With most individuals receiving dozens (or even hundreds!) of communications from various businesses each day, it is seemingly impossible to get the attention of your consumers. And while grabbing their attention is hard enough, keeping their attention is a whole other ball game.
If you want to effectively capture the attention of your intended audiences, you have to be thoughtful about your approach.
Certain communication channels are proving to be better at engaging the ‘un-engageble’. But you need to know how to best utilize these channels if you really want to make an impact.
Email is the backbone of the communication toolbox for industries across the globe. Email marketing connects with consumers on their device of choice (mobile, tablet, desktop) and, increasingly, is a channel that can be utilized heavily for a fraction of the cost of its predecessor, direct mail. While some industries are just coming around to the art of email, it is becoming clear across all verticals – from travel to retail to financial services – businesses must continuously evolve their email tactics to cater to a changing audience.
According to a recent article in Time Magazine[1], the average American now has an 8 second attention span, which means you only have 8 seconds or less to pull in your audience.
Emails should adopt the following practices to keep up with trends and stay ahead of the curve:
- Replace text heavy emails with more video and more creative, eye catching, easy to digest imagery.
- Keep it real, be honest and take it easy. A conversational tone helps consumers relate.
- Utilize segmentation and personalization to produce one-to-one communication. This means getting a handle on data is a must.
- Use automation and trust it. Segmentation and personalization at the level it is being demanded won’t be possible without it.
- Consider supplementing email communication with text messages.
Text Messages
It is no secret that mobile is the new normal, bringing an entirely new set of communication expectations. It is becoming more and more imperative that financial institutions create thoughtful strategies that incorporate mobile messaging. A 2017 article[2] reported:
- 88% of the financial institutions already incorporating mobile messaging believe doing so has greatly impacted customer experience, according to an IDC study.
- 64% of consumers with texting capabilities would prefer to use texting over voice as a customer service channel.
- 77% of millennials look favorably on companies that offer text messaging communications, as stated by Harris Poll research.
Financial institutions can incorporate text messages into their communication strategies in a variety of ways, including:
- Real-time deposit alerts
- Fraud alerts
- Sending online gift cards
- Providing bill reminders
Incorporating relevant information into messaging not only provides account holders with a sense of security, but also strengthens their sense of brand loyalty. When personal information is included, text messages are perceived as highly valuable and the financial institution is positioned as the consumer’s trusted advisor.
Video
Video, especially when combined with real-time data, combines the emotion of storytelling with real-time, measurable, scalable and highly targeted information to get a message across in a way consumers will connect with and respond to.
Over the last several years video has proven its effectiveness and consumers have been vocal about their affinity to the communication medium. But you have to use this tool wisely. In doing our own research, in partnership with SundaySky, Allied has found that creating data-driven, personalized videos takes this communication tool to the next level. In fact a 2017 video benchmark study[3] reports that the average retention rate of personalized videos is 35% higher than non-personalized videos. If done well, data-driven, personalized video can:
- Boost open rates
- Increase click-through rates
- Reduce related costs
- Provide lift in digital adoption
- Deliver fast ROI
Having happy, informed and engaged consumers is the pinnacle of success and all signs point to video as a savvy medium for accomplishing this goal.
It is estimated that 95% of banking transactions will take place through digital channels by 2019. But all is not lost. By 1) meeting consumers on the device of their choice, 2) providing helpful and real-time content in a digestible format, and 3) using data to personalize the communication path, your financial institution can prepareto play a central role in the new, digital age of financial services.
[1] “You Now Have a Shorter Attention Span Than a Goldfish”. Time Health, 2015.
[2] “OpenMarket and Zipwhip Research Reveals that Consumers are Texting Toll-free Numbers for Support”. OpenMarket, 2016.
[3] Vidyard: 2017 Video in Business Benchmark Report, 2017.