We’ve outlined below some of the potential ways that each of these mobile channels can be used within the financial sector to fulfill a range of marketing objectives. Each of these methods has been used successfully by Púca’s clients in the financial services sector (See infographic below).
It’s important to remember that each mobile channel has its own strengths, weaknesses and idiosyncrasies: one channel doesn’t ‘replace’ another. For example, SMS hasn’t been replaced by app push or email messaging but instead has been supplemented by these other mobile messaging channels, each of which can be used effectively to fulfill different objectives depending on the context.
Ultimately, the key overall benefits of reaching consumers on their mobile devices – immediacy, convenience and relevancy – can best be attained by combining all of these mobile channels into an integrated, multichannel mobile marketing approach.
SMS works great as a ‘one size fits all’ tool for both inbound and outbound marketing. The ubiquity of SMS across all handsets and the ease of sending an SMS (especially if it’s free to the customer) make it highly effective as a direct response mechanism. With consumers reporting a 98% open rate of SMS messages it can’t be beaten for capturing customers’ attention. That makes it work very well for alerts and reminders. In addition, SMS is effective at enhancing the security of online services which is obviously of paramount importance for most financial service offerings.
A recent report found that 56% of emails are being opened on a mobile device so it’s important that financial services companies ensure their emails can be easily read and formatted correctly for smaller-screen mobile devices. Whilst email messages may not have the same ‘cut through’ as SMS (partly because of the sheer volumes of emails most people receive on a daily basis), its strengths are a greater ability to incorporate visual content and to provide more detailed information. For example email can be used to expand on information provided in an sms and include additional cross-selling links. A well timed email can always catch a customer’s eye, encouraging sales or better brand recognition.
Mobile Apps account for over 87% of time spent by Smartphone users on their phones
The key benefits of a mobile app are their speed compared to websites and their ease of access to phone features. As apps are downloaded and stored on the phone so users don’t have to wait for load times in poor connectivity areas. Apps can utilise all built in tools on the phone (GPS, Accelerometer, Camera etc) to make a truly unique and captivating experience. Apps work particularly well for utility-driven use-cases – for example calculators (for pensions, investment products and so on), insurance claims and of course mobile banking and account management. Staff working remotely can use apps on tablets or smartphones to showcase products and obtain information from customers without internet access. For example brokers selling pensions or investment products can use an iPad app to support the sales and sign-up process.
Mobile responsive websites are a great starting point for people to discover your services. Google’s multiscreen world report illustrates that consumers alternate between multiple devices with smartphones being the starting point for 59% of those ‘managing finances’ and for 65% of those ‘searching for info’. Moreover 80% of all internet users use a smartphone and would abandon a website that was not mobile optimised. Another consideration, on the 21st of April 2015 Google’s search algorithm changed in favour of mobile-optimised websites when used on smartphones. This will negatively affect the SEO rankings of non-optimised sites. (By the way, if you’re not sure how your site stacks up on mobile, take the Google Mobile Friendly Test).
If you’d like to find out more about some of the examples we’ve listed or to just to talk about mobile marketing generally, please feel free to get in touch!
(Click Infographic to enlarge)