Last week I had the pleasure of hosting a panel discussion with some of Australia’s top marketing experts from the region’s largest financial services firms.
The panel was led by Merkle Australia’s Blair Cooke, with additional participation from Jessica Lucas at Citi, Jane Merrick at REST, and Lea Wright at MLC. The group spoke about the common challenges faced by financial services marketers, including engaging customers, evolving from campaigns to customer journeys, and making predictions about the future role of email in the financial industry.
Below are some key highlights from the webinar’s panelists:
- Email remains the best performing channel for ROI. This is partly because it’s so well-used by a broad range of demographics. In the financial services sector, email not only supports acquisition activity, it’s also an essential communication channel for managing, retaining, and growing customers.
- As Lea noted, in addition to the fundamentals, there’s one more thing email marketers should do before hitting send. It’s what she calls the “warm up, tune up approach.” In other words, you can’t just send blanket communications to your recipients and expect them to respond. Instead, it’s critical to first build trust with your customers and whoever else will be receiving your email communications.
- When asked why some marketers continue to resort to the “batch and blast” approach when we know it’s not an effective strategy, Jess said there can be pressure to achieve short-term wins and a tendency to prioritise “just getting things out” as a result. She outlined a helpful strategy to create a two-speed program so marketers can achieve both the necessary reactionary communications as well as longer-term, value-adding communications.
- Bringing relevancy to customer communications can be difficult for financial services marketers. With, at times, less-than-exciting content, the agenda is often driven by the organisation and not the customer. Jane and Jess both offered helpful tips on how to turn campaigns into journeys for customers through engaging content and trigger-based communications.
- Lea and Jane offered valuable lessons for financial services marketers from the last six months, including the types of messages marketers should not be sending and what customers are becoming less forgiving of.
What role will email play in the next five to 10 years and what other technologies will we see more of in financial services marketing? You’ll have to watch the webinar to find out!
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