Banks Using Social Media to Track, Engage Anxious Customers

December 27, 2011

This article is included in these additional categories:

Analytics, Automated & MarTech | Brand Metrics | Data-driven | Financial Services | PR | Social Media

cmo-council-current-marketing-channels-for-branded-content-dec11.gif47% of bank marketers responding to a survey from the CMO Council say they are using social media network pages and postings to deliver branded marketing content to their key customer, prospect, and partner audiences, according to [download page] a December 2011 report from the Council. This ranks as the second-leading marketing channel behind internet websites (76%), and is followed relatively closely by online or mobile video segments (41%). Roughly 2 in 5 bank marketers are using social media analytics and conversation monitoring to track the level of their customer anxiety, which the vast majority (89%) rate as moderate to very high. However, just 19% say that they are property equipped to leverage digital channels of customer engagement.

Digital Channels Effective for Costs, Turnaround

Data from “Delivering Positive Impressions During Market Depressions” indicates that 82% of bank marketers are planning to increase their adoption and use of new channels of digital content delivery. The majority of respondents see these new channels as effective and beneficial due to their lower production costs (59%), quicker turnaround (56%), better measurement and tracking (53%), and adaptivity and versatility (50%). Other significant benefits include more engaging and compelling content (48%), the ability to localize, version, and personalize (46%), and greater reach, response, and return (45%).

Most Feel Customer Communications Pinch

Most bank marketers feel that the current financial market turmoil is either moderately (55%) or extremely (32%) challenging their ability to communicate in a meaningful and reassuring way with their bank’s customers. 43% say that they have experienced less public trust and more skepticism as a result of the financial markets, while 39% see a greater need for customer communication and contact. According to a Harris Poll released in November, only 45% of bank customers are satisfied with their institution’s trustworthiness.

Customer Acquisition Leads All Metrics

With trust a key factor for banks, customer acquisition (66%), reaction and response levels (62%), and loyalty and retention rates (55%) rank as the most popular metrics used to track and rate the performance of branded marketing content. About 2 in 5 bank marketers look at circulation and readership and branch and field force feedback to measure their marketing content’s effectiveness.

About the Data: The CMO Council participants included some 120 marketers who were polled using an online surveying methodology between August and September 2011. Respondents represented a cross-section of banks in North America with revenues ranging from less than $500 million to $120 billion and primarily included titles such as Vice President of Marketing, Executive Vice President of Marketing, CMO, and Head of Marketing. Participants were from local, regional, national, and global banks.

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