From Event to Action: Accelerate Your Decision Making with Real-Time Automation
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Notes Version: Key Trends That Will Drive Marketing as Customer Preferences Changes
1. 9/30/2011
A Winning Mobile Strategy
Dan Marks
CMO, First Horizon
@wdanmarks
dmarks@firsthorizon.com
Agenda
⢠The Big Trend
⢠Understand customer needs
⢠Strategize
⢠Launch! Refine. Repeat.
⢠Key learnings
The Big Trend - Smartphones
Million US Subscribers
Source: comScore
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Adoption growing faster than
any other innovation
Implications
⢠Google reports that over 18% of searches
on Black Friday were via smartphone
⢠Over 20% of email is read on a
smartphone today
⢠A Visa study found the smartphone most
inseparable device â ahead of wallet and
keys
⢠Pizza Hut expects half of their orders to
come from mobile in just a few years
Understand YOUR customers
⢠Look at industry research
⢠Talk directly to your target customers
⢠Primary research
⢠Look at third party reviews for
competitor/category apps
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Example industry research
Million US Subscribers
Smartphone owners are 5x
more likely to use Mobile Banking
Source: Forresterâs North American Technographics
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Payments and Products Survey, Q4 2009
Understand specific needs
Reviews provide rich insight
Specifics will vary by category and goals
⢠âApp is great for checking accounts and
moving money around.â
⢠âApp needs billpayâ
⢠âApp doesnât work on sprint EVOâ
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Strategize
⢠Must build your strategy based on your
specific context, customer needs, and
overall value proposition
⢠Common principles for success
â Consider all sub-channels of mobile
â Leverage experts
â Get executive alignment/buy-in
â Use pilots/prototypes
Our Mobile Strategy
⢠Focus on smartphone apps but support
SMS/Mobile Web
⢠Move FAST
⢠Give customers real value
⢠Ongoing refinement
⢠Pilots / test & learn
Focus on Smartphones
Active Devices (July, 2011)
25% iPhone
Blackberry
Andoid
11% 62% Other
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We emphasize apps⌠for now
Transactions by Mode (July, 2011)
13%
App
WAP
SMS
82%
Android & iOS are like Coke &
Pepsi â but which is which?
Give customers real value
⢠Potential value drivers for features:
â Access
â Information
â Service
â Selection
â Unique phone features (GPS, camera, etc.)
⢠Understand how customers may be using
third party mobile (ie Yelp, Foursquare)
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We provide value
⢠Access = transact from
anywhere
⢠Information = see whatâs
happening on accounts
⢠Service = cheaper than IVR
⢠Unique capabilities =
â Location finder with GPS
â Mobile Deposit with camera
â More to come!
Examples of unique value
⢠Camera â Mobile Deposit
⢠GPS â nRange Golf GPS
Full Disclosure: I have an investment in the publisher of nRange Golf GPS
Move Fast, Iterate
⢠Selected partner with cloud-based delivery
⢠Deployed first app in 82 days!
⢠Ongoing releases based on customer
feedback
Release Release Release
1 2 3
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Use pilots/prototypes
⢠Each release follows these steps:
â Beta testing = small/refinement
â Employee pilot = next step, further refinement
â Customer launch
⢠Collect feedback and refine at each stage
Test multiple approaches
Example: Common promotion creative
tested on two networks
Network 1 Network 2
Click 2.7% 0.3%
Through
CPM $29.8 $3.5
Cost per $153 $146
conversion
Understand your customers
usage and profile
Attribute Mobile vs
Overall Index
Rev/HH 118
Dep Bal/HH 78 Avg overall
= 100
Loan Pen 143
Billpay 235
Avg Tenure 80
Avg Age 62
Target Mkt 103
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Mobile exceeds expectations
Active Users
1st year goal
Experiment with new methods
⢠iPad Content trials
⢠Local Cash Rewards
Mobile for lead generation
⢠Mobile account openings
⢠Click to call
⢠Advanced engagement
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Key Lessons Learned
⢠If you havenât started yet, start
experimenting!
⢠Pay attention to your customer needs
⢠Test, learn, refine
⢠Share and learn from best practices
⢠It will be a fast ride!
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