How consumers really feel about digital comms, how can financial brands maximise digital channels? 16-Jan-2014
Although consumers are digitally comfortable in their daily lives and research and purchase products on-line, how they actually respond to digital approaches from a company varies upon:
- The device they are using
- Who sent the communication
- Perceived relevance of the message
Consumers feel that they are bombarded with a significant amount of digital communications from e-mail and social media. the device uses significantly impacts on how effectively marketing communications are accepted. The following food analogy demonstrates this:
- Mobile phone users 'graze', they constantly dip into information but the attention given to any individual message is relatively low and easily forgotten
- Tablet users are like 'snacking', they pay more attention to the information received or sought, but screen size limits what can be achieved
- Desk top / Laptop users sit down to 'eat' at their device, giving time and attention to the tasks at hand
Given the above device behaviours, it is particularly difficult for financial service organisations to complete with more interesting and desirable messages, meaning that all communications need to be relevant and provide 'me' the consumer with a tangible and direct benefit.
There is a need to ensure that consumers sit and 'eat' when considering financial matters and engage beyond fulfilling specific tasks e.g. logging in purely for transactional functionality.
The level of e-mail communications from financial providers is extremely low compared to most other sectors. Consumers are accepting of this channel from their own providers, however it is vital to be aware many are naturally weary of e-mails, even from their own bank, due to fraud concerns. It is important to recognise this and be clear with customers regarding communications channels used, providing reassurance within the e-mails regarding their credibility. consumers quickly categorise the relevance of digital communications, it is therefore imperative to get your digital strategy right as early as possible in the customer relationship, before they become conditioned to ignore the messages.
Social media isn't currently a natural environment for personal finances, it is of far greater importance to integrate digital with other more traditional channels, to facilitate a seamless customer journey as chosen by the consumer.
An article focusing on 'Why financial services is in a category of its own when it comes to social media...', using insight from our syndicate, was published in Argent,
The Financial Services Forum Magazine.
For more information and access to the insight from this Digital Syndicate please contact Sue Diamond
on 01423 881788 or click here
to find out more detail about how we conducted this research