During his recent internship with OTM, final year QUT student Jake Healy, conducted comprehensive research and analysis into Digital Marketing, resulting in his paper, “Defining Digital Marketing”. Discovering early in the program that the concept of digital marketing and what the function entails is somewhat blurry, Jake went on to thoroughly explore the topic, making a point of understanding the complex and rapidly evolving digital marketing landscape, particularly across the Retail sector and the Financial Services and Insurance sector.
With significant digital marketing growth upon us, it’s time for retail companies to adapt and change. Companies trapped in the business model of yesterday are being left behind. In the paper, Healy created a guideline on how to stand out from the crowd in retail given the increasing expansion of global brands and competitiveness of the market. Healy writes, “For marketers, analysing and understanding the consumer path to purchase, delivering enhanced in-store experiences and better engaging with customers is the focus.” Engaging with your customers can not only be done in person, but digitally using software that enables you to look at analytics of your platforms. Healy researched Pointr, a software vendor that gathers and processes data on in-store customer journeys through hot spot heat maps, common paths, dwell times and frequently searched products. This software system allows you to receive automated reports helping send your company in the right direction to success.
Healy highlights how retail brands such as IKEA and UNIQLO interact with high tech headsets such as Samsung Gear and Microsoft HoloLens to enhance their in-store customer experience through digital technology. He also cites examples of visual design and virtual reality technology being used to enhance user experience in places like Lowe’s for things like home or workspace design.
Flipping from the retail sector to financial services and insurance, Healy added to his report an extensive review on how digitalisation has transformed customer behaviour and expectations in the Financial Services and Insurance sector. Healy suggests that banks, insurers and superannuation providers aren’t companies we necessarily think about when we consider digital transformation. However, the emergence of new players within the “FinTech” space with innovative and original ideas, unencumbered by legacy systems have the sector poised for big change.
Retail banking is changing its platforms, allowing customers to easily access banking via smartphone applications, functioning mobile alerts and biometric logins. Helping this new platform for bankers are the Adobe cloud platforms, Healy highlights “it creates more connected customer experiences that increases acquisition, foster engagement, deepen relationships and unifies data.” St George and NAB are both cited in the report and have both leveraged web content through Adobe Analytics to gain insight into their mobile banking platform. According to Dhiren Kulkarni, Chief Information Officer at St. George Bank, “the transition identified critical barriers and insights on the user journey, usage frequency and completion and dropout rates to inform delivering the best possible digital experiences, further realising the opportunity to build sales capabilities by offering new, in-demand services for mobile deposits.”
Digital marketing is growing and changing rapidly every day. For businesses to grow and develop in the retail and finance sectors, they must keep up with the high tech changes big companies are committing to.
You can access the full report, Defining Digital Marketing here.
You can learn more about the OTM Internship Program by contacting us directly here.