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How Behavioral Marketing Strategy is Helping Bankers
Behavioral marketing platforms enable banks to access users' real-time behaviors to identify key trends and customer interactions through responsive digital marketing.
FERMONT, CA: Consumer banks today emphasize on behavioral targeting, automation, and consumer travel management to remain ahead of the curve. Research says 55 percent of banks plan to increase their customization investment, and the banking industry as a whole recognizes their need for more targeted, customized marketing tactics. Instead of following the idea of one-size-fits-all, providing consumers with individualized messages would help customers feel appreciated and build trust. See what marketing actions can add to the banks of customers.
Banking has a wealth of data at its fingertips, more than any other sector. It will, therefore, be more straightforward for the banking industry to build a better customer experience than any other. The challenge is to have access to real-time data to deliver responsive and personalized customer interactions that facilitate and convenient business. The effect is more targeted marketing, revenues, and new cross-selling and upselling opportunities. Behavioral marketing has all customer data in one place, both static and real-time. This enables banks to respond to immediate opportunities based on actions taken by the prospect or customer. For example, if someone visits a bank website, engages with specific content, or starts filling out a form but fails to complete it, banks can re-engage the person with a web pop-up or email trigger and assist in completing the task.
Banks will also be able to help customers to educate customers on the subject they were originally researching by sending drips that have nurtured content. The best part is that behavioral marketing takes into consideration every behavioral change. If the responsive triggers of the bank do their job, customers should stop receiving drips automatically and receive relevant content based on their most recent experience with the bank.
With the prevailing "culture of busyness" among consumer communities, all brands need to embrace behavioral marketing strategies— and consumer banks are no exception. Behavioral marketing makes it easier for banks to live with distracted customers at the forefront of their minds.
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