Marketing automation in banking is about more than just streamlining repetitive tasks—it's about using technology to make smarter decisions, personalize customer experiences, and achieve better results across all your marketing channels. With marketing automation, your community bank can stay ahead of the competition by leveraging data insights that deliver the right message to the right audience at the right time.
Today, we’re going to take a look at one of the most important components of marketing automation: Engagement monitoring. Sound a bit frightening? Let me start off by saying that you needn’t worry. As a community banker, engagement is certainly something you SHOULD concern yourself with but, fortunately, there are individuals (and providers, such as BankMarketingCenter), that can manage this very important function for you. So, sit back, relax and read on. Let’s talk about engagement, why it’s important to community bank marketers, and how the social media management tools here at BankMarketingCenter can help.
As you all know, there are few offerings more important – even more important than your investment products, your cards, your loans, etc. – than understanding your customer and how that customer interacts with your brand. After all, of all the aforementioned, your customer data, and the customer experience (CX) are essential to attracting and retaining customers, fostering loyalty, and driving growth. Engagement monitoring — the process of tracking and analyzing customer interactions — plays a pivotal role in achieving this goal.
Understanding Engagement Monitoring
“Engagement monitoring involves leveraging data from various customer interactions. This data is collected and analyzed using tools such as Customer Relationship Management (CRM) systems, marketing automation platforms, and artificial intelligence (AI) solutions. Your bank can gain a comprehensive view of the customer journey by integrating these technologies and using engagement monitoring tools. This insight is key to identifying patterns, predicting future behaviors, and proactively addressing customer needs.”
-- “Unlocking the Potential of Marketing Automation”, ABA Journal1
In short, by understanding customer behaviors, preferences, and needs in real-time, your bank can offer personalized, timely, and relevant services that set it apart.
Who’s using it and why?
Marketing automation provides bank marketers with the analytical tools they can use to truly take their social media marketing to the next level. According to the January 2024 ABA Marketing Technology and AI Survey, 50 percent of respondents who are using marketing automation said they use the tool for social media marketing. Automation in engagement aids in creating and designing more compelling content, segmenting audiences to better tailor posts, engage with customers more quickly and effectively, and analyze data for better outcomes. It’s also the technology that BankMarketingCenter offers with Social+.
Efficient customer engagement
Bringing an automation solution to your social marketing allows for near real-time communication on your platforms. The Social+ monitoring feature, for instance, automatically alerts your marketing team to mentions of your bank on your platforms, enhancing their ability to promptly respond to customer feedback. With it, they can identify and address potential issues and “head them off at the pass.” It is also useful in monitoring disengaged customers, those with declining account activity or interactions. In either instance, with the engagement monitoring capabilities of a solution such as Social+, your marketing team is now implementing solutions swiftly and enhancing your customer experience.
Greater content personalization
As we know, knowing your customer is an essential component of any marketing initiative. Engagement monitoring enables you to tailor your product and service offerings, from recommending personalized investment opportunities to sending timely reminders for bill payments. For example, a bank noticing frequent online searches for mortgage rates can proactively provide the customer with information about loan options, rates, and pre-approval processes.
Why it matters. And believe me, it does!
Engagement monitoring is not just a tool—it’s a strategic necessity for banks aiming to deliver exceptional customer experiences. By listening to your customers, along with understanding and anticipating their needs, banks can build stronger relationships, enhance trust, and drive sustained growth. In a world where the customer experience is more important than ever, engagement monitoring can be a valuable tool in the bank marketing toolbox.
Bank Marketing Center
We’re bankmarketingcenter.com, the leading, subscription-based provider of automated marketing services to community banks. Our goal is to help bank marketers with that topical, compelling communication with customers that builds trust, relationships, and revenue. And we do this through our Social+ integration, automating critical bank marketing functions such as content creation, engagement monitoring and asset management, as well as regulatory agency and brand compliance.
We also want to share what we know – and learn along the way – with all our community banking friends. Whether it’s the latest on AI technology, suggestions on how to attract and retain top talent, or the importance of data protection, we’re here to make bank marketing the best that it can be.
Want to learn more about what we can do for your community bank and your marketing efforts? You can start by visiting bankmarketingcenter.com. Then, feel free to contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. Or, you can click here to schedule a free demo with one of our product experts to learn more about Social+. As always, I welcome your thoughts.
1ABA Journal. “Unlocking the Power of Marketing Automation.” April 30, 2024.