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A guide for banks: effective customer marketing campaigns

According to a recent survey by Asian Banker Research, 71% of top tier banks in Thailand and Indonesia cite customer campaign management as a key challenge. Why? They struggle to integrate customer preference and behavioural patterns. This results in campaigns that are done on a basic level with mass marketing and overselling to customers.

Regardless of the region, banks need to get campaign management right to keep customers happy without feeling spammed. So what’s the solution to an effective campaign? Banks need to create one-to-one personalisation for all customers across all channels. The easiest way to do this is through automation to establish a dialogue with the customer. With the right technology banks can quickly segment their customer base and understand the customer at the point of sale.

The path to success means putting the customer first by analysing their behaviour. It’s not just about offering up the product of the month, it’s about finding out who the customer is and how he or she prefers to interact with the bank. Banks also need to be able to make decisions off the back of these interactions and choose the appropriate follow up based on what is best for the client.

If financial institutions look at their customers differently, they’ll find that that their tactics will actually result in highly strategic and personalised campaign leading to long term profitability.

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Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 02 November, 2011, 16:24Be the first to give this comment the thumbs up 0 likes

Campaign / marketing at the level of the individual customer faces major privacy challenges. Besides, even with the best of technologies, we cannot rule out 'False Positives', which can tarnish a bank's reputation far more when it develops the reputation for carrying out personalized campaigning (as against mass marketing). At the same time, the present style of carpet-bombing campaigning cannot go on forever. I believe marketing at the level of customer segments, rather than individual customers, strikes the best balance between current technical feasibility, cost, reputation and privacy.