If you follow marketing trends, then you know convenience and personalization are crucial elements of customer engagement today. This is especially relevant in today’s banking arena.
Take a minute and assess your communication strategies. Do you prioritize personalization or do you automatically go straight to a blanket message to your customers and members? If you’re not prioritizing personalization, you’re most likely losing your audience before they even arrive.
Personalization in 2020 doesn’t just mean slapping a customer name at the top of an email or letter and calling it a day. It means taking a deep dive into how your members think and act. It’s more than just analytics, too. Things such as personality traits, preferences, mindsets, and expectations are important to understand in order to craft relevant messages that matter to your audience.
Knowing your customers or members well will allow you to deliver personalized messages and offers that are based on their priorities. Personalization also cuts back on information overload and makes engagement easier for your customer or member.
How can personalizing messages to targeted audiences pay off? Well, for example, if you know your older customers attach importance to the annual percentage rates of credit cards, and your younger customers are concerned about the rewards associated with the cards, you can craft two different messages catered to each target audience. By showing them the information they care about, you’ll likely see higher credit-card conversion rates.
In a world where everyone is bombarded by offers and messages across all channels, you will stand out by specifically tailoring your communication to customers’ specific needs or priorities. Most importantly, by showing your customers and members you know them and understand them, you’ll build trust and loyalty, which is perhaps the most important currency a financial institution can have.