Preamble: This white paper aims at throwing light on some Digital Trends and Platforms that would gain prominence in 2013 and how CMO’s of BFSI Companies would need to not just keep a close watch on, but also explore and embrace if they want their brand to shine bright in 2013 in the digital space. At this time of the year a lot of people are busy making New Year resolutions that they will forget in the first week of January or even earlier, however what a CMO of a BFSI company cannot afford to forget is the trends that would dominate Digital Marketing in the BFSI Space in 2013.
Below stated are 8 top digital trends that would be beneficial for BFSI Companies to explore and embrace.
To make things simple I am going to give an example of how each trend can be used. The industry I have selected for illustrating the power of each of the below trends is the Life Insurance Industry; the examples however can beautifully cross-pollinate across the entire BFSI Sector.
Trend 1 – Companies would officially seek User Generated Content
2011 - 2012 was about UGC, but 2013 will be about companies officially seeking UGC. Companies would want users to write their experiences with the brand, make videos of user experience and upload, write product reviews, etc. Companies would begin selling to customers basis what other have said and not what they want to say.
Brands would realize that people believe and relate to what other users have to say. This, however, would not follow a pure testimonial route but have a broader angle such as customer spending a day in their office, customer visit to their factory / workshop, showcasing a TVC made by a customer, etc.
Illustration from a Life Insurance companies perspective - A Life Insurance industry could make a parent upload a video on their YouTube Channel or even TV of how the child plan they bought has helped them fund their child’s education. A man who has bought a retirement plan could write an article of how he now feels that his future is secured financially and how he worries less about things now and the company could get this article published in the relevant magazines.
Trend 2 – Mobile would finally arrive
We have all heard, read and even experienced the power of the Mobile since years but somehow the same is yet to be explored in a big way by the BFSI Companies. BFSI companies are using mobile to send SMS Updates on banking transaction, SIP Reminders, Premium notices, etc.
How about the company thinking beyond and exploring platforms such as Affle, WAP Sites, m-coupon and becoming a part of a big platform such as Vodafone Live. Mobile payment platforms are seeing a huge growth and this only makes it even more important to be there before someone else does, and Yes go beyond the SMS updates.
Illustration from a Life Insurance companies perspective – A Life Insurance company could tie up with Vodafone and be present on the Vodafone Live store. There are millions of virtual foot falls everyday and using parameters such as ARPU; Average Revenue per user, Handset ownership, location, etc – A really good campaign can be run to engage and sell an offering such as a term plan.
Trend 3 – Location targeting is the new you
In the good old times having the maximum branches was a good barometer of knowing how big a Bank was and the footfalls determined success. The interesting part is have BFSI Brands thought of those customers who just walk past their branch / location without noticing
Location based targeting can be used to send marketing messages / promotional offers, etc to those in close proximity of your branch or walking outside your branch. This can be done using location based targeting tools; available dime a dozen, blue-casting outside your branch, etc.
Illustration from a Life Insurance companies perspective – A Life Insurance company can send a message to all those who pass their branch using a blue-casting devise and offer a free 15 min talk on Retirement Planning, this would get the foot-falls and then business could follow.
Trend 4 – One site (size) fits all
A lot of brands in the BFSI Space are happy that they have a mobile site but what they need to realize is that they have built a new site for the mobile devices. They thus have two sites now to manage, maintain, check and pay for.
2013 would see HTML5 becoming the Hero. This platform allows a client to build a single site in HTML5 which is compatible across all desktop screens, laptop screens, mobile screens and tablet screens. Also while Flash does not work on all Apple devices, HTML5 works perfectly. Get Wise and re-do your site all over again in HTML5 and have a single site rather than a different one for laptop, mobile and tablet. Save Cost, Save Effort!
Illustration from a Life Insurance companies perspective – If a Life Insurance company has an HTML5 enabled site then the user gets a seamless experience across all his / her access devices. The company would not face a situation where a user users the flash calculator on his laptop but cannot from his iPad.
Trend 5 – Online Reputation Management
As brands get social just like people did in the last 2 to 3 years they have to ready to listen to people. Gone are the days of a one way conversation, the time has now come to have a direct dialogue face-to-face, well quite literally in the virtual world.
There are millions of people, tons of blogs, thousands of critics, etc who are writing about your brand. They could write something which is positive, neutral or negative. BFSI Brands need to keep their ears open online and listen to every smallest mention. Not just listen but say thank you to those who write positive and help turn negative comments into praise by reaching out to the users and solving his / her problem. ORM also allows you to know new avenues to participate in discussion and forums and play the lead role.
Illustration from a Life Insurance companies perspective – A Life Insurance company doing ORM and listening to customers would be able to garner vital information such as; what do customers think of their latest product, is their customer service up to the mark, are there any fake profiles out there trying to sabotage the brand, etc. They might also discover an education led community with 2 lakh users and could indulge in a meaningful dialogue with the entire community and add value by talking about their child insurance plans.
Trend 6 – Stop Aping start Apping
The Mobile revolution and now the tablet revolution is by no means a small feat. BFSI Companies need to roll out Apps to stay ahead of the curve. However do not ape what your site offers in an App, think of something meaningful and think of a concept that fits with your brand and the brand DNA.
Remember there are millions of Free Apps offering exactly what you are planning to build so ask yourself – Why would a customer download this App, what is in it for him. Don’t ask what is in it for you. Do not overdo the branding quotient.
Illustration from a Life Insurance companies perspective – A Life Insurance company could make an exercise app and brand it. After all fitness is all about a long life and long life would mean more expenses and thus fits in well with the concept of a Healthy Retired Life, this is a better app than making an app that calculates the premium to be paid for a retirement plan.
Trend 7 – Social Commerce
E-Commerce would continue but social commerce is what you need to watch out for. Try and find ways and means of fitting in your online product range into the scheme of things you do on your social media pages.
It is easier to sell using social commerce because for every one user who likes your product and has bought it, you can use him / her to help you reach to those 400 people on his / her Facebook profile.
Illustration from a Life Insurance companies perspective – The FB company page can have a special tab called Protection / Security. This page could have videos, blog content, etc to engage a user with the concept of security. The page could also subtly be a push to buy an online term plan.
Trends 8 – Concepts sell in Social Media not products
Do not confuse social media to be the boring press ad or the ignored outdoor hoarding screaming for attention. People wish to engage on a social media platform and this engagement comes not with your product but your product category and your brand. Sell the concept of a comfortable retirement and how it can be enjoyed not a retirement plan on your social platform.
Illustration from a Life Insurance companies perspective – Create a platform for people to connect and know how they can enjoy their Retirement, get existed retired people to upload videos of what they do in all the spare time and then subtly brand it with your retirement plan.
About the Author: Paurush Sonkar is a Digital Evangelist for the BFSI space with over 9 years of experience across all facets of Digital Marketing. His digital knowledge and domain understanding of the entire BFSI Sector (Life & General Insurance, Mutual Funds & Broking) is impeccable. He is empanelled with AFAQ’s Campus an initiative by AFAQ’s as a trainer on Digital Marketing and regularly teaches and preaches Digital Marketing at B-Schools. He regularly writes white papers on varied aspects of Digital Marketing keeping the BFSI Sector in mind. He is a strong believer in the fact that BFSI Sector can scale new heights if they embrace Digital Marketing. He can be reached at paurush.sonkar@gmail.com.
