The key to improving financial literacy is providing relevant information in the right context (when consumers have a decision to make), and that the key to successful content marketing is providing relevant content in the right context (when consumers have a decision to make). Financial education IS content marketing.
Why would I think CUs don’t get their fair share of the market? Because of the never-ending stream of research that shows that credit unions: 1) have higher levels of customer satisfaction than banks; 2) have earned higher levels of trust among consumers than banks; and 3) offer better rates and fees on deposit and credit products than many banks.
A McKinsey Quarterly blog post on The Changing Face of Marketing contains the following: “Change is the dominant fact of life in every business today. And the ability to master and exploit change has become one of the most sought-after management skills. This is particularly true in marketing, where the very tempo of change is constantly quickening.” Read this post to find out why this quote is important.
Content marketing isn’t what it’s cracked up to be. The real revolution in marketing–for products with any degree of consumer consideration–will be activity-based marketing.
According to Gallup, 62% of U.S. adults who use social media say that these sites have absolutely no influence on their purchasing decisions, and the research firms wonders if there is an inherent flaw in the idea of using social media to drive purchasing, or if companies have been using social media poorly. I think it questions the purpose of social media marketing altogether.
A recent survey conducted by idRADAR asked consumers: What concerns you more, data breaches or government listening to your private phone or email conversations? I can’t believe how consumers responded.
If you have an impulse purchase problem, the Amazon Fire Phone is not the phone for you. If you need help managing your financial life, don’t think that Amazon–through it’s amazing ability to gather, store, analyze, and deploy data–is going to help you anytime soon. The Fire Phone presents a threat and two opportunities to banks.
A well-known research firm recently claimed that within two years, 25% of the top 50 global banks may launch app stores to enhance customer service and make innovative banking applications easier for customers to find, and that the practice would “snowball” to other FIs. I disagree–read why.
If I wanted to know how well-managed and successful your company was, I would only need the (honest) answers to three questions: 1) How tolerant of IT risk is your company? 2) How committed is the executive team to using IT as a strategic enabler/differentiator? 3) How well-aligned and coordinated is IT with other business…
If “customer-centric” isn’t the worst-named buzzword the business world has come up with, it’s pretty damn close. An American Banker article provides advice to banks on becoming customer-focused. Unfortunately, the prescriptions won’t solve banks’ problems.