Part 1 of this post discussed the importance of validating customer needs, something that broad-based online advertising often fails to do. Part 2 examines how interview marketing validates user needs, enabling financial institutions to engage more effectively and drive additional revenue from existing customers.
By Devon Kinkead, CEO and Founder
Like a recommender engine familiar to customers of Netflix, Amazon and other online retailers, interview marketing classifies customers based on held information (e.g., account information, demographics, credit information) into likely buyers of particular products and services.
Then, once those customers log in or log out of their mobile or online banking system, we ask for confirmation of a life event or need, clarify the exact need, and make the offer. For those who respond in the negative, that information is used to reduce future errors and improve the classifiers. This process generates a mass of validated leads that are sent to the financial institution’s front line—and can be sent to the advertising engine to advertise to a validated need.
Advertising works best when the user need is validated:
- AdWords works because the search term validates the user need.
- Recommender engines on password-protected sites work because they operate on explicit user input in the form of past purchases, selections, and/or searches.
- Micronotes works because users train the system to get exactly what they want by taking a 10-second interview.
- Advertising systems work better because Micronotes passes validated leads to the ad engine, as well as to the financial institution’s front line for follow-up.
So, if you want better ad performance, stop guessing and start asking.