Sunday, May 9, 2010

Banks Can Accelerate Revenue Growth by Managing Digital Experience

According to the March issue of the McKinsey Quarterly, digital channels can assist companies in unifying the customer experience and help move customers from interest to loyalty. In the article, "Four Ways to Get More Value From Digital Marketing", David C. Edelman discusses how companies can increase revenues through a better coordination of the digital end-to-end experience (see exhibit).

By focusing on the capture of a larger amount of Internet traffic through improved mass media key word positioning and SEO, increasing customer engagement through easy to navigate sites and targeted messaging, converting more of the digital leads to sales with strong offers and building digital loyalty through online and offline channels, revenues can be optimized.

The article discusses how marketing investments need to be proportional to the influence they will have on the consumer's purchasing decision. But any shift in investment will only yield results if the channels are integrated and coordinated and if the appropriate metrics are established linking investment to performance. This may require marketers to move out of their comfort zone and to step back from tactical, day-to-day execution and take a more strategic view of where to invest and make changes.

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