Financial Services: why the industry needs to rethink its loyalty strategy

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The digital age hasn't been kind to the financial services industry. On the one hand, online banking and self-serve product applications have facilitated enormous growth and resource streamlining. On the other hand, there's no such thing as loyalty anymore. A quick scan for 'credit cards' on Google gives a top search result for a price comparison site. And the second result? Another price comparison site. That's before Wikipedia's even defined what a credit card is.

And that's a big problem: when customers have become ferocious deal-hunters, and when the very best interest rates and fees are only a click away, it becomes almost impossible to compete without stripping back your product to its bare bones and scrapping it out to offer the lowest prices. And, when you're racing to the bottom, it's pretty hard to keep your customers with you - the moment you're not the cheapest in town, you might as well quit town altogether.

In recent months and years, FS companies have tried to offer value-adds as an incentive to lure - and retain - customers. It's the "I might not be as pretty as the girl who just moved in next door, but I know how to


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Are you actually doing social commerce? Five simple tests.

Five ways to tell your social commerce campaign isn't actually social commerce 

Hey, look! It's a Friday! That must mean yet another company unveiling its great new social commerce campaign which ISN'T ACTUALLY SOCIAL COMMERCE.

NB: this also happens on other weekdays plus, occasionally, if the agency who've been commissioned to come up with this stuff are charging enough, Saturdays and Sundays.

It seems that social commerce is the buzziest of buzzing buzz trends right now, but very few people are doing it right. So, here's our top five ways to tell that your social commerce campaign isn't actually social commerce.

1. There's no actual in-situ commerce

Linking to your bog-standard e-commerce site from a YouTube video isn't social commerce. It's social marketing. Stop trying to pretend it's anything new.

2. User reviews, if-you-like-this-then-you'll-like-this widgets, Facebook commenting on product pages, Pinterest boards, etc...

These are all social things in and around the world of commerce. And that's wonderful. But it's not social commerce. It's still just social.

3. You're selling stuff just like usual but... wait for it... you've set up a store in Facebook!

That's F-Commerce and everyone realised ages ago that it's a stinker. Step away...

4. Every purchase is a solo activity

That's like calling a ready-meal-for-one a dinner


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