Social Advertising A Perfect Fit For Finance Marketers And Beyond?
This week, we see another banking report roll off the press, ‘Digital Disruption: UK Banking Report’ from the BBA. The report looks at the challenges and opportunities from the digitisation of banking. Online customer engagement, in terms of both current and prospective customers, has quickly risen to the top of the list for the UK’s main banks, as a means of maintaining competitive advantage. This is especially the case, as online payment operators such as PayPal and TransferWise (according to the report) are making inroads into traditional banking territory. The report points out that a key task is to ensure that omnichannel marketing feels seamless from the perspective of the customer.
One way of helping deliver online customer engagement is to use social networking platforms such as Facebook and Twitter. Whilst some customers may choose to like or follow their chosen bank socially, most do not. Custom or Tailored audience functions on the Facebook and Twitter platforms can be used to reach consumers using full range of CRM, demographic and credit risk attributes. For example, here are three applications:
- Customer engagement: Channel append data can be used to include existing customers within a social advertising campaign. For any customers where you do not have such linking data, they can be appended externally.
- Customer acquisition: It is now possible to use established offline targeting models to deliver social adverts online. The campaign build process is exactly the same as it would be for say, email – profiling, targeting and extracting a file of prospects who will be included. Then, using channel append data, upload the campaign to the social platform and the campaign be setup using the standard approach from thereon.
- Campaign suppressions: Equally, this method can be used to exclude people from a campaign, e.g. existing customers or people who are not likely to be responsive, or indeed accepted for a product (e.g. loan or mobile contract) if they applied.
By combining the data assets and expertise across Callcredit Information Group and Latitude, the group has the power to deliver highly targeted advertising campaigns, with an access to over 15 million UK social network users. Brands can therefore select the best looking prospects for inclusion in their campaigns, using hundreds of consumer attributes within Callcredit’s Define consumer universe (see data map here).
According to Ofcom, UK internet users are now spending an average of eight hours per month on Facebook alone. Other sources quote higher numbers in the region of 20 hours per month. Either way, it’s high and increasing and therefore worth considering as part of your targeted marketing, not just in the finance industry but across all sectors.
Interested in finding out more? Contact our social team!