Experienced marketers are looking toward the future, therefore, and thinking about the next big trends in social media marketing. Being able to predict future developments before they happen is the goal for many firms that hope to beat the competition and enhance their business. Social media especially is constantly changing, and in 2017, experts predict a potentially more substantial shift than in the past. Social may just take over the marketing industry as a whole, and many promising features are poised to catch attention for brands among consumers.
Social media may still have a long way to evolve, which implies we will continue to be surprised by changes that present themselves in the coming years, but one thing will sure become a strong factor, and its not just technical advancements but also development of more customer focused social media strategy, social media is changing to refocus on the customer experience.
CapitalOne as one of the largest banks is on top of the trend, making a massive investment in creative talent, and relying more on creating customer friendly experience. During my conversation with Rob Alexander,Chief Information Officer during Design Thinkers in Toronto, he explained
“Banking is the most ripe industry for disruption, the winners will be the ones that become customer focused technology business and not remain as an old school banking company.”
Alexander predicted a massive change by banks around tracking realtime data about their operations and then making decisions based on what they find. They also want to interact with customers in a more dynamic ways around this data.
Unloved, undifferentiated, and incapable of innovation — that’s what today’s digitally savvy users believe about the banking industry says a recent survey of Millenials. But very often a bank’s marketing only reinforces this image. Pushing hundreds of irrelevant communications to customers despite having data about them frustrates customers.
And now consumers are beginning to have choices. Nonbank solutions for financial services are not just imminent — they’re already here. Most of these new entrants are far more marketing savvy & have disrupted other industries by bringing the customer into the boardroom.
CapitalOne introduced a new approach, asking customers to post their questions, they also created a series of social media short videos helping their clients understand credit.
Capital One, has rolled out a new mobile wallet app for cardholders called Capital One Wallet, the app is well-designed, has a modern look, and features including real-time purchase notifications, transaction details that include business names, locations, contact information for the business, and more – which, combined, make it easier for consumers to quickly spot and report fraudulent charges directly from the app.
In addition, for customers using Rewards credit cards, they’re about to access their rewards in the app, and redeem them for travel or statement credit with a swipe. They can also redeem them for e-gift cards that then immediately appear in the wallet, ready for use. This app sends you a messages when your bills are due, it will work with social media in near future (according to Dan Makoski, Capital One creative director) to remind you of birthdays, anniversaries and other important dates.
Customers are encouraged to posts review on Facebook and instogram.
Capital One is not stoping there, recently they’ve announced a new partnership with Uber, giving free rides to users of the ride-hailing service when they use Capital One Quicksilver cards.
From June until March 2017, every 10th Uber ride is free, up to $15, when previous rides are paid for with Capital One’s Quicksilver or QuicksilverOne credit cards. Once a rider has earned the free ride, the ride will automatically load to the rider’s Uber account and can be used anytime. Promotion is baked into the Uber app so customers can see how many rides they need until getting a free ride. Creating more customer focused experience is making CapitalOne a very COOL bank
Lessons for Others
Companies ramped up social media advertising in 2015, with spending increasing 33.5% to nearly $24 billion—a figure that’s all the more impressive, because just a few years ago that number was $0. Expect to see those trends continue. By 2017, social media ads may account for a full 16% of all digital ad spend globally. Fueling the growth is a host of new tools that let small businesses design and pay for social media ads in a few clicks, simplifying a process that was once the exclusive domain of high-priced media buyers.
Often there is this belief that complex analytics is required to become more Customer centric by providing appropriate offers. But you don’t need too much fancy analytics to become more customer centric. There is so much data that exists with a bank that you can create hundreds of examples of campaigns that connect to customers.
Power has shifted to customers: it’s no longer about the products that marketers want to sell but about the content components that users want to consume & mash up together. The new battlefield lies in the control of the user interface and the customer intelligence system that supports it. Companies that build highly equipped Customer intelligence units will win in the end. Keeping it simple and customer focused is the future and CapitalOne is keeping it simple 🙂
Name of Organization Contact: Dan Makoski, creative director, Rob Alexander,Chief Information Officer
Authored by: atabor
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