What Is Retail Banking

Retail banking is also widely known as consumer banking as well. It basically involves the financial services to the individual customers rather than business. Let’s say it’s a B2C communication, but bank instead of business. Through retail banking an individual customer manages their money, access credits, and deposit money securely.

Retail Banking Channel Options

There are actually loads of ways retail banking can be classified. Your simple visit to an accountant in the bank is a form of retail banking. Easy as that. But, let’s discuss some more popular and widely used retailed banking services.

Possibly the physical channel we all use is an ATM. And also, the most physical is can get. The ATMs are literal cabins you enter and conduct all financial activities through it according to your wishing.

As for Digital Channels, here we have more variety of popular services, it can be mobile consultation as well. Yet, something with a completely digital concept is internet and mobile banking.

Quite honestly, mobile banking is very comfortable, you just need internet and you’re safe to manage your finances anywhere in the world.

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Digital Credit/Debit Cards

Now, in many parts of the world, digitally involved Banks have offered their consumers the option of digital CC Cards with beneficial cyber security services.

This account type is great for managing the finances you don’t want to spend yet, or simply don’t know what to do with. It’s quite scary to risk losing money, especially when we connect our cards to apps like Taxi or Delivery services. Not to mention all the shopping websites we might have forgotten inputting our card information into.

The comfort of a digital account is, that it doesn’t require attaching the card at all, it’s a virtual card on its own. So, you can just swiftly transfer the exact amount that you need on it whenever you need. In other cases, you can just leave it nullified. Or in another case-transfer the finances you want to not accidentally over-spend and safely swipe your physical card.

Digital Interactions

Back in the days, only mobile calls were the fastest ways to interact with the bank staff to figure out what was going on your bank accounts. Now we have chat-bots, digital consultants and casual video calls in case of necessity. In certain countries of the world you can have the video-call with the bank’s credit manager if you cannot make it to the physical destination. Chat-bots are just great and time-saving in case of a small issue that can be automatically fixed. The inbox about updates on you mobile-bank account are a form of effective communication as well.

The Benefits Of Retail Marketing-Personal Banker

It feels almost luxurious to have your personal banker right? But, it’s not really. Since people have started using their CC and Debit Cards far more actively, mobile communications have become far more common and so have the personal banker services. Or should we say personal accountants.

When you use your bank’s services frequently enough and have a good credit record, it’s quite likely for the bank to assign you with a specific status (like loyal customer) and offer to assign you a personal accountant.

This Bank Employee has closest communication with you and informs you about the details of your financial offers-like Credit Cards or loan percentage changes. We’ve come very far with retail banking and it’s getting more comfortable gradually.

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Cloud Service Explained

Basically, cloud services are the ones you offer your customers via internet or application. It has got three main types: Infrastructure as a service (IaaS), Platforms as a service (PaaS) and last but not least-Software as a Service (SaaS) which we have more detailed explanation about in our previous article. Digital world is expanding continuously and so are the product varieties. As for one of the digital products, we shall review modern, most popular digital products.

Applications And Digital Products

One of the most popular digital products we have seen so far, was Step N’ application. Now, the fun thing about this product is how It stuck to the perception of a customer. This application is a great example of cloud service. Customers bought literally virtual sneakers, which were either for walking or running.

The idea of an app was to encourage fitness lifestyle into a daily routine. In fact, some customers got so used to walking at least, (running is still not the favorite activity), that they started moving on foot even without an app. If someone told us we would buy sneakers we can’t wear, we might have laughed but, here we are!

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Digital Art And Cloud Services

Possibly, you are guessing what we are talking about right? It’s NFT again! Now, here we can discuss the platform as service as well. Now, that NFTs have acquired the function to be even passes to certain events, such websites as blockchain.com and opensea.io have become platforms as a service. NFTs themselves are products, which artists sell on these platforms according to specific standards and regulations. Isn’t it marvelous, how far digital marketing has come?

Cloud Services And Data

Now, that we have discussed general cloud products, let’s go back to the cloud services more specifically. The cloud services have a lot to do with optimizing and unifying your data. Great example of that is Google Cloud. Here’s how it works-google cloud offers us services such as: computing, digital storage management, networking, big data work, machine learning and of course cloud management and security. All of those mentioned above are the cloud services in general.

Most Commonly Used Cloud Services

There are certain services every company and business needs for their digital workspace. Now, let’s name some of them you can find in almost all businesses:

• IaaS, PaaS and Saas
• Hybrid Cloud and Multicloud Services
• Test and Development
• Cloud Storage Management
• Disaster Recovery
• Data Backup
• Big Data Analytics and Updates

Data Backup

You must have noticed that all apps such as, Viber, Whatsapp, Telegram offer data backup. That’s the cloud service almost every individual has the benefit of having on their regular smartphones. If there was no backup, imagine all the texts and photos being lost-especially the ones you cherish as precious memories. Well, even though the service is so robotic, funny how it is still connected to very human emotions.

Your Daily Cloud Services

Doesn’t matter if you have a business or not, there are services we use daily which are cloud service. Remember the storage management component? Don’t we all have either Apple iCloud or Google Drive? That’s a simple and perfect example of how exactly this service looks. Well, if you want more storage, you add by purchasing it. Somewhat of a trick or treat to encourage your purchasing instincts.

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SaaS Basics

SaaS abbreviation deciphers as-Software as a Service. This marketing strategy is basically a great tool for building awareness about your software and to later pretty much sell it. SaaS marketers are vital teammates of your company, especially for product-focused business development. This marketing strategy ensures that you actually bring your product on the market, position it and create visibility of your SaaS organization.

Promote Remotely

Alongside with the benefits mentioned in the paragraph above, SaaS marketing has a very specific focus on promoting, generating and maintaining leads for products mainly based on subscriptions to SaaS products. In this case, businesses sell their products in digital form, such as cloud-based apps with consistent updates and additional functions.

Physical VS Digital

The physical products are mostly one-time purchases in comparison to SaaS marketed products which offer continuous growth of intangibility and rent-worthiness.

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Subscription services are more of a long-run type. In this case, let’s set an example. Say, we have an application of delivery services and we offer our customers to subscribe to our Prime service, which offers free delivery for a whole month in return to a monthly fixed fee. This prime package is exactly the one which undergoes SaaS marketing.

Before You Implement Your SaaS Strategy

Prior to executing your SaaS strategy, make sure you spend some time working on it. Might seem simple at a first glance, but there are some details to take into consideration. The fundament of almost any SaaS plan is to overall analyze the goals desired to achieve and relative objects with targets. Specific tactics come into play when planning SaaS. The SaaS marketing strategy mainly depends on your company’s current position on the market. Yet, regardless of any stage, here are certain things you must focus on:

• Critically consider your credibility as the expert of your field.
• Raise your brand awareness AGAIN.
• Re-Confirm your products functionality on the market.
• Re-establish your true costs and refresh your leads.

What Is Product/Market Fit Indicator

Basically, Product/market fit is a primary indicator for investor reassurance. This is necessary to refresh when you gain a higher amount of customers compared to the ones you started with. There are several components to be focused on and here is a brief example to some of them:

• Optimize your marketing channels. Make them fit for new customers as well.
• Explore new channels, you might have never thought some of them could be useful.
• Reduce your acquisition costs by functional use of traffic, leads and quality analysis.
• Improve on-site experience for your landing pages.
• Maximize your PR quality to stay at the top of your B2C communications game.

Golden Words-Free Trial

In SaaS marketing world the term “free trial” is possibly the most popular and effective one at the same time. In physical products it is similar to offering free samples of certain products in smaller sizes. So, let’s say NYX Cosmetics offering a small version of their product as a free sample and Netflix offering you 1-month free trial is pretty much the same strategy. One fits the physical product and the other-digital one.

SaaS Trick Or Treat

In previous paragraph we have mentioned a free trial. Now, free stuff is what customers love so much and well, we all do. No question about that. Have you ever thought of making your application free, but still gain certain profits? Here is where ads come into play! There are many websites and applications which have an alternative of functioning without subscriptions. But, the trick is ads. Well, you have a choice-slower access to certain benefits and waiting for ads or opting for a treat as a subscription and get rid of that annoying 30 second countdown.

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ABC Of Brand Management Software

Basically saying, brand management software helps you as an owner of the business, to regulate the overall messaging strategies of your brand. We also call this brand communications, which are spread into various channels and forms-such as visual and textual or animation. Your digital marketing strategy cannot possibly go too far without making it organized properly. A little bit of chaos is forgivable, but don’t make it a habit.

Brand Management Components

The communications of your brand start from the very logo of your choosing to the cornerstone content you consistently post for visibility. In one of our articles we are discussing the cornerstone content benefits in further details. And, clearly modern business has to have strong digital communications-desirably connected in their functionality and core concepts. Without proper management software your communications are more likely to become a mess.

Find Your Match

Surely, different businesses need different management software. It would be somewhat silly if bakery business and architecture company were to have the same management platforms considering the difference in their purposes. Now, the question is, how do we choose the fitting management platform for our brand? There are specific things you must keep in mind and we shall discuss them in detail in the next paragraph.

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Basic Elements Of Fitting Software

So, when choosing the software of your desire, take these aspects into consideration: challenges of your brand (current ones of course), figure out where your users lack accessibility to your physical and digital communication (emphasizing digital communications in this case), and last, but not least-consult with your IT department on their involvement in your digital communications’ quality.

Don’t Count, Invest

Brand management software is an element in your digital marketing you don’t want to be counting every penny for. What we mean, is that you should not seek making an economy on this aspect of your digital marketing tools.

Invest your budget and if you happen to find the best possible platform, don’t go on scrolling through more low-budget versions. Let it be pricy if necessary, because as far as this affects your brand’s communications-it will later affect your customer engagement and conversion rates and finally-on sales and profits.

Design Management

Design is one of your holy grails of B2B and B2C communications. The best part about brand management platform is, that through design coherent with the platform you’ve chosen can define the perception of your company to your will. Changes happen quite quickly and we just need a management platform for timely updates.

Brand Assets

We’ve already emphasized, that a brand owns more than just content and just a logo. A brand is the persona with values and views that make it so relatable to customers.

Harmonically, all these assets and aspects deliver the experience and emotion which leads to further connections. To provide this experience constantly and consistently. A marketing team is exactly the one responsible for creating all these assets in afunctional, strategic and consistent manner. Clearly, all the assets mentioned above are easier and more effective to be managed through your platform.

Transparent Access

If you happen to have several teams working on a specific project together, make sure to have them certain access granted to the brand management platform. It is clearly not easy, especially when you’ve been working with the platform solely, but for better teamwork and inside-company communications-try to trust your teams more.

This doesn’t ultimately mean to give access to relocate, reschedule and almost rebrand, but basic level interventions on the platform will most likely do no harm. Trust is the key when multi-managing the platform.

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Negative Feedback Is Not Scary

Once you’ve put so much hard work into your product’s creation, what you are expecting is at least the majority of customer reviews to be positive. Well, it’s understandable, but this high bar of expectations also creates the fear of getting notices on the negative aspects of your product. This can be connected to the general psychology of being afraid of making mistakes.

Sometimes this fear can interfere with our critical thinking. Yet, let’s be honest, if you were so afraid of making mistakes, you might not even start a business in the first place, but here we are!

Negative Feedback And Critical Thinking

Keep in mind, that product is being created for the customer. Well, of course we want to sell it for financial profits, but the core purpose is to serve the individual that wants or needs the product. If a customer is offering you a solution to additional issue, or pointing it out-you should listen! Feedbacks, especially negative ones are the treasure boxes for customer research.

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Give The Chance To Explain

In some cases, a brand only offers you a five-star system to rate their products. This is somewhat smart if you only want to showcase that there are more positive reviews than negative statistically, but words always say more than numbers in this scenario.

A customer could be giving you one star, not because your product or service was not good, but because they might have misused it for example. When it comes to certain goods like clothing, they might be upset with the delivery service you’re co-working with actually. The textual reviews will make it clearer for other customers-what was the problem.

Stay Transparent

Depending on the field your business is operating in-there are several forms of communications with brands like mailing their customer service. Yet, these types of communications are individual and never public. Probably, Amazon has a great review system. When you want to purchase a product from certain sellers you see the star rates and comment reviews altogether.

It’s very transparent and so are your responses to their inconveniences. Even if there seems to be many negative reviews-this creates a form of trust with a potential customer. They just see that you are online responding to issues and trying to fix them. The same goes for App Store and Google Play Store. Every application updates their bug fixes based on the reviews of their customers.

You Might Have To Go Back In Time

Now that we have mentioned Play Store and App Store-you might have seen comments on certain apps, that the previous version worked better. Again, the product is oriented on the customer, so if you see majority complaining that the previous version worked better-this is what you can do. You can always wrap up the product.

Offer old as new by changing its visual settings or adding a couple nuances here and there. If you are to update the application again, try adding another feature to it, but reset its core-functions to the previous version, plus changing the visual to more UI friendly one.

Accept And Improve

Preaching about how brilliant your product and service is and almost blaming a customer for not appreciating is, has to be one of the worst things you can do to your brand-image.

Make sure to always take into consideration that the customer is upset, put your pride aside and consult with the customer service team on regular basis. One wrong response could cost you a whole reputation. All of this is about brand strategy.

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What Is The Digital Marketing Audit?

This article is to help people like us – the ones who are responsible for growing and building the company. Here we discuss what is the purpose of a digital marketing audit, how it works, why is it so important, and on what it is based.

One of the main benefits of a digital marketing audit is that it shows us what kind of abilities our company has and what are the pros and cons. The main purpose of the audit is to convince you that your business is seeking the best possible positive way that it can have through processes, systems, and strategies.

What Is CTR?

CTR – Click-through rate. The formula shows how often customers clicked on the advertisement that was targeted especially for them. Clickthrough rate guides us on how efficiently our ads and keywords are. You may think that counting the CTR percentage is quite hard, but it is not. For a clearer explanation let us discuss it like this: for example, the ad has impressions and clicks on it.

CTR rate is counted clicks/impressions. So, if you have 15 clicks and 100 impressions, CTR would be 15%. CTR helps us to analyze which advertising or keywords were efficient for our targeted market, which was relatable, and it shows which ones need to be upgraded.

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When Do We Need The Audit And How It Helps?

If the company is experiencing setbacks in terms of sales, product demand, and expansion, it could be the fault of a poorly designed digital marketing strategy.

we do not have any clear mindset and ideas of how promotions work on different kinds of channels, or what kind of keywords we need to use then we are depositing our money into these ads and promotions mediocrely and we will not be able to see any positive results that we are willing to see. If ads are that unsuitable, it means that we need to spend more money to improve our ROAS which stands for Return on Ad Spend.

Audit Helps Us To:

• Measure our goals and abilities
• Develop a strategy which is suitable for the product or the service that we are providing
• Analyzing product/service, website, promotions, results

How Audit Helps CTR?

As we have already discussed the meaning of CTR and audit separately, let us discuss what kind of effect an audit has on CTR. The audit is related to costs but there are few ways to have cost-effective audit systems.

• Definitive audit software which reduces the timing that must be spend on audit by person
• Boost inner control and hire relatable stuff who will analyze the results made by audit
• Transparent relationship between the team and the audit

The Measurements

CTR may be measured for everything from the beginning with the ads and ending with email marketing. And we need to mention that many factors impact on CTR rate, but the most common ones are relevant and quality advertisements and appropriate keywords.

A higher rate of CTR might be counted as one of the results done by audit. Therefore, we once again agree with the opinion that a properly selected audit will correctly determine the strategy that we need to develop for our business: increase sales, improve and promote the product.

The main duty of the company at this time is to have professional employees who will properly continue the development of the company in the way that the audit will provide them. Therefore, after properly designed promotion, advertising, and boosting, our CTR rate will be increased more.

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