Miss out on multi-channel and miss out on a great deal of opportunity
There is a lot of excitement over multi-channel marketing and customer communications these days, and here’s why: Over 750 million users use Facebook every single day. Over 6,000 “tweets” are issued every second. And nearly 20% of all web traffic comes through mobile phone. Clearly, the days of communicating with customers, clients and members via snail mail are coming to an end, so the question becomes: what are you doing about it?
Multiple Reasons for Multi-Channel
Financial institutions that continue to use old school print and mail to communicate with customers will find it increasingly difficult, if not impossible, to keep up with the competition. Studies show that 72% of consumers want only to interact with a brand via social media channels. 44% of email recipients made at least one purchase last year based on a promotional email. And as of January 2014, 58% of American adults have a smartphone — well over half check for messages even when they don’t notice their phone ringing. Bottom line: Miss out on multi-channel and miss out on a great deal of opportunity.
Consumers Expect Multi-Channel
Consumers have come to expect a multi-channel experience. We want more choices and wider flexibility in terms of how we receive information and interact. As a result, credit unions, banks and other financial institutions that continue to be paper-bound are increasingly regarded as behind the times, especially among millennial consumers — 66% of 18-24 year-olds are more loyal to companies they interact with through social media and online. The question becomes: Are you at risk of being left behind?
Multi-Channel Marketing Value
Multi-channel is more than simply a way to save on printing, paper and postage; it’s also a perfect match for personalized campaigns and marketing messages. Financial firms are finding great marketing value across multiple customer touch points (e.g., bills and statements as well as social media). Whereas cross-selling or up-selling was once a low-percentage proposition — junk mail and “stuffers” return well below 1% — multi-channel customers are 25 times more likely to engage in additional products and services. In short: Now is the time to engage customers with multi-channel marketing and communications.
Moving Forward with Multi-Channel
Are you ready to move forward? Financial institutions often struggle with multi-channel message consistency due to internal processes and systems that are not in sync. Select solutions that bring both the technology and the strategy together in a ways that will be successful. There should be no guesswork regarding what communications were sent, opened or interacted with so you can direct your efforts in ways that maximize your return — and your customer’s overall experience. Look for a single source approach to multi-channel communications and campaigns that will help you gain immediate as well as long-term business results.