To move from the ‘mad men’ era of mass advertising to the digital era of personalized, real-time engagement, the banking industry needs not more marketing, but better marketing. This requires addressing the needs of increasingly distrustful consumers, while finding powerful and successful ways to engage with them on their terms. Now there’s a book to help with this transition.
By Jim Marous, Co-Publisher of The Financial Brand and Owner/Publisher of the Digital Banking Report Today, the marketing function as well as the entire financial services industry overall, is in a stage of transformation – impacted by the confluence of new marketing channels, new technologies, and new skill sets required to succeed. At a time when traditional marketing methods are being challenged, so are the expectations of the marketing department in traditional and challenger banking organizations.
The status quo is no longer acceptable. Marketing departments, and the people who perform the marketing function within banks, credit unions and fintech firms, must embrace these changes and find ways to differentiate themselves and their organizations in the marketplace.
Two industry veterans, Anthony Thomson who co-founded and chaired the new-age Metro Bank and the digital-first Atom Bank, along with Lucian Camp, a 30-year financial services marketing specialist, have teamed up to create a tremendous 13-point manifesto for a new financial services marketing model. Their new book, No Small Change, is a well written how-to guide that makes the case that the fast-changing financial services world urgently needs to rethink the entire approach to marketing.They define the key aspects of this approach, including: The future of financial services marketing is all about successfully identifying consumers’ real needs, and finding the best channel, timing and message to create interest, initiate a sale and build a foundation for engagement.
In this book, Thomson and Camp detail the forces of change that demand a new approach, and then discuss 13 components of the new approach to bank marketing. The authors look at the challenges of consumer trust, the importance of big data and advanced analytics, and even the challenges and opportunities of corporate culture. What is interesting about this book is that the authors do not shy away from the ‘elephant in the room,’ as it relates to the deficiencies of past marketing practices that are holding veteran financial marketers back. Read more from thefinancialbrand.com…
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