As marketing tactics continuously grow and evolve, financial institutions are always looking for better ways to grab the attention of customers. One of the best ways to do so is through digital displays and signage. Not only is it crucial to display timely content, but strategic placing it is just as important. This will cater to your consumers preferences and behaviors, making your marketing even more effective. This blog will explore how digital signage strategy can impact your financial institution and how it is perceived by your customers.
What is Digital Signage?
Digital signage is a type of display technology that can change content at any time - even in response to an individual customer, and what their wants and needs are. Whereas in the past, you invested in static signage and it was "one and done", technology integration unlocks a plethora of opportunities to engage with members and staff through meaningful, timely and relevant content. This type of signage enables FIs to create a personalized environment that is adaptable, modern and experiential.
Furthermore, digital signage can help business operations by providing clear, easily accessible information and reduce the perception of wait times. These displays can go through the services that your branch offers, provide self-service options, and even entertain, creating a much more pleasant environment for everyone. The strategic use of digital signage can increase customer satisfaction and loyalty, leading to a higher return on investment (ROI) for your FI. Whether you’re looking to promote new financial products or inform clients about security measures, the opportunities with digital signage are endless!
Level Up Your Marketing in High Traffic Areas
Taking your brand digital means you can quickly and creatively deploy custom content that instantly rejuvenates your brand and what you are trying to market. However, to effectively capture the attention of your consumers, digital displays cannot just be placed randomly throughout your branch. It requires a strategic approach with marketing materials shown in high-traffic areas and placed at key touchpoints.
So how do you find the best, most high-traffic areas within your branch? Typically these spots in a FI will include entrances, teller lines, waiting areas, and service desks since these are areas where customers naturally spend more time. However, you can determine the most effective location for your specific branch by analyzing foot traffic data and observing your consumer’s behavior patterns. Using this data, you should be able to locate the best zones and ensure that your digital signage is easily accessible in them.
For example, placing marketing content near teller lines or waiting areas gives customers plenty of time to view and engage with it, while reducing perceived wait times. Or another instance of strategic placement is having interactive displays at service desks. These can provide personalized recommendations, helping your FI go above the surface level to create a well-rounded, meaningful customer journey.
Crafting a Customized Customer Experience
Customer experience is one of the most important reasons to use digital signage! In order to gain loyalty, address consumer needs, and build long-term relationships it is crucial to continue to evolve and enhance your branch. And once again, one of the best ways to improve your customer’s experience is through the use of targeted content placement via digital signage.
For instance, personalized messages about mortgage rates can be displayed near the loan officer's desk, while updates on investment opportunities can be featured in the waiting area of the wealth management area. Additionally, interactive kiosks can provide self-service options, giving customers control over their interactions. This is productive for both staff and customers because customers can conveniently help themselves or they can be given important information before even meeting with staff. This saves time on both ends and increases customer satisfaction.
Additionally, demographics is another crucial component in personalizing the customer experience and should be utilized in your digital signage strategy. Different demographics and customer segments have unique needs, preferences, and financial goals. By customizing messages on your digital displays to address certain characteristics of your consumers, you can create a more personalized and relevant experience.
As an example, younger customers might be more interested in student loan options and digital banking, while older clients would prefer to see information on retirement planning and investing. By using data analytics and customer insights, financial institutions can segment their audience and deliver targeted content through digital signage that targets and resonates with each individual.
As you can see, utilizing digital displays to craft a personalized and convenient experience can improve overall customer experience. When customers leave the branch feeling satisfied, they are more likely to return and recommend the bank to others, which helps drive sustained growth and ROI.
Effectively Measuring Your Results with ROI
Measuring your results with ROI is a MUST for understanding the impact of your targeted content placement. With data, you can continue to improve and make strategic changes to your branch! To do so, you can implement tracking and analytics systems that monitor customer interactions with your digital signage and marketing materials. Key performance indicators (KPIs) will help you keep track of your data and measure your success. Some KPIs you may want to consider tracking are engagement rates, conversion rates, and customer feedback.
Below are a few methods you can use to track your data:
As you keep monitoring your FI’s data, you can adjust your digital display strategies accordingly and continue to improve customer satisfaction. This data-driven approach will ensure you are utilizing your resources wisely and put you (and your customers) on a road to success!