Top 3 Use Cases of Cross Channel Marketing in the FSI Industry
India has the 15th largest insurance market globally in terms of volume of premium insurance products & it is predicted to touch US$350-400 billion by 2020. Given its potential, a lot of players are vying with each other to tap this market & extract the maximum out of it.
Customers today are hyper-involved with their gadgets. They switch from one device to another in a matter of seconds. With so many communication channels open, it is a daunting task for marketers to make effective use of all of them simultaneously & still maintain consistency in the marketing messages.
Marketers in the FSI industry have battled with this problem of integrating multiple communication channels in their campaign for a long time. However, now with the rise of cross-channel marketing platforms, it is not only possible but quite easy too.
There are multiple things involved in cross-channel marketing like SMS marketing or SMS marketing automation, Business SMS solutions, Email automation, IVR automation & much more. There are both B2C as well as B2B Marketing solutions. These platforms are in a true sense complete Business Communication Platforms.
Using Cross channel marketing platforms FSI players can reach their audience with tailored & personalized offerings via mobile, SMS, email, IVR & other channels. This ensures they reach their customers at the right time, with the right message in the right place.
There are a number of use cases that can be handled using Cross channel marketing automation platforms. Let’s have a look at the top 4 use cases:
1. Product / Promotional Campaigns
Brands are always on the lookout for ways to create a robust reputation & lasting recall value in the minds of the customers. In order to do so, they launch promotional campaigns which offer insights into new products, features, branch openings, increase or decrease in rate of interest & more. Cross channel marketing can help brands improve their campaigns by reaching out to customers, reminding them & engaging them across multiple channels.
2. Cheque Bounce
Cases of cheque bouncing are quite frequent in the FSI industry. This could happen due to signature mismatch, insufficient account balance & more. In such cases, it is critical for the financial institutions to follow up with their customers to prevent any default payments. Cross channel marketing tools can help brands reach out to their customers in due time over multiple channels and reduce the TAT for payment collection.
3. Insurance Expiry & Renewal
Insurance is a highly profitable business & companies have to apprise their customers about policy expiry, renewal etc. from time to time. FSI players look for ways to retain their customers & achieve maximum policy renewals by giving lucrative offers, incentives & discounts to them. Cross channel marketing can play a role here by streamlining this communication & making sure customers are informed & engaged effectively during this entire process.
4. Overdue Payment
Chasing customers in case of late payments is a major problem for FSI companies. With cross channel marketing tools, they can connect with their customers over multiple channels & send periodic reminders to substantially reduce account delinquency, collection effort & much more.
An example of Flow of communication
By now you may be wondering how exactly does a cross channel marketing tool help and what is the communication flow. Let’s take the case of insurance expiry & renewal and dive deep into it.
|Day 1||– An SMS is sent to the customer with insurance due date & renewal offer details.|
|Day 3||– If SMS is not delivered, system waits for 1 day & sends an email to the customer.|
|Day 6||– If the customer does not open the email for 2 days, an outbound call is initiated.|
|– In case, if the outbound call is not successful an SMS is sent to the client.|
Evidently, the multiple benefits accrued by adopting a cross channel marketing strategy make it a must have for any modern day marketer. Customers are becoming increasingly fickle & brands need to send them personalized marketing messages to engage & attract them. Cross channel marketing is the way forward. For More information related to cross channel marketing can reach out to us on email@example.com