A few days ago, we spoke about the power of Customer Data Platforms (CDPs) to help FinServ marketers reach out to their customers--both current and potential--with increased accuracy across many channels simultaneously. These capabilities are indeed of substantial importance, and one of the many reasons so many marketers across various industries have opted to adopt CDPs for their own purposes.
Today, we want to dive a little deeper and examine a specific marketing strategy wherein the hyper-personalization abilities of a CDP prove absolutely invaluable. We think it’s just as important to have a carefully developed strategy for the deployment of a solution like a CDP as it is to adopt the solution itself, and understanding different ways in which the data that CDP collects on your customers can be put to use is a promising step in that direction.
With that in mind, let’s discuss micro-moment marketing!
What is Micro-Moment Marketing?
As anyone who has spent time online--via either a smartphone, a computer, or a tablet--knows, every single person is being bombarded by content from all angles nearly all day. On Facebook, you encounter margin advertisements, while also maybe receiving additional marketing from chatbots. When you check your email, you find piles and piles of messages about coupons, announcements for seasonal events, fundraising notes from political candidates and more. On nearly every social media platform you use--Twitter, YouTube, Instagram, even dating apps like Tinder--you’re seeing an almost overwhelming amount of content. In their own piece on micro-moment marketing, Inc.com cited a statistic showing that the average person spends 4.7 hours per day on a smartphone, which means for roughly a third of the time you’re awake, you encounter this deluge of advertising jostling for your attention--and that’s just on one device.
Micro-moment marketing takes this reality into consideration and from there it draws a pretty straightforward conclusion: because of the amount of marketing the average person is encountering, they’re likely increasingly fatigued by it. Their brain is so saturated that they ultimately pay minimal attention to any given item because of how overwhelming it can become. If this is the case, the theory continues, then marketers need to work extra hard in order to catch a potential customer’s attention because they have roughly a second to do so. That window for connection is called the micro-moment.
Micro-Moments and Hyper-Personalization
CDPs are uniquely helpful in creating the sort of marketing collateral that can seize on these micro-moments specifically because the data collected by a CDP provides the perfect building blocks for hyper-personalization. That is to say: you are far more likely to have your attention caught by a micro-moment advertisement if it feels immediately and distinctly relevant to you. Hyper-personalization is the perfect way to create that. For those who may not be familiar with the distinction there is actually a meaningful difference between personalization and hyper-personalization, and ensuring that your micro-moment marketing embodies the latter is essential.
Hyper-personalization, more so than personalization, relies on understanding customer intent by curating the most granular data from Adtech, MarTech, and FinTech systems (online and offline), analyzing it, and turning it into specific and dynamic insight about how that customer behaves, and what sort of marketing communication will most appeal to every single facet of their behavior.
Micro-Moment Marketing for FinServ
Every industry has a unique way of interacting with potential customers and this goes the same for banking, financial services, and insurance organizations.
This is another essential facet of hyper-personalization: understanding how your target behaves when dealing with financial brands.
Let’s look at some specific examples:
Programmatic Display Ads: A potential client might be surfing a car dealership site. When he finds that perfect car, directly next to it might be an advertisement for a zero down payment loan. Based on his past behavior, banks can anticipate his want for such an offer. The same can go for real estate sites. You can use customer data to populate a real estate website with offers for homeowner loans.
Financial institutions of all kinds can employ this tactic in myriad ways. An insurance agency can create an ad for life insurance that appears on a site where potential clients are booking bungee jumping lessons. Efficacy is only limited by your imagination.
Increasing Prospect-to-Lead Conversion with Micro-moments: As visitors are going through an application on your website or app, place a call to action indicating that a specialist or even a chatbot is there to guide you through the process. These CTAs encourage increased engagement and can all be used to personalize your website with product and content recommendations based on intent. These subtle advertisements can be predicated on all sorts of factors--time-spent or click frequency for certain products or services; previous inquiries; even logged responses to phone or email surveys.
Past behavior isn’t the only way to seize on micro-moments. Does it look like a user is about to exit your site? Prior to log out or other such behaviors, display special offers and encourage those users to continue to engage with your offerings.
Renewal: Does a client have a policy that’s about to expire? Greet them with a push notification or alert when they visit your site, encouraging them to renew or providing other options!
Cross-sell: These push notifications or display ads can promote multiple services at once! If a client clicks on that advertisement for car insurance on a dealership site, you can immediately send a notification letting them know that there are savings to be had when they bundle car and home insurance.
Seize the Day with Micro-Moment Marketing
While this may sound overwhelming, it’s an extremely lucrative strategy, and with tools like Lemnisk, gathering the raw data you need to build your content is easier than ever. The biggest challenge of modern digital marketing is building collateral that reaches millions of people, but reaches each of them on a granular personal level. Micro-Marketing might be the platonic ideal of this conundrum, but it’s also one of the finest demonstrations of how successful those businesses that master that contradiction can become.