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Unlocking success with digital micro transformation: embracing incremental change in financial services marketing

Delve deeper into the significance of micro transformation

Financial services digital landscape

In the fast-paced and highly competitive world of financial services, staying ahead of the competition is a constant challenge. As the digital landscape evolves, marketers are faced with the task of navigating complex technology ecosystems, data analytics, and changing customer expectations. In a webinar, we shed light on the concept of micro transformation, an approach that emphasises incremental change to achieve long-term success in marketing.

In this blog, we will delve deeper into the significance of micro transformation, explore successful examples from the financial services industry, and highlight the potential of social media in driving customer engagement.

If you would like to read about the concept of micro transformation, please read the first article in this two-part series Embracing digital micro transformation: Shaping the future of financial services marketing.

The evolution of marketing in financial services

Over the past decade, the marketing landscape in financial services has undergone a dramatic transformation. Gone are the days when marketing teams simply handled traditional advertising and a website. The rise of technology has given birth to a plethora of platforms, data sources, and ad tech, offering marketers more tools than ever before. However, this abundance of resources has also posed significant challenges.

One of the major hurdles faced by marketing teams is the inability to fully leverage the vast amounts of data and technology at their disposal. The Salesforce report revealed that nearly 60% of CMOs were struggling to deliver on their promises due to people, product, and platform debt. People debt refers to a lack of skills and capabilities to make the most of available resources, while product debt stems from the reluctance to change established practices. Platform debt is the constant challenge of keeping up with rapidly evolving technologies.

Digital marketing platforms landscape | Ratio Partners

The role of micro transformation

Micro transformation is an approach that encourages organisations to make incremental changes to their processes and technologies.

Rather than striving for perfection from the outset, micro transformation focuses on delivering immediate value while keeping a long-term vision in mind. It advocates for continuous learning, optimisation, and experimentation, creating a culture of adaptability and resilience.

Creating collaborative, cross-functional scrum teams

To effectively implement micro transformation, successful financial services brands have restructured their marketing organisations. They form collaborative, cross-functional scrum teams with shared KPIs, uniting business leads, technology experts, and data analysts under a common goal. This collaboration ensures that marketing initiatives are aligned with broader organisational objectives and leverages the expertise of each team member.

A prime example of successful micro transformation can be found in DBS. They successfully managed to transform the culture and organisation surrounding marketing by adopting shared KPIs and empowering their marketing teams. Business leads now have more analytics, research, and persona data at their disposal, enabling them to create campaign assets and take ownership of campaign execution. On the other side, technology and operations teams are designed to be product owners and specialists, focusing on delivering the technology capabilities needed for successful campaigns.

Real-world examples of micro transformation

Another shining example of micro transformation success lies with Procter & Gamble (P&G). P&G has made remarkable progress in digital transformation, utilising data lakes to gain a comprehensive view of their customers. This wealth of data allows P&G to deliver personalised campaigns tailored to individual customer needs, resulting in improved customer satisfaction and loyalty.

Another exemplary case comes from Royal Bank of Scotland (RBS). Adopting an experimentation culture, RBS transformed journey managers into “superstar DJs” and engaged various departments, including customer service, HR, and legal, in their optimisation programme. The introduction of gamification and cross-functional participation led to a significant increase in the number of experiments conducted, fostering a culture of continuous improvement.

Unleashing social media potential

While micro transformation holds promise in various aspects of marketing, social media remains an untapped resource for many financial services brands.

To succeed in the ever-changing world of social media, brands must shift their focus from self-promotion to addressing customer needs.

Content should be tailored to specific platforms and target audiences, delivering value and engagement.

Regulatory compliance is often a concern in financial services, but solutions like Hootsuite can help address these challenges. Hootsuite allows brands to retain records of posted content for compliance purposes, ensuring adherence to industry regulations while engaging customers on social media.

Embracing micro transformation

In a dynamic and competitive industry like financial services, embracing micro transformation is a pathway to success. By breaking down complex processes into manageable tasks and delivering incremental improvements, marketing teams can stay adaptable, optimise their strategies, and drive long-term growth. Collaborative, cross-functional scrum teams enable effective implementation, while a customer-centric approach ensures that every marketing initiative addresses specific customer needs.

Social media offers immense potential for customer engagement, but brands must transition from traditional self-promotion to value-driven content. With the right tools and an experimentation mindset, financial services marketers can unlock the true power of social media to attract, retain, and satisfy their customers in the digital era.

As the financial services landscape continues to evolve, embracing micro transformation will be the key to thriving in the ever-changing world of marketing.

Micro transformation presents an effective and practical approach for financial services brands to navigate the challenges of the digital age. By focusing on incremental improvements, fostering collaboration, and leveraging social media potential, marketers can stay ahead of the curve and deliver exceptional customer experiences. The success stories of DBS, Procter & Gamble, and Royal Bank of Scotland serve as inspirations for other organisations to embark on their digital micro transformation journey. As the industry continues to evolve, those who embrace micro transformation will be well-positioned to lead the way in the fast-paced and ever-changing landscape of financial services marketing.

If you would like to discuss how Ratio can support you with your digital micro transformation efforts, get in touch with us at hello@ratiopartners.co.uk.