Banking business in 2019: popularity is not enough
- In 2019, the battlefield of banking business will move from brand communication to audience targeting and data analytics.
- Gurus forecasted that the competition to win the niche market will be fiercer, so brands need to focus on the right market and utilise all communication instruments to penetrate their targets more precisely.
- Meanwhile, banks will heavily invest in data analysis technology to create real performance marketing, which is the best answer for modern banks to enable digital marketers to make the worthy decisions.
Last year, banking businesses found themselves competing against each other in brand communication, as we have witnessed a lot of activities trying to improve the relationship between brands and customers. However, for this year, financial gurus foresee the fiercer competition ahead in another field.
Dr. Ake Pattaratanakun, the president of the Branding and Marketing program and full-time lecturer in faculty of commerce and accountancy at Chulalongkorn university, had an interview with Thumbsup that the banking businesses will compete on these 2 major fields.
1.Penetration through the niche market
We have seen banks try to penetrate through different niche markets. For instance, some banks focused on a provincial area while some gave more importance to teenagers. This trend will continue in this coming year.
2.Utilisation of data analytics technology
Not only general client contact information, but nowadays many banks collect even tiny details: lifestyle, the next destination after shopping, the activities after having a credit card, the preference to shopping at a convenience store vs a department store. We may conclude that today banks are becoming a data hub more than soley a monetary hub.
Different rules, different weapons
For Heroleads, we believe that when the rules are changed, the weapons must be changed as well.
Offline advertising may have been the best practice to penetrate the mass market in the past, but now banks need to be focusing on niche markets, so brands are required to utilise digital tools and launch impact massaging to narrower targets.
Today marketers need to be a Jack of all trades, not only buying media and creating reports but also handling all things digital.
That’s why Heroleads put great effort to performance marketing, the marketing tool which place important to data analysis, break-even point and best practice suggestions to grow your businesses online.