overlaps with the point above. If the base product cannot meet the tier 1 needs, then a packaged solution is even less likely. Tier 1 financial services providers consider their modeling and offer assignment to be their “special sauce.” Packaged solutions are trying to sell sauce. 3. Black boxes: Only healthcare is as regulated as financial services. As a result, full transparency into business and technical rules is critical to manage and mitigate risk. If a product contains any “black boxes,” it does not clear this regulatory hurdle. Understanding where your conceptual marketing solution has the flexibility to leverage a product more fully versus where you need full transparency and customization is important. Far too often financial institutions get far down the implementation road only to realize the product does not fit. They bought into the acronyms and buzzwords. Instead of admitting their mistake and changing direction, workarounds are put in place to justify the sunk cost of the product. That only compounds the problem and lengthens the ultimate remediation, which is generally led by someone other than the original decision maker. FollowYour Own Path There is an old marketing saying that goes “half of my advertising spend is wasted. I just do not know which half.” That also applies to your marketing technology spend. Do not get fooled by the acronyms and buzzwords. Understand and evaluate them in the context of your conceptual marketing solution. Know if you are assessing platform or non- platform products. Do not head down a path just because that is what your competitors are doing. Instead of giving in to the fear of missing out, maybe your understanding of platform can put you in a leapfrog situation. Do you understand your marketing solution on a conceptual level? Is your marketing platform strong? For more information, visit acxiom.com. ▪
But, which half? There is an old marketing saying that goes “half of my advertising spend is wasted. I just do not know which half.” That also applies to your marketing technology spend.
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many view a CDP as a replacement for the data of record. While the CDP has lots of database functionality, most CDPs would struggle with the industrial data management required to construct a true comprehensive view of the customer or prospect. Further, the “as a service” pricing model would quickly make a CDP platform too expensive. Beware of companies that say their products can do it all, especially if they pose as the entire platform. All this said, the CDP plays a critical role in the marketing area of your conceptual marketing solution. It is the primary digital real-time engine. Without a CDP, you would likely miss out on some moments of truth, such as consumers exploring HELOC rates across multiple digital properties, indicating they are “in market” and open to your offer. Enterprise and Regulated Industry Needs There is a long history of products not working in the financial services industry. This is especially true on the tier 1 level. The challenges tend to fall into three categories: 1. Rigid functionality: Products strive to automate functionality to gain economies of scale and efficiencies. Financial services companies tend to have widely varying needs. As a result, the standard functionality rarely covers more than half of the tier 1’s needs. In short, workarounds and inefficiency abound. 2. Packaged solutions: For my 15 years working in financial services, product companies have been trying to sell packaged solutions. This
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THE FINANCIAL BRAND INSIGHTS SPRING 2022
THE FINANCIAL BRAND INSIGHTS SPRING 2022
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