Evolving a channel strategy for today’s digital customer
We enable financial services industry harness the energy of digital age with speed and confidence
Digital channel strategy
Every business is keen on optimizing as many marketing channels available to them in quest of growth. Finding the perfect blend of channels helps augment marketing efforts and gain better traction with the audiences. Endeavoring on different but suitable channels in tandem helps diversify the strategy. It takes plenty of trial and error though to determine which combination of channels utmost suits your interests.
You need to be mindful, however, that the right mix of channels is just half the battle won. Having a dedicated and well-defined approach for each channel separately is critical for success of the marketing campaign. For a marketer, keeping tabs on the value of each channel is imperative. The decision to use specific channels and the strategy executed on each of them depends on your audience insights and your understanding on the functioning of these channels.
As a marketer, you need to analyze your business’ position and customers’ needs, before determining ways to optimize these at the channel level. Moreover, the approach and strategies followed should not overlap or compete with other channels. When the distribution objectives are set for a channel, this should be followed with determining the specific functions to be performed on that channel.
A few examples of a digital channel will help you comprehend better what the term signifies. Self-service features of a mobile banking app or a digital wallet are both good instances of channels. Features offered in person at branch is another example of channel.
Typical challenges
Growth of your digital channels come with some associated challenges, that generally go hand-in-hand with scaling operations. Let us understand more about them:
Technology stack have inherent design limitation
Whatever technology stack you choose for your digital channel, inherent design limitations are a given. You need to choose beforehand whether you want to grow in horizontal or vertical directions, and choose a stack accordingly. Any attempt to change course mid-way will result in you starting from ground zero again.
Lacking modular approach for interfacing and scaling out
Modular design decomposes complex systems into simpler modules to organize processes more efficiently. Channels built on legacy patterns struggle in interfacing and scaling out. Modular design boosts developer productivity by managing complexity which can scale exponentially with size of application.
Past performance and brand positioning of the channel in the market
Every channel has a certain brand image, owing it to its own past performance. For success, it is important for your product to be in sync with the channel’s brand positioning, else it will struggle. Many enterprises, however, are not careful when choosing their pick of channels, resulting in subpar performance.
Change in vision and goal post for a selected digital channel
Often, enterprises change objectives of a channel in middle of campaign, hitting a self-goal. Some of these changes enshroud as a shift in tactics but it only takes the campaign closer to the troubles. On a channel, when you put a campaign to motion without setting a goal diligently, you are pushing it off the rails.
Our Approach
Verinite’s approach is to break out of the silos that tend to build in digital channel marketing over time. Here is how we achieve it:
Perform in-depth analysis and come up with independent understanding
Utilizing a digital channel effectively requires deep analysis of the tool to determine if it is in sync with your goals. We develop an independent understanding how a channel will help in making the goal.
Compare against the market trends
Not all digital channels are cut out for your business goals. To ensure the right array of channels, we compare them against the market trends to find the tools which are in symphony with the stated objectives.
Come up with an independent POV
An integral component of an effective marketing collateral, a nonpartisan POV (point of view) is a definite spectrum of beliefs continually communicated with audiences. We come up with independent POVs that advance your interests.
Challenge, deliberation and the approach
Every digital channel has its own of challenges. We discuss your goals threadbare, find the channels which serve your audiences well, and then deliberate how we can take your story to them in an optimum manner.
What we roll out
A robust digital marketing strategy besets a string of channels to push awareness, engagement, and growth. Here is what we offer:
In-depth research of current market trends and our analysis
Our team analyzes market trends in depth to eke out dominant patterns and current market behavior. Penetrative insights into the consumer preferences and the macroeconomic environment helps in touching up the nuances in the whole strategy.
Identify functions, define vision
Classifying the functioning of chosen digital channels in accordance with the defined vision is critical to your marketing efforts. The vision conforms to the audience insights we develop, thanks to extensive market analysis.
Strategy definition and draw technology landscape
We derive a potent marketing strategy built on your buyer personas and draw technology landscape in line with it. This is a coherent set of interconnected applications for attaining marketing objectives for a business enterprise.
Layout roadmap and plot out the milestones
A marketing roadmap outlines the broad marketing strategy for an enterprise for a certain period of time. It is inclusive of milestones, important deadlines that the marketing team must meet and the budget allotted for each of these phases.
