By Ally Akins
Marketing automation offers bank marketers a chance to improve efficiency and productivity dramatically. This technology presents an opportunity to streamline and automate various marketing tasks and processes, resulting in more efficient use of time and resources. It has the potential to transform the way bank marketers engage with customers, strategize campaigns and drive business growth.
The most recent results from the January ABA Marketing Technology and AI Survey, which collected feedback from 93 bank marketers, show that 35 percent of respondents currently use marketing automation platforms. With fewer than half of respondents using these platforms, the survey highlights an opportunity for increased utilization of automation within bank marketing departments.
Utilizing automation for email marketing
Of those respondents currently using marketing automation platforms, 92 percent utilize them for email marketing. Email marketing automation is one of the easiest use cases for bank marketers to implement. Automation platforms can create streamlined processes for creating, sending and managing email campaigns, which allow for a more accurate and personalized experience.
Automation can also enable banks to segment audiences based on demographics and behaviors, and automatically deploy targeted communication.
To boost checking account growth, banks may tailor product recommendations based on age segments within their audience. Once an email campaign is launched, automated workflows can be set up to send emails based on a specific action, such as customers who open the email, customers who click on links within the email and customers who did not open the email.
Following up on inquiries or appointment reminders, welcoming new customers, or nurturing leads
over time can be done automatically, saving time and resources that can be better used elsewhere.
Analytics and reporting
Currently, 61 percent of respondents who use marketing automation utilize it for analytics and reporting. Automation can function as a strategic assistant that can aid with A/B testing and tracking key metrics like engagement rates, conversion rates and ROI. This data provides insights into campaign performance, enabling marketers to optimize strategies and make data-driven decisions. Furthermore, automation allows for the analysis of customer behavior and the identification of trends, empowering marketers to develop campaigns that resonate with their target audience.
Additionally, automated real-time reporting offers instantaneous analytics, allowing marketers to adjust strategies for optimal results. By tracking customer interactions across channels, marketing automation platforms provide insights into campaign effectiveness, aiding in optimizing marketing budgets and ensuring maximum impact.
Social media marketing and management
Marketing automation also offers creative and analytical tools to assist with social media efforts. Currently, 50 percent of respondents who are using marketing automation use the tool for social media marketing. These platforms aid in creating and designing engaging content, segmenting audiences to better tailor posts, engage with customers faster and analyze for better outcomes.
Posts can be immediately converted to different sizes, formats and tones, depending on the target channel and audience. This allows banks to provide customized content, creating more efficient outreach. In addition to content creation, automation allows for timely communication on social platforms, fostering stronger customer connections. It can be used within social media to respond instantaneously to direct messages and reply to comments. Keeping constant communication with customers shows a level of commitment and desire to provide the best customer experience possible.
Lead generation
Another beneficial use for marketing automation technology is in lead generation. While only 19 percent of respondents surveyed this year are utilizing marketing automation for lead generation, 66 percent hope to use it in the next one to two years.
Banks are using marketing automation platforms to generate and nurture leads by automating various stages of the customer journey. These platforms help banks capture leads through forms on their website or landing pages, and then automatically follow up with personalized emails or messages. Automation tools can score leads based on their conversion likelihood, allowing banks to prioritize their efforts on the most promising prospects.
Customer segmentation and personalization
Of the respondents surveyed, 70 percent believe marketing automation will be used for customer segmentation in the future. These platforms help banks segment users based on their attributes, allowing marketers to better understand their audience, and providing predictive insights to tailor their communication strategies accordingly. Automation tools can assist in sorting contacts quickly into groups based on their activity level, such as active or inactive, or those who have visited specific purchase pages.
Some customers may need more time than others to decide on a product. Having different segments such as buyer intent, interest level in a specific type of product, or past purchase history can allow marketers to focus on leads and customers in a new and more detailed way. This can increase satisfaction, allowing for a better overall customer experience.
Personalization enables bank marketers to create highly targeted segments that are customized to the unique needs and preferences of each customer. Tailoring experiences based on individual preferences and behaviors creates stronger connections with customers, driving loyalty and enhancing satisfaction. Personalization was ranked highest by respondents as a future use for marketing automation.
This approach acknowledges the unique needs of each customer, leading to more meaningful interactions and ultimately improving overall business outcomes for banks. If a bank intends to reach younger audiences in a specific psychographic segment, bank marketers can automate the marketing and onboarding journey to trigger specific actions for outreach. This allows for an approach with more personalized messaging and follow-ups that can be scheduled for the best possible results.
For example, if the target audience may benefit more from a customized sequence of text messages instead of emails, automation tools can program customized outreach campaigns. Once the campaign has been initiated, personalized advertisements, landing pages and forms raise the likelihood a prospect will respond to an offer.
Capitalizing on automation
Even though marketing automation platforms are banks’ second most utilized marketing technology, there is considerable potential for additional utilization. While only 35 percent of bank marketers responding to the survey were using marketing automation tools today, 27 percent planned to invest in marketing automation in the next 12 months. Bank marketers recognize the benefits of automation in enabling them to achieve more with limited resources and produce better results. The study suggests that marketing automation is here to stay.
Ally Akins is a consultant at Capital Performance Group, a strategic consulting firm that assists banks in making the most of their customer data. She can also be reached on LinkedIn.
