Today, credit card marketing revolves around traditional database approaches that involve a long and analytically intensive process of mass sending offers to clients. This process lacks an efficient way to track, tailor, or monitor those communications without a considerable amount of resources and statistical analytics. The rise of the digital age has created a shift to a more real-time, customer-centric approach, which has caused marketers to rethink the way they do business.
Let’s connect Today’s changing landscape
For many years, database marketing has been the de facto way for any large B2C business to reach individual customers with targeted offers. There is still a vibrant industry in place to service it, and it will surely be around for some time to come. But the world has gone digital. The universal, constant connectivity that comes through the Internet, smartphones, and social media enables organizations to dialog with customers one-to-one, in real time. Add in location based services and knowledge of customer behavior and history, and real customer intimacy is an achievable vision. Consider the following example:
Jane, an avid Apple fan and loyalty card holder, opens the app on her iPhone requesting offers available to her right now…. Hi Jane, we see you are close to the Apple Store on Washington Street. Spend over $1,000 on Apple products using your Apple Card and receive preferential credit terms . Click here for terms & conditions.
Companies no longer have to initiate the conversation. Ever more demanding customers can initiate the dialogue based on certain preferences or actions. So now the brands that win are the ones that can respond in kind providing offers relevant to the customer’s requirements, right now!
Let’s dialogue Bridging the gap
Building and sustaining relevance is indelibly linked to customer experience. And the prize is wallet share; being the customer’s card of choice. But how do you stay relevant? The gap between today’s environments of manually intensive, error-prone and push-based campaigns and the promised land of digital strategy, location-based offers, and cross-channel integration is but a chasm. Lean and run-the-engine focused organizations can see the opportunities, but they often can’t mobilize to get there on their own.
We helped the existing customer marketing team of a large financial services company to develop a marketing automation program that will allow the business to achieve incremental change while building the necessary automation and process improvements to transform the business from list-based push marketing to multi-channel, dialogue-based marketing.
Lights Out continually building towards a fully automated marketing environment where human intervention is limited to campaign design and creative development.
Having defined a vision of Lights Out marketing, the institution’s challenge was to articulate a roadmap that enables the business to transform processes, data, and technology to take advantage of the new capabilities. West Monroe Partners developed a three-phase approach:
- Fix the basics reengineer processes for existing programs and campaigns, plus quick win improvements.
- Perfect the model select and implement campaign management software that automates today’s outbound campaigns and enables new event triggered campaigns while preventing communication collisions.
- Break away from the pack Innovate around digital channels and add real-time capability, enabling a one-to-one dialogue with the customer via the customer’s preferred channel(s).
Our approach provides scalability, efficiency, revenue growth, and the ability to deliver true customer contact strategies. Our clients have already benefitted from significant reduction in campaign cycle time, fewer errors, and fresher, more accurate data as they build a solid platform to fully leverage digital channels and strategies.