7 points that will shape the immediate Future of Financial marketing in
India ( and Emerging Markets)
1. THE INCREASED NEED FOR MARKETING AND BRANDI NG INVESTMENT: Being
visible is key
Branding and Marketing Investment in financial services will undergo substantial
changes, owing to the increase in competition and the likely hood of new entrants. What
your customers see, hear and experience with your brand becomes what your brand
stands for and therefore there will be a strong pressure to increase the mar keting and
branding investment behind the brand . Success in what is fast becoming an overcrowded
market will depend on effective brand differentiation, based on the identification,
internalization and communication of relevant brand values.
2. POLARISING AND FRAGMENTING CUSTOMER SEGMENTS: Being prepared for the new
segments of customers
There will be a significant change in all the segments (i.e.) higher, middle and lower end
of the markets leading to more polarization and fragmentation of Customer segments.
This new customer will be much empowered and will seek customization thus pushing the
need to look at break through propositions, media & communications, service and
distribution. Despite these significant changes the pressure will be on to manage the
complexity of the proliferation and to manage the marketing and service cost to the
consumers.
3. INTEGRATED CUSTOMER DATA: One View of the customer
Customer Data mining has always been a challenge as data sources have been with strong
integration challenges often leading to a partial understanding of the customer . The
continued explosion of increased touch points due to mobile phones and internet have
added to this challenge. Bringing together this rich and multitude data will help to
provide richer and stronger customer insights.
4. MARKETING ANALYTICS: A key driver to marketing success
The increased volume of information especially with different streams of data will need a
strong marketing analytics arm. A strong integrated data analytical ability with a
capability to add on the increased touch points will be strong discriminator in driving
actionable insights. Marketing Analytics is probably the most important tool the
marketers will use to not only understand the customer, but also develop sharper and
targeted campaigns and will be a key differentiator.
5. CONTINUED USE OF TRADITIONAL MEDIA: While there will be an increased diversity of
New Media usage, traditional media like Broadcasting and Print will continue to dominate
The marketers will continue to reach customers through the increased and diverse
options being present today. There will be considerable testing and experimentation in
this space of New Media and will grow at a strong pace. Despite this growth, traditional
media will consolidate and probably grow and that is simply because in India Web is still
not like TV. Broadcasting and Print will see themselves be ing present across all many
media and expected to continue their run. New technology like Geo and Demographic
specific targeting with specialized technology will enable different feeds based on
location and demography will help in broadcasting continuing its dominant presence.
6. PERMISSION MARKETING: Call & E Mail Customer marketing will mature
While we have seen an explosion on the mobile message s and email marketing, it is likely
that there will be strong restrictions from Customer end. With smart phones increasing
in great number, Android free applications such call blocks will be able to block calls and
sms very effectively. Marketers will need embrace permission mar keting in spirit and the
word to reach out to their customers.
7. THE START OF SOCIAL MEDIA PRESENCE: From being cautious to being present
Most financial institutions w ill proceed very cautiously on Social Media and therefore the
start will be slow on social media. Over the next couple of years as the experimentation
begins to settle down social media will start to be leveraged a key marketing channel.
Srikanth Srinivasamadhavan is Head, Marketing at HSBC India and can be reached at
Srikanth_sm@hotmail.com.
Public Profile:
http://www.linkedin.com/pub/srikanth-srinivasamadhavan/b/b95/bb6
and Website :
http://person.yasni.com/srikanth+srinivasamadhavan+1090671