Challenges of Enterprise Marketing Teams and How to Solve Them

Akshatha Kamath, Content Marketing at MoEngage, looks into the common challenges for enterprise marketing teams and asks whether automation is the answer.

Marketing for a large enterprise company is challenging. It is often the case that big organizations have multiple teams working on marketing that are each in their own silo. The data is segmented, the campaigns are segmented and the teams do not talk to one another. This can cause friction in your organization when your marketing messages may be broadcast to hundreds of thousands or even millions of consumers.

When your marketing teams are working in silos your brand suffers. One customer might receive multiple different disjointed marketing communications from your brand and this impacts the customer experience negatively, as well as being a waste of your marketing resources.

Expansion to New Frontiers

Another current challenge of enterprise marketers is creating a seamless customer experience on and offline. For brick and mortar brands building out digital is an imperative (87% of executives say it is a “matter of survival”).

This is an especially taxing challenge for large enterprise brands who may have to juggle supporting local marketers with limited resources – be they a dealership or franchisee. Often, it may be that these local marketers do not have the same marketing experience as those working at corporate headquarters. They execute their campaigns without much background in marketing while also dealing with human resources, bookkeeping, inventory and all the other headaches that come with running a business.

Supporting these local marketers is also a challenge for brand managers. They can also be resource-strapped and often may not have enough to do all they need to accomplish. There’s a chance they also don’t have the campaign budget to produce all that they need and brand managers often don’t have dedicated staff to verify in-store compliance.

For an enterprise brand manager to overcome these challenges and successfully implement their marketing strategy, communication with local marketers is key. Brand managers must encourage success at the local level. Those who have high local marketer satisfaction have an active dialogue with local marketers to better appreciate how they are struggling. These brand managers also invest in easy-to-use tools in process, design, and technology. The higher quality the communication is, the better the outcome.

Solving Geographic Difficulties

A brand manager’s job is to make local marketing easy for affiliates. In a distributed organization it takes a lot of stakeholders to run just a single campaign. Something as simple as printing up a poster to be hung in a storefront window may require input and approval from design, brand management, compliance, and local marketers.

This is a natural part of enterprise distributed marketing as one’s business model is distributed so workflows are going to be complex. Despite the complicated approval processes and multiple stakeholders involved, these systems can be made more efficient with the right tools. Streamlining workflows for distributed enterprise marketing involves documenting the process of what needs to be done in order to make it easier for all involved to follow it. Often companies find it beneficial to use technology to do this.

Multi-geographic brands can also rarely monitor all field execution of marketing in person. This can generate concern that brand messaging is being modified in a way that is out of line with the brand’s standards.

Consumers typically do not distinguish between enterprise-owned and locally-owned businesses – they see just one thing: brands. 60% of millennials in the United States expect consistent experiences when dealing with brands whether online, in-store or by telephone. This highlights how important it is for distributed enterprise brands to keep their message consistent.

Education and knowledge about a brand are critically important for all stakeholders. Many distributed brands have affiliate on-boarding and training processes that place branding as a core subject. Other brands are finding value in marketing asset management technology in order to scale consistently. They use template tools for executing their local marketing strategies which allows brand management teams to “lock” certain design characteristics or messages and allow local marketers to input their information (such as address or local offers) in order to maintain brand consistency.

Is Automation the Solution?

What enterprise marketers may need is a system that streamlines their marketing channel in order to bring together marketers, campaign managers, and product managers under one system to efficiently manage marketing campaigns with input and collaboration between all of those involved.

MoEngage has developed some tools for enterprise marketing teams using extensive feedback from stakeholders. This unified approach to enterprise marketing can send out a clear signal amidst the noise. MoEngage Teams and MoEngage Campaign Approval Workflow are two such tools that enable brands to eliminate the silos within their teams and ensure a smooth flow of customer data and insights between teams. This can help enterprises eliminate the challenges that stem out large teams spread across geographies or multiple owned brands that need a unified customer view, and many more. Talk to MoEngage’s experts for a personalized walk-through of these enterprise-ready marketing tools from MoEngage.

MoEngage’s Evolution into a Mobile Marketing Platform for Big Brands

MoEngage’s Evolution into a Mobile Marketing Platform for Big Brands

The following guest blog post is written and sponsored by MoEngage.

MoEngage, an Intelligent Customer Engagement Platform built for the mobile first world, has been featured in the 2019 Gartner Magic Quadrant for Mobile Marketing Platform for the second time in a row. It is the youngest company to be featured in the report and has made the biggest leap in improvement in its position as compared to all the other vendors. You can read the complimentary copy of the report here

In its initial years, MoEngage’s platform saw rapid adoption from mobile-first startups and mid-market brands. As these brands grew, with some even becoming unicorns, MoEngage’s platform also improved to match the growing complexity and scale of their customers. Building on this momentum, MoEngage made significant investments in customer experience and product innovation. Today, MoEngage has evolved into a robust mobile marketing platform that has seen significant adoption by enterprises across Asia, the U.S., and Europe. In the last 12 months, the company has added several large enterprise clients such as Future Retail, Deutsche Telekom, Mashreq Bank, Travelodge, Samsung, and more. Enterprise clients contribute nearly 50% of MoEngage’s total revenues, while mobile first brands and unicorns contribute the rest.

“Our progression in Gartner’s Magic Quadrant and adoption by large enterprises is a testament to our investments in product innovation and customer success. Consumer brands in 35 countries trust MoEngage to power their cross-channel customer engagement campaigns to improve adoption, retention, loyalty, and customer LTV. This recognition reinforces our vision to be the most trusted customer engagement platform for the mobile-first world. We place customers at the heart of everything we do and our customer obsession is reflected by not just our renewal rates, but also by the reviews on Gartner Peer Insights websitessaid Raviteja Dodda, CEO and founder, MoEngage.

Designed for the mobile-first world, MoEngage provides one dashboard through which consumer brands can analyse user behavior, engage across channels and personalize every touchpoint. Processing over 45 billion user interactions and delivering over 25 billion messages to 400 million users every month, MoEngage is one of the fastest-growing companies in this space. To know more visit www.moengage.com


Gartner Magic Quadrant for Mobile Marketing Platforms, Mike McGuire, Charles Golvin, 15 July 2019 GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and is used here with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

How Interactive Marketing Can Enhance the Online Banking Experience

How Interactive Marketing Can Enhance the Online Banking Experience

This is a guest post contributed by Sam Makad, an experienced writer and marketing consultant at studyclerk. His expertise lies in marketing and advertising. He helps small and medium enterprises to grow their business and overall ROI. Reach out to Sam Makad on Twitter or LinkedIn.

PwC’s 2017 Digital Banking Consumer Survey provides enlightenment of the rapidly changing behavior of the digital banking customer. The report specifically refers to the rise of a new breed of customers that it labels omni-digital or those who only use mobile, PCs, and tablets to conduct their banking, avoiding physical channels of banking altogether.

However, at a time when fintech organizations have turned the financial industry on its head by introducing digital at every level, banks must recapture the attention of their prospects in a mere span of 8 seconds if they wish to beat the competition and improve their customer satisfaction rates, as well as, their bottom line. Here are five proven interactive marketing strategies that will help you redesign your customer experience as per your customers’ tastes.

1. Simplify Financial Concepts with Explainer Videos

According to research, more than 50% of visitors leave a website within 15 seconds. To avoid this, many companies are now adopting interactive marketing by sharing short videos on their website.

You can also tap into the power of influencer marketing to take your brand to customers effectively. According to a report, “92% of consumers trust recommendations from others, even people they do not know, over branded content.”

report by TD Bank indicates that a majority of the millennials believe they could benefit from some advice on financial topics like savings (32%), credit cards (26%), and creating a budget (30%).

2. Make Your Website the Main Touch Point for Customers

The digital generation wants to have minimal interaction with business representatives to solve their problems. A large percentage of Generation Z participants in a PwC survey stated they prefer to find information online and cope with problems themselves. 

Live chat technology can be an interesting feature to escalate your customer experience significantly. According to Forrester, “44% of online consumers say that having questions answered by a live person during an online purchase is one of the most important features a website can offer.”

The data shared during live chats can also make for a useful repository of information that could be used to build your FAQ section, or even train a chatbot to engage your customers 24/7.

HDFC Life adopted India’s first life insurance chatbot that acts as a financial guide for insurance advice, ranging from health to tax planning and retirement. Not surprisingly, this creative solution has connected well with the users. According to a report, 8.03% of users express an intent to purchase the product after interacting with the bot while traditional web-based forms only generate up to 2% interest.

3. Create a YouTube Channel For Information Rich Content

According to research, 72% of consumers prefer to use a video to learn about a product or service than any other channel. Sounds promising, doesn’t it?

HDFC created a short, 28-second video with a famous celebrity that shows how users can make use of PayZapp in their daily lives in a very relatable and entertaining manner.

Tips for creating engaging content for your YouTube channel:

  • 68% of consumers find educational and informational content more valuable. Create how-to content, tutorials, and data-driven content to help users, as well as promote their services.
  • Research says that videos between 16 to 120 seconds generate almost 50% of all YouTube views. So keep your videos short and sweet, yet full of useful information for users.
  • Conduct live Q&A sessions and webinars on your YouTube channel to spread financial awareness while also sharing information about your products.

4. Email Marketing

Despite so much technological advancement, email marketing remains one of the most engaging marketing channels to provide valuable information to customers. According to data, businesses generate a return of $38 for every $1 spent on email marketing on average. 

Email integration can help you build individual customer profiles that can help you gain an insight into the spending and saving habits of your customers. With this information, you can create personalized messages that are relevant to your customers instead of sharing one-size-fits-all email messages that may irritate some users. 

Here’s how email integration can help your marketing efforts:

  • Segment your audiences into smaller groups based on their buying behavior.
  • Create targeted content for different segments to improve conversions.
  • Get sophisticated email reporting to receive insightful information about your customers.
  • Keep your customer data up to date through automatic synchronization of data.

5. Mobile Marketing

A mobile-friendly website is a pre-requisite for any business, including banks. 

According to an infographic by Formstack, 57% of internet users won’t recommend a business with a poorly designed website on mobile. The same infographic adds that 46% of shoppers are less likely to shop around for other options when they are using a company’s mobile app.

Besides, a well-designed mobile platform can be used to share information with clients while also sending them reminders about their pending bills and payment updates to make them feel cared for. 

A mobile app can also be used for in-app marketing to deliver a highly personalized product or service related messages to a customer’s device as it is easier and less expensive to up-sell and cross-sell current customers than to acquire a new customer.

Conclusion

In the present era of instant gratification, banks need to up their game to create an omnichannel presence where they can offer a seamless experience to their customers, 24/7. It is also necessary to simplify financial transactions and bring them online to prevent your clients or potential clients from jumping through hoops, which can significantly improve your customer satisfaction rates.

Fintech in Indonesia and How Kredivo Boosts Conversions by 40%

Fintech in Indonesia and How Kredivo Boosts Conversions by 40%

Akshatha Kamath, Content Marketing at MoEngage, explores the fintech landscape in South East Asia, and why fintechs need to work on their “stickiness” factor.

According to the World Bank’s Global Financial Inclusion Index database, Indonesia has made rapid progress in financial inclusion across East Asia and the Pacific. The country has come a long way from just 20% of the adults owning an account in 2011 to 48.9% owning an account in 2018. While the country still grapples with the challenges of the unbanked population, it has led to the growth of fintech companies.

The Fintech Landscape in Indonesia

Indonesia has 167 fintech companies that offer payment, lending, personal finance, crypto and blockchain, crowdfunding, insurtech, and PoS services. The fintech industry is regulated by two entities – Bank Indonesia and Otoritas Jasa Keuangan (OJK). While Bank Indonesia oversees the monetary policies, OJK takes care of P2P lending, crowdfunding, digital banking, data security, insurtech, and consumer protection.

According to the Fintech Indonesia Report 2018, payment and lending form the major part of the fintech ecosystem.

The Growth Story of Fintech in Indonesia

As the Government pushes for financial inclusion among its citizens, Indonesia is also a witness to the growth story of fintech companies. With over 167 companies operating in Indonesia, the fintech market has grown by 16.3% with total investment in fintech companies reaching $176.75 million in 2017 alone.

Here are a few factors that are responsible for the growth story of fintech in Indonesia.

  • Technology-enabled population: With a population of 261.12 million, the majority below the age of 35, technology is a key enabler for Indonesians. Over 143.2 million people have access to the internet, and mobile subscriptions are as high as 415.7 million. 
  • Topography: Another factor responsible for the popularity of fintech companies is the topography of Indonesia. Indonesia is an archipelago country made of 17,000 islands spanning across 50,000 kilometers from east to west. As banks face a challenge in reaching the most remote areas, fintech companies are helping the Government meet its financial inclusion goals by offering financial solutions in every nook and corner of the country.
  • Easy loans for small-medium businesses: One of the challenges for small-medium businesses is the limitation in granting loans. According to financial regulators of Indonesia, banks and other financial institutions can only grant up to Rp600 trillion. In 2016 alone, the national loan demand had reached Rp1,600 trillion, due to which there was a restriction on availing bank loans. Fintech companies have simplified the process for the businesses by not asking for collaterals and enabling the debtors to submit the documents from anywhere, anytime.
  • Convenience: While cash is still the preferred mode of payment, cashless transactions and e-money products provide convenience to the users.

Challenges of Indonesia’s Fintech Industry

While the fintech industry is working to push the government’s vision of financial inclusion and offering convenience to users, it has its own set of challenges.

  • Low internet connectivity: Despite the high penetration of the internet, connectivity is still low in Indonesia. Considering that the internet is the key requisite for delivering services to customers, fintechs face a challenge in reaching out to its customers, while customers face problem in completing their transactions without any hassles.
  • Preference for cash transactions: While Indonesia is shifting to cashless mode of payment, cash is still the preferred mode of payment for merchants.
  • Strict regulation: This is one of the major challenges for fintech companies.  There are only 40 P2P lending services registered with OJK due to the strict regulatory process laid down by OJK and Bank Indonesia. At one point in time, OJK published a list of 100 lenders who were not recognized, while Bank Indonesia announced the release of Fintech Regulation and Regulatory Sandbox in 2017 to protect the interest of the customers. According to a study by the Monash Business School on Indonesia’s fintech industry, the regulator’s decisions are well-intentioned as they want to encourage people to adopt the financial system and discourage fraudulent activities. However, the lack of clarity in the process is posing a challenge to fintech companies that have not received a green signal to operate from OJK.
  • Lack of stickiness: According to Hootsuite, each consumer uses at least two or more fintech services. With so many fintech apps vying for the customer’s attention, increasing stickiness and engaging the users on the app can be quite a challenge for fintech companies.

How Kredivo Increased its Stickiness and Increased the Conversions by 40%

Kredivo is an Indonesia-based fintech company that allows e-commerce buyers to apply and qualify for instant credit and payback over time. Within three years of launch, Kredivo had become one of the fastest growing and the stickiest digital payment channels for e-commerce in Indonesia. Kredivo wanted to go a step further to engage new users who had downloaded the app, enable them to complete the transactions within the app, and boost the overall brand and app store SEO. It wanted a single marketing automation platform that could help them address engagement challenges and also handle newer channels and use cases in the future. Kredivo chose MoEngage’s Push Amplification to track the notifications that were sent. It also acted as a fall back to GCM and delivered notifications to devices with a failed delivery, which boosted the delivery rate by 20%.

Kredivo also used MoEngage’s Automated Workflow to set up unique workflows based on user attributes such as age, gender, and income to send customized offers via emails and push notifications. The automated workflow led to a 40% increase in conversions within ten months.

Kredivo’s Workflow

In order to improve the SEO in the app store, Kredivo sent automated emails to the users who had completed an in-app transaction to leave their ratings and feedback. The triggered emails led to a 64% conversion rate.

All these efforts together helped Kredivo to improve the engagement on their app. You can read the complete case study here.

For a fintech company, personalized customer experiences and winning the trust of customers is crucial to sustain and stay ahead in this new and competitive industry. With marketing automation platforms like MoEngage, you can achieve this goal easily.

Hack The Core: CeleritiFintech Readies for July Hackathon

Hack The Core: CeleritiFintech Readies for July Hackathon

There’s a month and a half to go before CeleritiFinTech (CFT) launches its first core banking hackathon, CFT Hack the Core. And if you’re a fintech developer or startup looking to partner with a leading core banking provider in financial services, CFT Hack the Core on July 14 – 16 in San Ramon may be the moment you’ve been waiting for.

Most financial services have a Fintech strategy which involves collaborating with all kinds of Fintechs – disruptive and enabling startups,” CeleritiFintech’s CEO Oded Shoshany said. “CFT is enabling a direct Core API connectivity, as we realize that collaboration with financial services and licensing or white-labeling startup innovation represents a significant market potential for Fintechs and Banks,” he added.

Based on CFT’s high-performance Hogan core banking software and its APIs, events like CFT Hack the Core can be important stepping stones for emerging fintech startups. Faced with the dual challenges of long sales cycles in the financial services industry and the lack of domain expertise and overall knowledge of the environment, even the most innovative startups can struggle to get their technologies seen by the right people in the right places. By contrast, partnering with companies like CeleritiFinTech enables startups to leverage existing CFT relationships with financial services companies as well as take advantage pre-integration measures that save time and cut red tape.

As part of the competition, CeleritiFinTech will offer up to 20 startups access to more than 25 of its banking APIs. These tools will enable competitors to build exciting and innovative solutions for banks and their customers in challenge areas such as API banking, customer service, and payment innovation. Hackathon winners will also earn invitations to work with the iValley Fintech Market Readiness Accelerator run by iValley Innovation Center and powered by CeleritiFinTech. Here they will refine their solutions ahead of a Demo Day event during CeleritFinTech’s Core Banking Innovation Summit in early 2018. The six-month long accelerator program runs from August 2017 through January 2018, and provides mentoring, office space, and other resources to help startups further develop their technology toward minimum viable product status. Accelerator participants will also benefit from monthly workshops with industry experts, and business and go-to market strategy development, as well as fundraising advice and networking with investors.

Applying to CFT Hack the Core is easy. Visit the Hackathon registration page at http://www.celeritift.com/events/hackathon, provide contact information, a description of your idea and how you plan to partner with CeleritiFinTech’s core banking system, your preferred challenge area, your startup stage (early stage, seed or Series A, growth, etc.) and that’s it.

“The CFT Hack the Core provides a unique opportunity for Fintech startups to pre-integrate with Core Banking, Loan or Payment Microservices and showcase their value proposition to leading financial institutions,” said Paddy Ramanathan, Managing Director at iValley Innovation Center. “This type of creative partnerships for FIntechs with innovative providers like CFT has the potential to rapidly accelerate their growth and reduce customer acquisition costs. Embracing this new-core with pre-integrated Fintechs provides financial institutions the much-needed operational agility to compete with disruptive Fintech value proposition. It is a win-win for everyone.”

CeleritiFinTech is a specialist in helping banks, credit unions and other financial services businesses leverage advanced core banking technology to modernize their operations. Launched as a joint venture by global IT giants HCL and DXC Technology (formerly CSC) in 2015, CFT is focused on ensuring FIs are able to maximize the way they use their existing platforms while implementing new solutions and services designed to accelerate growth. CFT leverages software and product development talent from DXC Technology and capital investment, application implementation and more from HCL, to bring cloud-based, advanced core banking services and solutions to a widening group of partners in financial services.

With the Hogan Core Banking System, CeleritiFinTech provides a high-performance core banking software platform that provides real-time, cross channel engagement via an integrated suite of applications. Featuring real-time processing and mobile and online access, the Hogan Core Banking System was used by top tier banks in the United States and globally. 

So if helping banks and credit unions gain “flexibility, efficiency, and value for money” aligns with the mission statement for your fintech startup, then we’ll look forward to seeing your application to CFT Hack the Core, the Hogan Core Banking System Hackathon sponsored by CeleritiFinTech, July 14 through July 16 in San Ramon.