Social Capital
Hey, big spender! Wanna spend some time with me…online? More and more, financial services marketers are using viral video and other social networking media to connect with consumers. Direct recently talked with Michelle Bottomley, Ogilvy New York’s chief operating officer, to get her take on how these tools can work as part of an integrated financial marketing campaign.
DIRECT: What are the biggest trends in financial services direct marketing?
BOTTOMLEY: Everyone’s trying to figure out how to integrate messages with the right mix of channels. And what’s wonderful is that increasingly, the customer is at the center of that [process]. The focus is shifting away from specific products, functions and benefits to really building a relationship with consumers, right along the purchase cycle from the [beginning. Financial services DMers] are starting to position the brand there and engage these consumers, from consideration to buying and finally advocating the brand to others.
DIRECT: Because it’s so easy to access financial information online, are consumers now more fiscally savvy — and perhaps more challenging to reach?
BOTTOMLEY: Consumers are going to very interesting places to get their information. It’s amazing how so many of them are going to YouTube and not the obvious places like blogs to understand products. The Internet has given consumers the opportunity to network with each other and better understand products through others’ eyes. That said, there aren’t a lot of marketers that have shifted gears to provide the tools people need or [an opportunity] for the customer to participate in that process.
DIRECT: Are financial services marketers investing in social media?
BOTTOMLEY: Yes. With one of our financial services clients, we’ve actually created networks of influencers who play a role in advocating the brand. And with another client, we have an online community of more than 1,000 people who regularly provide feedback on everything from products to customer experiences to advertising. That allows us to refine communications pretty quickly, and see our messages resonate in the marketplace with the people who matter most.
DIRECT: Is direct mail still a big aspect of financial marketing?
BOTTOMLEY: It’s still a major part of our clients’ budgets. It’s the workhorse and it always will be. We’re starting to see greater channel integration, connecting direct mail with specific landing pages or with call centers. We did that with one financial services client on an ongoing basis and there was a lift in direct mail response, because we were able to get the right decision-maker on the phone. And the call center experience was very much about a warm and consultative sell. It wasn’t so much about the product but how the product meets a bigger need. There’s also a big push toward segmented communications and speaking directly to a vertical segment either in B-to-B or B-to-C, about what their needs are and what messages resonate with them. And we’re doing a lot more trigger-based work, reacting to an interaction in a call center, and driving people to the next stage of the purchase process.
DIRECT: What about e-mail? Is that being used heavily in this space?
BOTTOMLEY: Yes. It’s becoming more segmented than ever before, and more relevant. We’re doing things like heat mapping to see where people are looking on the e-mail itself to make it more effective. We’re also serving up video in e-mail — video can tell the brand story through the voice of customers who are loyal to the brand. It helps consumers get to a place where they can participate. We’re also putting a “chat with agent” button in the e-mail. That’s been really important for driving up response. E-mail is getting a lot more multichannel. And mobile is right there with you all the time, so it’s a good way to reach people as they’re thinking about certain [purchases]. For example, if you’re a consumer looking to buy a house, you can see what the mortgage rates are, or calculate a purchase price you can afford. It helps start the relationship with a bank.
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For more articles on integration, go to http://directmag.com/disciplines/integration/.
