Digital Demand Generation for Credit Unions

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eDynamic, Friday, May 6, 2016
Digital
Demand
Generation for
Credit Unions

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• How Digital is transforming …
banking, specificallycredit unions
• Digital Customer Experience
what is it, value, how do you plan
• Demand Generation Strategy
components, implementation, tracking,infrastructure
Discussion Topics

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A CHANGING
DIGITAL
LANDSCAPE

3
TheLandscapeisChanging
Buyer is informed Buyer Journey
is dynamic and cross channel
(channels and devices)
Abundance of
Information, Little
focus

4
TheImportanceofCustomerSatisfaction

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Heavyinvestment indigital isbeing rewarded

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Mobileisnowthemostsatisfyingchannelforinteraction

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Mobile banking hasincreasedacrossall segments

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Highly targeted & personalized communications are being delivered to
customers, credit unions need to embrace a shift from campaign based model
The consumer buying process for offerings from banks and credit unions is changing
dramatically, with an increasing array of online and off-line options for researching and
buying new products and services, using multiple devices, 24/7
The New Buyer Journey
Source: efma &
Backbase

9
How DCX can help Credit Unions
Customer Acquisition
:
• The right, best offer for a particular
customer or segment
• The right banking rates that will
compete with other banking
institutions or lending sources
• Rewards programs that will attract
customers
• Identify trends that can impact new
customer acquisition
• Develop segmentation and
customer profiles that match with
your current members and offers
• Ways to grow your card portfolio
Customer Retention
:
• Have a better understanding of
your members with segmentation
and modeling
• Provide ready-fit offers that align
with your customer product
interest, spending habits and
lifestyle
• Develop an optimal contact
strategy for your customers: where
do they bank, what tools are they
using and what digital properties
do they visit
• Offer pre-approved credit decisions
that are aligned with your
customer’s characteristics

1010
DIGITAL CUSTOMER
EXPERIENCE
CREDIT UNIONS

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Gartner defines customer experience
management (CEM) as “the practice of
designing and reacting to customer
interactions to meet or exceed customer
expectations and, thus, increase customer
satisfaction, loyalty and advocacy.” It is a
strategy that requires process change and
many technologies to accomplish.
In plain English, it means saying the right
thing at the right time to your customer at
every occasion that they come into contact
with your brand.
CXM Defined

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Research by HBR found that companies whocan effectively
manage and execute customer experience strategies gain
untold benefits. They achieve higher customer satisfaction,
reduced churn, increased revenue, and greater employee
satisfaction. By 2020, customer experience willovertake price
and product as the key brand differentiator.
Why it Matters
1. Reduce at-risk revenue. Recover
potentially lost customers.
2. Engage existing customers as a
sustainable engine for growth.
3. Reduce the costs of new customer
acquisition.

13
CEX by the Numbers
Compiled from Gartner/Forrester
64%
think that customer
experience is more
important than price
55%
of customers
admit that they
would gladly pay
more for a better
customer
experience
Value vs Price
9%
stopped doing business with
a company after
experiencing a poor
customer experience
2X More likely share their bad
customer service experiences than
they are to talk about positive
experiences
Negative
CEX
Customer
Retention
5-
20%
Probability of Selling to
a new client
60-
70% Probability of Selling to
an existing client
6X
Costs more to attract a new
customer than to retain an
existing one
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Number of
positive
experiences
required to make
up for a bad one
50% Will share their bad
experience with
family/friends

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How do you get started
1. Customer Experience
Plan
• Buyer Personas
• Customer Journey
2. Demand Generation
Strategy
3. Marketing Infrastructure
“
In the retail banking industry,
customers who are fully engaged
bring 37% more annual revenue
to their primary bank than do
customers who are actively
disengaged. Fully engaged
banking customers also have
more products with their bank,
from checking and savings
accounts to mortgages and auto
loans. Plus, they have higher
deposit balances in their accounts
than less engaged customers with
the same products do.”
by Susan Sorenson and Amy Adkins, Why
Customer Engagement matters so much,
Gallup

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Customer Experience Plan
• Value Proposition
• Understand your Customers
• Understand your own Sales Cycle
• Extend your reach- be where your
customers are
• Listen to your Customers
• Establish Key Metrics
• Maintain a solution-oriented, ever-green
strategy
When defining your customer experience, it is important to
work through the following:

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Value Proposition
When starting to develop an optimal customer
experience, it is important to understand the
company’s value. This will ultimately underscore
what type of experience they want to provide
their customers.

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Buyer Personas
LeverageyourDatabaseandDigitalTouchpoints
 Contacts/memberdatabase.
 Digitalbehaviors
ViewyourcustomerTransactionalBehaviors
 Leveragetransactionaldataincludingloanpayments,feespaid,
spendingpatterns,howtheyuseonlinebankingandnumberof
productspurchased.
TalktoyourStakeholdersandyourcustomers
 Takeintoconsiderationyourteam'sfeedback(Sales,Marketing
andCustomerServiceEmployees)
 Socialmedialisteningtools
ConductinterviewstospecificallydevelopCustomer
Profiles
 Interviewcustomersandprospects,
 Leveragesurveydatatogetyourcustomer’sdirectfeedback
Archetypal depictions of who buyers are, what they are trying to accomplish, what goals drive
their behavior, how they think, how they buy, when and why they make buying decisions.

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Features of a Persona

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Sample

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Acustomer journey is the process of developing a
map of the customer’s experience. It encompasses
all the steps users, prospects or customers go
through when engaging with yourcompany from
your initial contact with the customer during
consideration, into purchase and through yourlong-
term relationship with them. The ideal result is that
as a brand orcompany, what youare offering is a
unique experience for yourbuyers- yourspecific
customer experience.
Customer Journey

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Customer Journey across Personas
Inquiry Comparison Purchase Retain Advocate
 What is the ultimate goal at each stage along the funnel, what are they looking to achieve and what are
their expectations of you as a company?
 How is your customer feeling? What are they thinking?
 What do they want to accomplish when they come to each of your channels ?
 Mapping out their paths from first interaction to the last will show if they are achieving their goals.

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Create a Journey Map
1. Alertthatthebuyingcyclehasbegun
2. Customer pathandstagestheywillgothrough
3. AlignCustomer GoalsandBehavior wStages
4. Channels involvedintheseStages
5. Customer touchpoints/Moments ofTruth
6. Questions/Concerns
Source: Digital Banking Personas and Insights: Fashioning a Tailored Experience, Fiserv

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Credit Unions most used touchpoints in Journey mapping
Source: CU Grow

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Moments of Truth

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• Re-define and document your newdemand
generation process
• CustomerAcquisition/Nurture Strategies should be
documented
• Data Management Strategy
• Content Management Strategy
• Channel Management Strategy
• Metrics
• Tools &Technology
• Resources & Budget
Demand Generation Strategy

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Onceyouhaveidentifiedyourcurrentleadlifecycle,youcanoptimizeitfor
yourgrowthgoalsofyourcreditunionandtoalignwithnewcustomer
experiencestrategy.
Topofthefunnel(ToF):Generateorre-activateleads
Middleofthefunnel(MoF):Convertleadsforloansandaccounts
Bottomofthefunnel(BoF):Increaseprofitabilityandwalletshare
Digital Lead Framework

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Herearesomekeythingstothinkthroughasyouplanfor
datathroughout youroveralldatamarketing strategy.
• Toolsandprocessesneededtomanage yourdata(now,
shortandlong-term)
• Keydatapointsrequired forallofyourinternal groups
including marketing andsalesANDwhichsystemthatthey
reside
• Processtocapturerelevantdata
• Processtorefineyourdata,whatwillbeactionable, what
willbeusedforsegmenting personas.
• Howthedatawillbeminedforactionable insights
• Whattheprocessistooptimizeyourdataprocessesover
time
Data Management Strategy

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Content Management Strategy
Source: Christopher Rinaldi, The 6 Cs of Content Marketing for Banks and Credit Unions, The Financial Brand

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Types of Content
eBooks Articles Blogs Case Studies
Cheat Sheets Checklists Email Infographics
Guides Podcast Webinars Reference
Guides
Slideshares Surveys Videos Whitepaper
Workbook Web Advertising Calculators
Testimonials Ratings Reviews And more….

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What’s the Right Channel Strategy?
The overall channel strategy for credit unions must begin to integrate both the
digital and physical channels into a single, seamless experience.
• The question for credit unions is which of your channels is driving
the most valuable customer engagement?
• 65% of customers interact with their banks and credit unions
through multiple channels. Source: Jim Morous, Omnichannel
Banking: More Than a Buzzword,
Financial Brand

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 Call toAction
 Navigation
 Responsive Design
 Forms
 Social Share
 Opt-ins
 Content/Assets
Website Critical Components

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SEO & Paid Search

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Some components of good landing pages
include:
• Simplicity
• One Purpose
• Content
• Video/Multi-media
• CTA
• Forms
Landing Pages

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Social Media
Source: Hope Schau and Per Ivar Schau, From Presence to
Purpose: Developing Social Media Strategies and Metrics for Credit
Unions, Filene

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Considerations when crafting your email
campaigns:
• Subject Lines
• Segmentation
• Dynamic content
• Email automation
• Responsive Design
• Database
Email

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Metrics- Tracking Performance
When dealing with digital metrics, there are hundreds of
unique data points that can be used to get to actionable
insights. According to the Salesforce 2015 State of
Marketing Report, most companies find the greatest value
in metrics focused on revenue growth, customer
satisfaction, return on investment, customer retention
rates and customer/audience acquisition.

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Withtherightperformancestrategy,youcan
• Identifythecampaigns,channelsormessagingthatperform,
howtheyimpactyouroverallcustomer
• Testhowvariousparametersimpactyourresultsand
profitability
• Followprospectsthroughoutthefunnelandtheirlifecycle,
determinepredictiveindicatorsforbehaviorandbestresponse
• Understandstagesoflifecycle,conversionsandtimeateach
stage;lookforleaksinyourstrategyandcorrect
• Establishbenchmarkstomeasureoverallsuccess;track
againstthosebenchmarkstodetermineadelta
• Re-workmarketinginitiativesbasedoninsightsgained
(closed-loopprocess)
Metrics- The Benefits

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Somekeycomponentsoflaunching,maintainingorchanginga
toolinclude:
• SupportStaff(ITinvolvement)
• Costforlicensinganddevelopmentdollars
• Agencyinvolvement
• Fitofthetoolnowandaftergrowth
• Capabilitytofullyleveragethetool
Infrastructure Planning

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Connect with us
1-877-339-6264
www.edynamic.net
contact@edynamic.net
twitter.com/edynamic
youtube.com/1999dynamic
facebook.com/edynamic.net

Digital Demand Generation for Credit Unions

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