People spend an average of 12 hours per day on internet-connected devices, and this is increasing with usage at work, personal usage, and the world of internet of things that are bridging the gaps. However, we may be reaching “peak content” where people are simply not able to consume more information. Think of how often there is a piece of content that interests you, but you need to bookmark it for another time. Customers are bombarded by content, ads, offers, emails, push notifications, social media, and news, which makes it difficult for marketers to gain and hold their attention. This is where micro-moment marketing becomes important in the battle for attention.
A micro-moment is a new way to look at consumer behaviour. It is when people reflexively grab a device (usually a smartphone) at different times to: learn, do, or buy. According to Google, users experience micro-moments on average 150 times a day. Micro-moments are so important because it is when people are making instant decisions. This gives companies about three seconds to capture their attention. These micro-moments are very effective when the information is tailored to the individual when they need it.
Personalization has been an evolving trend in marketing. What used to be as simple as including a person’s first name in an email, has become a demand for individualized experiences. These experiences are expected at every stage of the buying cycle. Furthermore, customers’ expectations are no longer formed from experiences with competitors, but from experiences with companies in completely different industries.
Machine learning and artificial intelligence has driven increasingly more efficient data analysis, making it easier for financial marketers to deliver hyper-personalization to consumers. This personalization goes far beyond using a customer’s name, to personalizing content and creating unique customer journeys.
It’s safe to say that chatbot usage has now outgrown the hype phase as it is beginning to take hold as a key component of online customer care and marketing. Initially, chatbots were used to replace human customer service representatives by answering frequently asked questions. Now they can be used to gather user information to later provide tailored experiences and perform more complex tasks as algorithms learn from previous experiences. In some cases, the users are unable to tell the difference between a bot and a human, take that Alan Turing.
Chatbots can be integrated with a website, an application, and even with a social media platform. These chatbots can be utilized on different platforms in different ways to target different micro-moments and deliver the best experience. The more financial firms get comfortable using chatbots, the more I can be used for personalizing advisory messages and increasing engagements with customers and members. In fact, 80% of businesses are looking to utilize chatbots by 2020.