Implement research-driven, customer-centric marketing to truly optimize your finance or bank marketing strategy and compete in a competitive digital landscape
A recent study of challenger bank marketing tactics caught my attention since it highlights the digital disruption in the financial services industry. What can businesses learn from this challenge in a situational analysis of their own environment, and how can marketers optimize their financial services marketing using this research?
If you're a marketer in the finance sector right now, you will have witnessed huge changes in the industry in the last 12 months alone, with more customers making financial decisions online leading to increased competition and challenges for financial services and banking industry marketers in both the macro and microenvironment.
Therefore, using research such as the challenger banks case study below can help you structure a winning marketing strategy. As we know, the first stage in a marketing plan is…
With the launch of our brand new Learning Paths - offering practical, strategic marketing courses online - discover which marketing training solutions have been the most popular
Deciding on a marketing course to optimize your strategy in 2021 is tough. With so many marketing training options, you need a solution that's practical, data-driven, and proven to generate results, quickly. Read on to discover our Smart Insights members' top Learning Paths and resources in each membership tier.
Top Business Professional marketing course: Manage change for digital transformation
Module from Digital Transformation Learning Path for Business Professional Members
Digital Transformation is the use of new, fast and frequently changing digital technology to solve problems. However, a Boston Consulting Group report found that only 33% of significant IT projects have been fully successful since the year 2000.
The danger is that the benefits of digital transformation are not being fully achieved as organizational barriers can hold…
What are the essential parts of a digital transformation plan?
A digital transformation plan is a strategic, long-term plan focusing on integrated digital media channels, implementation of new technologies, and smart, digital ways of working.
The purpose of a digital transformation plan is to define how to compete more effectively with digital marketing. The scope of a digital marketing plan is typically annual, but a digital transformation plan will typically be longer since this involves creating long-term digital roadmaps.
Digital or online marketing is any form of marketing that involves using online channels for goals of acquisition and retention. It also includes digital technology and the use of data to target audiences more precisely with personalized messages. Since creating awareness and achieving conversion still commonly involve offline channels such as a call-centre or in-store, digital marketing plans need to define integration between channels using techniques like customer journey mapping.
This means that…
Digital transformation strategy to grow your business: Our recommended planning frameworks to implement your successful digital transformation
More marketers than ever are fueling growth through digital transformation. But with the stakes so high, we want to make sure you get your digital transformation strategy right, first time. That's we're here to guide you through it.
Discover the success factors for creating a digital transformation strategy to grow your business, read-up on the implementation process for your digital transformation next steps, and explore our latest digital transformation research.
Why create a digital transformation strategy?
Our research shows that today many businesses are realizing the imperative for digital transformation; to compete in digital marketing data and technology, a structured process of digital transformation is needed.
The need for transformation is particularly strong in larger, international brands and organisations that…
The latest results from the CMO Survey, a special COVID-19 edition, give a fascinating insight into our fellow marketers' business strategy and planning to drive growth this year.
Digital Marketing Strategy during COVID-19
84% of marketers confirm they have ‘improvised to generate new marketing strategies during the pandemic’ according to the CMO Special Covid-19 report in June 2020. So what did they do? And what can we learn about managing business growth right now?
“The measure of intelligence is the ability to change”
- Albert Einstein
So, by Einstein’s prognosis, 2020 has been a very intelligent year for marketers. While for some of us, the changes have been less grand, others have witnessed a complete transformation in less than half a year. Naturally, there are fluctuations by industry, so for more detailed data about your industry, check out this special …
Three essential steps to kickstart Digital Transformation
Digital Transformation is a focus for many organizations right now and as you can see from the Google Trends search volumes, it's increasing in popularity recently. As with any change within an organization, there are many challenges (as shown in my previous post on Understanding Digital Transformation), so once you've identified digital advocates in the organization, it's time to map out the journey.
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In recent months, several companies have mentioned to me that their CEO is committed to digital, but they're having challenges at middle management levels, where it's harder to gain commitment. This can be easier if there is a clear plan shared with all. You can, as many do, call this your digital roadmap,…
There comes a time in every business when scalability takes front and center. As difficult as the beginning stages were, achieving a scalable business can be just as challenging
You’ve succeeded in proving that your business is viable, but now you have to make sure you achieve steady growth.
Scale too quickly and you can suffer from not being prepared. Scale slowly or unevenly and you may get stuck with employees you hired that you don’t need anymore. Overall, you need to ensure that the rate of your growth doesn’t hurt you in the long run.
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How can you do that?
By coming prepared.
There are certain elements you can integrate into your business now that will ensure a seamless scaling process in the future and will also help if you…
How to define an appropriate budget for digital transformation - one that’s realistic yet takes into consideration the aspirations of and opportunities available to your organization
This a difficult balancing act, and never more so than for digital transformation projects. Here, we share some tips to deliver you a budget that effectively serves your transformation aims, helping you maximize the impact of your initiatives.
With so many different moving parts, digital transformation projects require a rock-solid foundation from which to build - including a budget that accurately reflects the scale and complexity of the initiative, while remaining achievable and realistic.
However defining such a budget - not to mention getting it signed off - can be challenging. We’ve all heard the horror stories of projects going over budget, stalling, or even being abandoned altogether.
If you’re currently in the early stages of your digital transformation journey and want to avoid a similar fate, this…
Chart of the Day: How popular are Digital Transformation programmes?
Our Managing Digital Marketing research (a free download) reveals many challenges for how digital marketing is run by companies today. Problems included a lack of focus on integrated strategy, testing and optimization and structural issues, such as teams working in silos or lack of skills in integrated communications.
To counter these types of problems and to make the most of the opportunities for growing a business through digital marketing, many businesses are now putting a digital transformation programme in place. The chart shows how many businesses are active in transformation.
You can see that over a third (35%) of businesses already have a transformation programme in place, which is an increase from the 34% who last year had a programme set up. On top of this, 31% are looking to launch…
Businesses will always need specialist digital skills
So, Mark Ritson believes it’s time to shut down digital marketing teams for good. I disagree. Why? For the simple reason that for businesses to compete, digital marketing demands excellence in specific digital skills, which are integrated throughout marketing.
For me, larger businesses need a core digital team or Digital Marketing Centre of Excellence to ensure that digital marketing investments are prioritized and the latest techniques are used to ensure businesses can compete through digital marketing platforms, such as Facebook, Instagram, Google, and LinkedIn, which influence so many purchases today.
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I'm not saying that marketing roles aren't important, far-from-it. Marketing directors, brand, product, and campaign managers are at least as important to…