Gamification | Data-Driven Customer Growth Strategies | Innovative Thinking
It’s been a hot, adventure-filled summer at Mills!
In June, we celebrated our 49th anniversary (thank you for being a part of our journey). We also gathered in Des Moines for our annual retreat, where we learned more about dynamic digital marketing, what being an Employee Stock Ownership Plan (ESOP) company entails, and how to properly throw an axe (with varying levels of success).
This is all to say that while we’ve been busy, we haven’t forgotten to share our insights from this year’s Financial Brand Forum with you!
Here’s what our crew took away from the event:
Derek Baker
Executive VP, Growth and Innovation
CONCEPT: One takeaway that keeps coming back to me is gamification within the financial services industry. I heard some great presentations that talked about how there are programs that exist as prime examples of, how if done well, working year over year. Think of McDonald’s® Monopoly promotion and how people look forward to that year over year – they saw sales soar during that limited-time engagement.
How could that translate into an acquisition strategy in the financial world?
There were also some innovative ideas shared about how to use gamification in talent recruitment as well. Here was a cool example provided about Google:
Google needed to hire and needed strong math skills as a primary requirement. They ran an ad campaign in public transit areas that simply had complex math problems on them and the instructions on how to submit your answer. When they had submissions that were correct, they invited those individuals in for interviews. They were able to hire top talent rather quickly and most applicants weren’t looking to move jobs or had even considered working at Google. Very good exposure for Google and was engaging to the audience no matter where they were in their career or decision-making process.
TAKEAWAY: Think outside the box. There are cool things happening all around us every day.
Ask yourself: How can that apply to my world? Is there something in that idea that I could be using to grow my business or brand?
Crystal Steinbach
Digital Marketing Director
CONCEPT: Mid-to large-sized FIs are developing data-driven customer growth strategies by analyzing customer segment categories and deploying marketing campaigns to target categories.
TAKEAWAY: By analyzing customer segment categories, financial institutions can deploy highly targeted marketing campaigns. The use of precise data and advanced analytics ensures that marketing efforts are not only more relevant but also more impactful, driving sustained growth, resulting in more effective customer acquisition and retention and share-of-wallet growth.
This data isn’t just static; it evolves as more information comes in, making your marketing strategies more dynamic and responsive.
This enables you to craft highly personalized campaigns, allowing you to send the right message at the right time, which can increase engagement and conversion rates significantly. Deploying data-driven personalization across online banking and the website is a great place to start.
Continuous tracking and analysis mean you’re always optimizing. You can quickly see what’s working and what’s not, making real-time adjustments to keep improving your campaign performance.
Kris Mattoon
Senior VP, Client Services
CONCEPT: Have you heard of the “newfie?” It’s the spin on a newborn selfie.
According to a source, studies show that one of the first things new parents do upon a baby’s arrival is take a photo. What better way to capitalize than to coin a new, more relevant term.
Did you also know, shockingly, that more people own a cell phone than a toothbrush.
TAKEAWAY: Where will growth come from if we continue to focus on stability and always see things just as they are?
Change and disruption are inevitable. Learn to accept it, resist less, and ask how change can create opportunities for you to learn and grow.
The financial industry is known for being slow adopters, whether it be brand/creative, technology or processes. There is also a mentality of: “Who is willing to try this first?” Will you be the one to make the first move?
Competition is fierce, change is coming quickly, and the number of FIs is shrinking. Ask yourself: How will we come out on top?
