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You already know marketing has changed forever. What you might not know is the good and bad news about that from the Economist Intelligence Unit.

The good news is that four out of five companies will classify marketing as a revenue driver, rather than a cost driver, in the next 3-5 years.

The bad news is that marketers will need far more technical skills and have far more responsibility for operational decisions and their success or failure than ever before. Far from simply ‘marketing’ a product, most marketers now believe that they will be responsible for defining the customer experience from end to end and that the so-called ‘internet of things’ will revolutionise marketing. More on that below.

With three out of the four most commonly cited investments by marketers aimed at reaching customers through social networks, mobile devices and email, those who understand the possibilities of digital platforms will win.

A recent piece in Harvard Business Review is clear: exploiting digital platforms is the most effective guarantee of real engagement.

What is “real” engagement? Anything that goes beyond a momentary impression to become a meaningful interaction. Here are the authors’ new “seven marketing Ps” that marketers need to understand.

  1. People

Ultimately, technology needs to be about making things easier for people. Welcome to “the internet of things”. According to Deloitte , an initiative known as Telematics which allows devices installed in cars to transmit location data automatically to drivers and insurers can help locate stolen cars, notify insurers of accidents. It can also be extended to fleets of trucks, to allow for management and shipping route optimisation. Very relevant to insurers, lenders, leasing companies and fleet owners.

The internet of things may just revolutionise financial services in time as seamless transactions create a better customer experience. Apple Pay, for example, allows customers to send secure mobile payments without compromising personal data. Apple’s iBeacon technology allows retail customers to access location-specific coupons product information and recommendations while in-store.

  1. Participate

Making customers the hero, not you, is the new catch-cry. This means authentic engagement, with an emphasis on ongoing relationships and a two-way conversation so that customers are no longer simply consumers, but a community of participants. The best example of this is the difference between Netflix and YouTube. Netflix has an audience and adds content incrementally, whereas YouTube has a community and adds content exponentially. For financial services this means, the rise of the online community – from LinkedIn groups to initiatives like Prudential’s The Challenge Lab.

  1. Personalise

Suffering from inbox over-whelm? Your clients are too. Personalisation takes the pain away – marketing technology permitting. Digital platforms, used correctly, can do the job of making the experience personalised, notifying customers of what is important to them.

Given that half of all marketers cite the power the real-time personalised mobile communications as the trend with the biggest impact, putting customers as the centre and in control of the information they receive is crucial.

  1. Product

Digital platforms are no longer just about discussing products - the line between products and platforms is undergoing a significant change. For example, users of Uber are now able to select the playlist for their trip directly from their Spotify account. Taxis and music were once products – now both industries are disrupted by platforms that help us use the products in very different ways. Aggregators might be start of this in financial services – and so too might services such as Adviser Ratings.

  1. Process

Digital platforms will increasingly be used to run internal processes as well as in the customer facing role. For example, companies looking to engage with customers who use platforms to organise their lives must also use these platforms to manage their organisation.

  1. Pay

Digital wallets are taking the place of a swipe. We can now download an app to pay a taxi driver or order a coffee without taking our wallet out of our bag. True social commerce means that transactions are seamlessly embedded in ongoing relationships between customers and businesses, rather than the result of a temporary commercial relationship.

  1. Partner

Partnerships and collaborations will be more crucial to success than ever before in order to layer product, process and payment on top of people, participation and personalisation. Customers don’t want to use a myriad of different platforms, unlocking connectivity will deliver a seamless customer experience.

The bottom line for financial services

There’s no question that the financial services sector is highly competitive, with many players struggling to maintain their margins in the face of new, often restrictive regulation. It’s also true that financial services have traditionally been slow to embrace the possibilities on offer in a digitally enhanced world.

It’s imperative that we do. With 63% of companies increasing their digital marketing budget this year, and sales directly driven by digital likely to rise from 29% this year to around 38% in 2018, financial services players who lag will lose.

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