Here are two things we learned from the BAI Retail Delivery conference a couple weeks ago…
Bankers love and use mobile tech & social media - but they still market like it’s 1999.
The keynote speaker, Gary Vaynerchuk (AKA Gary Vee), likes wine, marketing, and innovation, and he thinks bankers are living duplicitous lives! OK, he didn’t say it exactly like that, but when he asked the audience (which he not unkindly called “old school banker types”) if they used Facebook, TiVo, and mobile tech, they gleefully raised their hands in admission. Then he asked why, if they not-so-secretly love social media and the latest mobile innovations, are they spending their marketing dollars like it’s 1999? They’re still buying dull TV commercials, lackluster print ads, side-of-the-bus posters, and run-of-the-mill billboards. Why are they still doing this when even the bankers themselves admit that they mostly ignore untargeted ads like these!?
Gary Vee beseeched the crowd to reallocate their marketing budgets and focus on channels (social media, mobile, etc.) that their audience and they themselves actually use and that are far better at targeting the right users at the right time and place. Gary also said that bankers need to stop using the excuse of “We’re regulated” to hinder their innovative ideas (actually, Gary spouted a few choice curse words that you’d appreciate had you been there, but we will omit them here because we know you’re reading this at work where one should not swear like a drunken sailor).
So what about you and your financial institution: Are you still spending like it’s 1999?
Bankers often focus on Millennials, but “Senior Surfers” want mobile innovation too!
To riff on the mobile theme, Jim Marous from The Financial Brand provided some fascinating demographic stats to the BAI crowd that showed that digital consumers are not just those mobile, mindful Millennials. Say what?! Data actually shows that 63% of Baby Boomers research financial services online and 68% want customization in their online experience. Jim called them “Senior Surfers,” and said that they are actually the fastest growing segment of the online community.
We must take this opportunity to say just one thing related to Larky: seniors love discounts. Nuff said.
Wondering about mobile discount platforms? Pick our brains!
So it seems that everyone wants mobile technology, and they’re more likely to respond to banks that use it – for banking and for marketing! If your financial institution is wondering how to get out of the prehistoric marketing rut, we have some ideas for how to increase loyalty, wallet share, and top-of-wallet thinking with your audience. Just send us an email or give us a call (734-531-8489).