I recently attended the Digital Marketing Summit for Financial Services & Advisors in NYC. The sea-change in marketing as a science is nothing short of overwhelming. It’s not a stretch to feel data sets [Big Data] testing your senses of feasibility in order to select specific data that can help shape your marketing messages and strategies.
My fascination for everything that is Formula 1 is insatiable, including the way F1 teams develop new technologies to gain a competitive edge under the rules. In recent years, digital data procurement has become de rigueur , just as it has in marketing. There’s no escaping it, there’s no going back. The Summit was well attended, moderated with timely panels and break-out discussions; collectively the 2.5 days allowed me to get in over my head on various “How To….” and “Why Social Media is….” findings, benchmarks and strategies. Professionals from across the USA, Canada, Trinidad Tobago, Germany, England, and other countries were on hand.
The digital marketing and social media cognoscenti may know this already, but these are my Summit take-aways:
- Be willing to experiment with your digital tactics, to try things and rule them in/out based on the experience & findings
- Marketing, compliance, operations and client service represent the minimum of a purposeful “department” to keep your brand integrated in the customer experience. Working in silos will not provide insights or competitive advantages
- It’s unreasonable to expect to have one, even two, IT professionals to manage the entirety that is digital marketing. You will need experts who specialize in a given field or discipline
- Clients will expect “frictionless” and real-time interactions with financial services [Example: Amazon is testing AmazonGo, an app that allows you to physically walk into an Amazon store–bricks and mortar–select items you want, and then walk out of the store. The app takes care of all the financial interactions that had just taken place, in real-time
- Technology, however sophisticated, can never be a substitute, let alone a panacea, for person-to-person interaction
The diagram noted above is the [estimated] output of a Formula 1 car during practice at this year’s Malaysian GP. The data set is a representative overview of what the driver must know based on speed, gear selection, braking points, acceleration points, track sections and the use of the car’s DRS [Drag Reduction System] to optimize aerodynamics. That’s just a partial list. All told, an actual race sends 1.5 billion data samples to race engineers who monitor the action from their paddocks.
Having access to data sets is far different from the utilization of specific data sets that you believe can optimize your marketing strategy. Ultimately, two goals need to be accomplished: 1) is to consistently, authentically provide to the client the experience that your brand promises, and 2) to deliver on that promise profitably.