Key Trends That Will Drive Marketing as Customer Preferences Change
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Transcript of Key Trends That Will Drive Marketing as Customer Preferences Change
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Agenda
• The Big Trend• Understand customer needs• Strategize• Launch! Refine. Repeat.• Key learnings
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The Big Trend - Smartphones
Source: comScore
Mill
ion
US
Sub
scrib
ers
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Adoption growing faster than any other innovation
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Implications
• Google reports that over 18% of searches on Black Friday were via smartphone
• Over 20% of email is read on a smartphone today
• A Visa study found the smartphone most inseparable device – ahead of wallet and keys
• Pizza Hut expects half of their orders to come from mobile in just a few years
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Understand YOUR customers
• Look at industry research• Talk directly to your target customers• Primary research• Look at third party reviews for
competitor/category apps
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Example industry research
7
Mill
ion
US
Sub
scrib
ers
Source: Forrester’s North American Technographics Payments and Products Survey, Q4 2009
Smartphone owners are 5x more likely to use Mobile Banking
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Understand specific needs
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Reviews provide rich insight
Specifics will vary by category and goals
• “App is great for checking accounts and moving money around.”
• “App needs billpay”• “App doesn’t work on sprint EVO”
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Strategize
• Must build your strategy based on your specific context, customer needs, and overall value proposition
• Common principles for success– Consider all sub-channels of mobile– Leverage experts– Get executive alignment/buy-in– Use pilots/prototypes
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Our Mobile Strategy
• Focus on smartphone apps but support SMS/Mobile Web
• Move FAST• Give customers real value• Ongoing refinement • Pilots / test & learn
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Focus on Smartphones
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We emphasize apps… for now
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Android & iOS are like Coke & Pepsi – but which is which?
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Give customers real value
• Potential value drivers for features:– Access– Information– Service– Selection– Unique phone features (GPS, camera, etc.)
• Understand how customers may be using third party mobile (ie Yelp, Foursquare)
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We provide value
• Access = transact from anywhere
• Information = see what’s happening on accounts
• Service = cheaper than IVR• Unique capabilities =
– Location finder with GPS– Mobile Deposit with camera– More to come!
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Examples of unique value
• Camera – Mobile Deposit
• GPS – nRange Golf GPS
Full Disclosure: I have an investment in the publisher of nRange Golf GPS
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Move Fast, Iterate
• Selected partner with cloud-based delivery• Deployed first app in 82 days!• Ongoing releases based on customer
feedback
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Use pilots/prototypes
• Each release follows these steps:– Beta testing = small/refinement– Employee pilot = next step, further refinement– Customer launch
• Collect feedback and refine at each stage
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Test multiple approaches
Example: Common promotion creative tested on two networks
Network 1 Network 2
Click Through
2.7% 0.3%
CPM $29.8 $3.5
Cost per conversion
$153 $146
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Understand your customers usage and profile
Attribute Mobile vs Overall Index
Rev/HH 118
Dep Bal/HH 78
Loan Pen 143
Billpay 235
Avg Tenure 80
Avg Age 62
Target Mkt 103
Avg overall = 100
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Mobile exceeds expectations
1st year goal
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Experiment with new methods
• iPad Content trials
• Local Cash Rewards
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Mobile for lead generation
• Mobile account openings
• Click to call
• Advanced engagement
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Key Lessons Learned
• If you haven’t started yet, start experimenting!
• Pay attention to your customer needs• Test, learn, refine• Share and learn from best practices• It will be a fast ride!