The financial marketing industry is always quick to point out the successes of its members. By looking to industry leaders, every company stands to learn something about novel approaches that can shape the way they do business.
In this spirit, the Digital Marketing of Financial Services research initiative has recognized eight financial firms whose digital marketing strategies set new standards in the past year. The panel was conducted by Brand New Media, as well as Northwestern University’s graduate program in Integrated Marketing Communications.
They identified the most effective marketing strategies for both the insurance and wealth management sectors of the financial industry. Each sector received accolades for four categories:
- Digital Marketing Leadership
- Digital Marketing Innovation
- Social Marketing Excellence
- Mobile Marketing l
The Insurance Winners
Allstate won for Digital Marketing Leadership and Progressive received the award for Digital Marketing Innovator. USAA gained recognition for Mobile Marketing Excellence, while the Social Marketing Excellence title went to Aflac.
Speaking for Allstate, their senior director of eBusiness echoed sentiments felt by the entire industry. He asserted that their focus is on people-centered digital solutions. The aim is to not only help enhance the experiences clients have with Allstate, but also to have them remember “what is good and important in their lives.”
Chief marketing officer of USAA echoed a similar sentiment. He brought to light the importance of offering a diverse array of options for customers while maintaining consistency. He expressed this need by reminding everyone that “it is essential that we deliver exceptional experiences – whether it be through our mobile app, our website or with our world-class employees.”
Wealth Management Winners
The Digital Marketing Leadership Award went to Bank of America Merrill Lynch. Fidelity Investments received the Digital Marketing Innovator Award. Northern Trust was recognized for its Mobile Marketing Excellence. As for Social Marketing Excellence, that honor went to Charles Schwab.
All of the winners cited thought leadership and a dedication to reaching their clients through relevant channels as a driver of their success. Charles Schwab’s chief marketing officer brought this point home when he reminded everyone that “marketing to today’s affluent investors requires an attention to all the emerging social tools and technology that the evolving digital age provides.”
About the Awards
As opposed to many other industry awards, these firms were not permitted to apply for awards or donate money in exchange for consideration. In order to determine the winners, research analysts at Northwestern University used a “rigorous methodology” to rank and score over 60 firms. Their abilities in each of the four categories were then assessed.
Once the scores were aggregated, a proprietary model was used to map the data. Looking at these figures, the top scorer in each category was ascertained. These findings were confirmed by an advisory board consisting of university faculty and industry leaders.
Because of this extensive process, being recognized via these awards is legitimate and meaningful. Other firms in the financial industry should look to these companies as thought leaders for effective approaches to marketing and customer relations.