A bank's just not going to make an impact on customers in today's technology-driven age without being accessible on devices. Standard Bank acknowledged this by making 2014 the year it launched new apps for tablet and mobile, as well as new mobile payment solutions like SnapScan and MasterPass.
And the rewards are paying off, with the related technology-based campaigns resulting in Standard Bank's #appy advertising being rewarded with an AMASA Award, a number of Assegai Integrated Marketing Awards, and sponsoring the Assegais.
"Recognition of our customer-led marketing campaigns is an important indicator that we are moving in the right direction in helping our customers make progress in the different phases of their lives," concluded Jacqui Carnelley, Head of Marketing and Communications at Standard Bank Personal and Business Banking South Africa, in the official press release we received.
That's a bold move for banks, usually seen as slow to pick up on social trends. I spoke to Carnelley to find out more about Standard Bank's customer-centric marketing approach...
What does customer centricity mean for marketers? Carnelley: For marketers, customer centricity means making your customers feel like they are at the centre of value-added communications. Customers who feel as though they are the only person being spoken to are more likely to identify with the brand and use its offerings.
Good point. How can brands use this to redefine marketing campaign innovation? Carnelley: Customer centricity is about engaging customers in a unique way through new technologies, enhanced service experience and innovative techniques. It's about personal engagement and how individuals experience the brand promise.
Why did Standard Bank Personal and Business Banking South Africa go this route? Carnelley: We are on a customer-centric journey, not only with our marketing, but also with the solutions we bring to the market. By adopting a new marketing strategy that relies on branded content integration and product placement, we have increased brand visibility and customer engagement, and also created relevance of our financial solutions in the lives of our customers.
What took place beforehand that led to the change in strategy that saw the customer being placed at the heart of marketing and communications? Carnelley: Through independent research findings, Standard Bank realised that brands can earn loyalty from customers who identify with it and feel that they are at the heart of its marketing and communications efforts. Being customer-centric meant that we had to listen to our customers and design solutions to suit their needs.
Makes sense. Please elaborate on the fact quoted in your press release stating: "financial institutions aren't just competing against each other, but with all companies that seek to engage customers in a unique way"... Carnelley: Standard Bank not only competes with banks in South Africa, but also with other non-financial institutions looking to enhance their customer-centric solutions. For example: Apple recently launched the Apple Pay system and Amazon recognised very early that just being an eCommerce site couldn't be their only differentiator; they had to offer a great user experience and customer service.
Talk us through how Standard Bank used its award-winning campaign to educate and inform customers on the best way to manage their finances and answer government's call for responsible lending. Carnelley: We had to make use of the right channels to communicate important messages to our customers in a way with which they could easily identify. As a result of this, we invested in an integrated radio and TV strategy, using product placement and financial advice.
Integrated branded financial content and information on Standard Bank's products were woven into the storylines of the TV soaps Isidingo, Muvhango and Isibaya. The same strategy was applied for Standard Bank's own radio soap, Iketsetse-Zenzele.
This strategy was piloted in 2013 and, due to its success, Standard Bank increased their investment in 2014.
View one of the #appy videos below...
I love it. What's the response from customers been like? Carnelley: Our customers readily identified with the characters on Iketsetse-Zenzele, and the financial products and services offered by Standard Bank, due to the easy access of 'touch points' within their communities.
The overall impact of Iketsetse-Zenzele was measured through SMSs received from hundreds of thousands of listeners taking part in Iketsetse-Zenzele competitions. From a business perspective, we saw an increased uptake of our banking solutions.
Our unique marketing strategy was rewarded with gold at the AMASA Awards, where it was acknowledged as the 'Best Integrated Campaign: Financial' for its innovative use of TV and radio soaps. Two bronze awards followed at the Assegai Integrated Marketing Awards.
2014 also saw Standard Bank launch exciting technological innovations to make customers' lives easier, and make the shift towards becoming more customer-focused.
There you have it. Certainly seems Standard Bank's 'moving forward' in getting the tricky marketing balance right between that essential hard financial focus and softer customer-centricity, which is essential to flourish in today's tech-heavy world. Follow Standard Bank on Twitter for more.
