Yet despite the rocketing path of mobile and app trends, financial institutions are lagging behind in their approach to mobile marketing and customer engagement.
While companies are spending big bucks on mobile marketing, much of that expense and effort is scatter-shot. The Interactive Advertising Bureau (IAB) says mobile advertising could exceed $15 billion in 2014, but most of those ads, discounts, and incentives are sent to consumers willy-nilly without concern for the location or preferences of each consumer.
At the IAB Mobile Marketplace Conference in April 2014, Lou Paskalis (SVP, Enterprise Marketing and Media at Bank of America) talked about the importance of mobile strategy AND location-based targeting. Paskalis said, “You can’t get to that consumer – and increasingly, that consumer can’t get to you [as a brand] – unless you go through their mobile device.”
Here’s where geomarketing can make a huge difference.
Geomarketing (or location-based advertising) relies on a consumer’s physical location and context, so smartphone users get a personalized and localized experience. Lou Paskalis eloquently said, “For mobile to “work” for brands and consumers, marketers need to offer something of value in a way that is transparent and allows for clear consumer control over the messages they receive. It all comes down to “adding value.” Location-based advertising and targeting represent obvious ways of providing more mutually beneficial relationships between [businesses] and consumers when it comes to mobile.”
What are three ways to add value to customer relationships using geomarketing?
- Provide welcome, relevant value. Connect with your customers/members in ways that don’t feel like you are intruding in their lives. Provide them with value as they go about their daily routines – in context, at the right time and place.
- Save them money and keep them informed. Create a bond with your customers/members by showing that you appreciate them (by sending discounts with your institution’s brand on them). Show them that you are looking out for their best interest by sending information about local discounts on products and services that might help them – e.g. car loan rates when they are at the car dealership.
- Show them that you are “more than just a financial institution.” When you “touch” your customers in context and with good, creative messaging, your brand will stand out from all of the other banks and credit unions.
Learn more how Larky can help your credit union or bank help you build mutually beneficial customer relationships. Ask for a free, no-obligation demo today.
Larky is a mobile loyalty platform branded for your financial institution that drives retention, acquisition, wallet share, and interchange revenue. To learn more, visit Larky.com or email us at firstname.lastname@example.org..