Getting personal with most valuable customers

14 May 2009

It’s encouraging to read that financial service providers are applying an understanding of their customers to create more relevant and personal engagement online (Vertical Focus, nma 30 April 2009). But what’s more interesting is combining this personal approach with an understanding of customer value and risk, so investment and innovation in digital marketing is aligned with those customers who have the potential to deliver solid value to the brand in the long term.

A growing number of financial service brands have been quick to recognise that the more targeted, relevant and timely approach digital can deliver (when combined with a keen understanding of customers through their real-time behaviour and from what’s already known about them offline) can help to focus investment by engaging with those customers who demonstrate the greatest value to them.

The recession and fallout from last year’s financial crisis has put increased emphasis on elevating risk factors to the marketing process, helping brands to determine upfront which consumers to make efforts to engage with. With the right processes and technology behind it, such risk factors can be embedded across a huge range of digital and traditional marketing activity at an individual level, even reinvigorating channels that have become less popular due to the switch in focus.

There’s still a way to go before financial service brands use all of the opportunities data, digital and direct marketing can deliver. But by combining factors like value, risk analysis and customer understanding, they can be at the vanguard of this new level of personalisation, relevance and engagement.

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