If you’re working to build your retail business, you have a lot in common with many companies in the malls and shopping centers. There’s more competition than ever from across the street and across the globe. The successful retailers are innovating, building their brands and creating special promotions that make lifelong, loyal customers.
Humans are pre-disposed to pay close attention to the behavior of their social groups—to either imitate it or avoid it. Most of us aren’t even aware of the pull that our peers have on our choices. And that has enormous implications for marketers.
Today banks have the capacity to recreate the lifetime relationships that used to be the norm in banking. And if they want customers to stick around—even when they get offered a slightly better interest rate somewhere else—most banks need to put a heavier focus on communications. They must continually demonstrate to customers that they have offerings to meet their present and future financial needs, no matter what life stage they’re in.
Wherever you find yourself and your team on the marketing analytics journey, taking that next step can make all the difference in your marketing efforts.