E-commerce Link: Banking on Social
Net Leads by Solving Customers' Problems
Using behavior to make sales takes planning and the proper tool set. For instance, prompting students to give insight on their needs and level of credit savvy would have allowed Chase to actively market the Chase +1 card to students more effectively. Doing so would have allowed the bank to take follow-up actions and move students toward applications. And that's not a new idea; it's elementary direct response marketing.
As another example, Chase provided CDs and other prizes students crave as an incentive to spread the word. But what if Chase provided students with useful information on first-time home buying, small business loans, maximizing credit, or avoiding the debt trap? What if the incentive to take action was useful information (similar to AnchorBank) that students really needed, rather than everyday trinkets? What if Chase designed its Facebook campaign much like it designs its traditional marketing programs?
Chase should have designed its Chase +1 Facebook campaign in a way that discovered specific needs of individual (or groups of) students. The bank could have set up a lead nurturing email or direct mail marketing routine for students who expressed need in 12 months or more. To accomplish this, the bank's team could have made use of known behavior patterns of students based on typical needs.
Students often use Facebook to share tidbits about their lives, but they use it to share useful information, too. A simple budgeting tool (application) has tremendous usefulness for most students, as would a widget providing daily tips on saving money or managing credit. By providing these kinds of tools within Facebook, Chase could have created reasons to interact directly with students who needed the Chase +1 credit card.
Starting dialog with prospects and turning friends and "likes" into leads and sales demand marketers give customers a tool that helps them solve important problems—like managing finances—in ways that ultimately prompt trials, applications, subscriptions and sales. It's a matter of earning customers' questions to which your products ultimately provide answers. This is precisely the formula you can use to generate leads and sales, starting tomorrow.