start? Don’t get me wrong, having clearly defined success metrics is critical. But those metrics are not the journey. We should start in the consumer’s shoes and crawl, walk, run and in some cases sprint with them at their preferred pace through daily life and major financial decisions (i.e., buying a car, going to college, getting a job, getting married, buying a home, having children and planning for retirement). These are only a handful of the many micro-moments that can influence decisions and future directions of consumer journeys.

Brands that are present, relevant and provide integrated time saving solutions leading through these micro-moments will win the hearts and minds of consumers and a greater share of their wallets in the process.
 2 Comments
Current rating: 5 (1 ratings)

  • June 27, 2016 | subramanian
    Interested
  • June 25, 2016 | U K VASANTRAO UDUPI
    sir i am interest digital mazine please send this adress u k vasantrao udupi ceo ambalapapdy souharda co op ltd krishna complex post ambalapady pin576103 udupi dt karnatak state india
Speak up!
 Security code
Share this post