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The awesome digital capabilities just keep growing, presenting opportunities for all sizes of financial institutions to expand relationships and perhaps loyalty. On the other had some have reversed into more commodity tactics as they see that their digital distribution channels are more economical working 24/7 without the normal business boundaries. Some digital retail brands have done an excellent job of building the elusive loyalty engagements that some previously believed required personal, interactive contact.

Many FI options in our testing are weak on building digital loyalty which we measure on how strong the engagement factors are for regular, even daily, visitations. Spontaneous connections motivated by a variety of desires are happening more and more with various segments of online users who have great comfort with their control over channel choices. Ask yourself, outside of transaction necessities, do your customers and prospects connect almost automatically with you because they expect some value, planned or prompted, will be found. Merchandise retailers, such as Amazon, continue to fine tune increased loyalty once you research or buy.

In fact, expanding collaborations with your digital platform can open up new revenue and loyalty opportunities and you don't have to make a corporate acquisition to reap the benefits. Continuous online research with your digital customers will identify some of these opportunities. The setups are easy and the marketing mix reaches many more people surfing the Web. Loyalty increases your potential for increased sales and hence profitability. Some may even find having a separate digital option, like banks and insurance companies are doing today, allows them to build loyal customers with completely different value propositions- mostly emphasizing lower cost and better returns. Strategic decisions should consider all the opportunities.

Pat Palmer | Friday, February 01, 2019 | Trackbacks (0) | Permalink

 


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