Getting Media Right. Banking lessons from BrandZ
Investment in digital and new channels set to increase in 2020, despite measurement concerns.
A significant proportion of marketers globally (46%) don't have the right balance and synergies between digital and offline media, while three quarters (76%) still struggle with cross-channel measurement.
Now in its 6th year, Getting Media Right examines the current state of marketing and the challenges, opportunities, and trends of the industry. The study is based on input from 486 senior marketers spanning advertisers, their media and creative agencies and media companies globally. It reveals an industry that continues to diversify its usage of different media contexts, yet requires a better understanding of how ideas, content and media channels work together to drive brand growth in the short and long term.
Click below to explore Getting Media Right: Marketing in Motion, including downloading the full report and signing up for an upcoming webinar presentation of the study.
Banking lessons from BrandZ
Large global banks often state their purpose as increasing society’s prosperity. Too often that purpose does not resonate with people. At worse, it seems disingenuous. Banks need to be more specific in their communications about how they help society. They need to do a better job explaining how they positively affect the lives of customers.
Banks sometimes lose focus as they rush to add expertise in artificial intelligence, fintech, blockchain, and other capabilities. Consumers can potentially become confused or disengaged. It is important for banks to do at least one focused communication each year that announces the changes and related improvements in the customer experience.
Banks need to focus on improving their customer centricity. Customer centricity means understanding what customer segments the bank is best set up to serve. This goal can be difficult for global banks that, by definition, are set up to do everything. It means that growing long-term may require first slowing down and focusing.
Banks need to sustain trust as they close branches, key trust-building touch points, to fund their online digital business, where investment in creating positive and differentiating customer experience will be critical.
Get in touch with Sukanya Acharya for more information.