The Delivery of BAI's #RetailDelivery
OCTOBER 21, 2011:
Judy Super, Business Development Representative
Social Media Guest Blogger Marketing Strategy Mobile
It's been a week since I returned from BAI's Retail Delivery Conference in Chicago and since returning, I've been busy continuing many of the conversations that developed while I was there. Retail Delivery is always a great show that puts the spotlight on hot technology topics for banking and credit union marketers. As mentioned on our PriorityResults Twitter handle, the buzz seemed to be about social media, customer/member engagement and might I add, mobile.
I was excited to hear a shift in conversations about social media - from "simply" implementing the channel for customer service to using it as a listening platform. Social media still makes great sense for customer service, but it's great to hear that FIs are continuing to evolve the benefits that social media can bring to their organizations. Many banks, including Zions as mentioned below, are using social media to conduct research and better understand their customers. We also had the pleasure of hearing from the eloquent Randi Zuckerberg (former director of marketing for Facebook and sister of Facebook co-founder and CEO Mark Zuckerberg) who urged FIs to remember that those engaged in social media channels are often your best pool of potential advocates.
Here is a selection of the #retaildelivery Twitter chatter about social media:
kbalic: Zions Bank uses social media to understand customers better than traditional channels, offer advice #BAI #retaildelivery #SAS
dalka: "People that complain on social media are an inch a way from loving you (if you act)." per @randizuckerberg #bai #retaildelivery
This topic has been trending hot for some time now and it won't cool down anytime soon. The most recent Nielsen data from July 2011 shows that forty percent of U.S. mobile consumers over 18 are now using Smartphones over traditional 'feature phones.' Banks and credit unions of all sizes are looking for ways to adopt mobile strategies - from engaging customers/members with mobile optimized sites to full-fledged mobile banking apps.
Here is a selection of the #retaildelivery Twitter chatter about mobile:
bai_info: "Who does the head of mobile banking report to? The CEO? Probably not. But I'll bet the head of branches does." #retaildelivery
cumagazine: FIs have habituated consumers to free. To charge for mobile svs, they must offer value-adds, Wells Fargo’s Peter Ho tells #retaildelivery
bai_info: Whose mobile wallet? Participate in all of them, says Chu from Citi. Ultimately customers will decide. #retaildelivery
bstetenfeld: For gen Y, mobile is not an alternative delivery channel, it's their primary delivery channel. #retaildelivery
I saved this one for last because much of the focus on engagement had to do with social media and mobile. Customers and members are looking to engage with their FIs via their preferred channels. Unfortunately, preferred channels are different for everyone, which is why we always suggest a fully integrated marketing strategy - and today that means including social media and mobile because that is increasingly the best way to reach a good portion of your customers or members.
While much of the discussion about engagement had to do with channels, a lot of it also had to do with FIs and their utilization of data. Marketing has become more data-driven and that revolution continues not only because more data is available, but also because customers are becoming more comfortable with having data targeted to them.
Here is a selection of the #retaildelivery Twitter chatter about engaging customers/members:
anncave: Gen Y customers have 4 bank products - Gen X has 7 - target Gen Y for cross-sell now - Brad Strothkamp at #retaildelivery
bstetenfeld: Focus on engagement rather than eyeballs; you want the "right" likes & the "right" followers. @randizuckerberg #retaildelivery
cuchatup: Consumers want financial info anywhere anytime b/c w/mobile they can. FIs must be prepared for increase level of engagement#retaildelivery
bai_info: About 30% of customers are open to banks using their data to target offers (Knapp from @Fiserv) #retaildelivery
kbalic: #SAS Jim Davis says banks need to innovate & optimize by better understanding customers through faster analytics #BAI #retaildelivery
If you ever get the chance to attend, I think BAI's Retail Delivery is quite the place to consider your retail delivery strategy. Plus, their amazing list of keynote speakers never fails to inspire. This year was no exception with Bill Clinton at the helm. To read more of the commentary from across the Web, check out the Topsy.com archive for #retaildelivery.
In the meantime, best wishes for a great end to 2011 and good luck with your 2012 planning!
This blog post was originally published on the Priority Blog at priorityresults.com/blog. Priority Integrated Marketing is now BlueSpire Strategic Marketing.