A Mobile Marketing Lesson from USAA
Mobile shopper marketing is more than scanning bar codes and couponing
I’ve been spending a lot of time lately getting up to speed on consumer and commercial banking trends. As you can imagine most of the talk and discussion is about internet banking, the mobile channel, and migration to self-service. The importance of branch locations to a consumer has dwindled significantly. USAA Federal Savings Bank has known this for years, and has been a leader in deliver mobile technology to its customers (they were the first to deliver Remote Deposit Capture). Their customers are military families who move around frequently and need to take their bank with them wherever they are stationed.
Too many marketers and retailers see the mobile channels as just an opportunity to offer coupons and price discounts, and not as away to foster more loyalty. We need to re-think this strategy, and begin to push toward using the mobile channel to offer solutions and engagement instead of just coupons.
USAA learned early on that by offering mobile solutions and tools that help its customers in the car and home shopping process the customers are more likely to use USAA for a car or home loan.
Using its mobile application a customer shopping for a car can enter the details of the desired model. USAA has relationships with many auto dealers, and the app will display a pre-negotiated price, and can determine if the customer qualifies for financing through USAA. USAA customers walk into an auto showroom, show a sales representative their iPhone with the price USAA has already negotiated and ask if the dealer can do any better. The app holds a shopper’s hand through the entire auto-buying process, and gives USAA a better chance of selling a loan. By delivering loan information to a mobile device that people can take right into the salesroom, USAA can better compete for business. USAA also has an app helps homebuyers keep track of different properties they looked at and provides financing information.
The strategy of holding the customer’s hand through the buying process is a non-traditional approach for a financial institution, but it works for them because they are increasing their bond with their customers by walking them through an often times difficult process. USAA see the mobile channel as an opportunity to go to bat for their customers even when the customer decides not to use them for financing. It’s not just another web browsing screen. This alternative focus for a bank has lead to innovations that has engendered more loyalty and puts USAA at the top of the list when the customer needs financing.
I think it is past time to begin imagining ways to use the mobile channel in more inspired manner. How could a CPG food company use the mobile channel help its customers eat healthier, or plan menus for the week (even by pushing foods outside their category)? How about an app that helps do-it-yourselfers plan a project so they know what they need before walking into a home improvement store (or what aisle to find something)? I think the possibilities are endless once we stop thinking about couponing and price discounting, and begin to think about our mobile objective as a way to develop loyalty, not just to sell more stuff. What do you think?
