Welcome Elvis Yan, Chief Marketing Officer from United Asia Finance sharing his insights on MarTech Stack, Customer Experience & Emerging Technology, as part of the MarTech Thoughts series.
How do you describe your job to a 5-year-old?
Buddy, you know how sometimes when you want to buy a cool toy or get a yummy burger, you need money, right? Well, my job is all about helping people when they don’t have enough money to do the things they want or need to do. I make sure they have what they need to live a good life and do the things that make them happy.
What is the one marketing platform/app/solution you can’t live without? Why?
The one marketing platform that I absolutely cannot live without is Google. Its dominant search engine is an indispensable tool that provides instant access to a vast array of information and resources. Whether I’m searching for financial services, exploring restaurant options, looking for hotels, or even seeking out business proposals, Google enables me to find everything I need right at my fingertips.
Currently, what are you primarily looking for in your digital marketing efforts? Awareness or engagement? Why?
At the moment, our main focus in digital marketing is on conversion rather than just creating awareness. While it’s important to make people aware of our brand and what we offer, our approach to digital marketing is more aligned with performance marketing. This means we prioritize driving specific actions and conversions, which ultimately lead to measurable business outcomes. Conversion is a key factor in evaluating the effectiveness and success of our digital marketing campaigns. By focusing on driving actions and conversions, we can directly impact the growth and success of our business.
What would your company use AI the most for?
Develop data-led marketing campaigns
What are the key challenges when it comes to implementing Chatbots for the first time?
Implementing chatbots for the first time presents several key challenges that need to be addressed. Firstly, it is crucial to ensure that the chatbot is capable of understanding and effectively addressing the specific needs of customers. This requires significant resources dedicated to developing a comprehensive understanding of the various types of queries and concerns that customers may have. Additionally, extensive training is necessary to equip the chatbot with the ability to provide accurate and relevant responses.
Another major challenge lies in integrating the chatbot with existing systems, such as data lakes, websites, and mobile apps. Seamless communication between the chatbot and these systems necessitates close coordination with the IT team.
What are the top priorities for a MarTech Stack Optimisation Strategy to achieve?
Improve marketing efficiency
Increase marketing ROI
Improve attribution to revenue
How do you balance experimenting with new technologies vs investing in current technologies that you already utilise?
Striking the right balance between experimenting with new technologies and investing in the current technologies we already utilize is crucial to maintain stability and effectiveness. To achieve this balance, it is important to allocate dedicated resources for experimentation while safeguarding the core operations of the organization.
By setting aside a specific portion of resources for experimentation, we create an environment that encourages innovation without putting our existing technologies at risk. This allows us to explore new technologies and their potential benefits without jeopardizing the stability of our current systems.
Regular evaluation and assessment play a vital role in this process. Continuously monitor and analyze the potential impact of new technologies on our organization. By gathering market trend and customer feedback, we can make informed decisions about whether to invest further in new technologies or focus on optimizing your existing technology stack.
How do you connect, engage and build a persistent relationship with your customers?
To establish and maintain a persistent relationship with customers, it is essential to employ strategies that connect with them on their terms, engage them in meaningful ways, and provide incentives for continued interaction. For instance,
- Utilize preferred communication channels: Engage with customers through the channels they prefer, whether it’s email, social media platforms, mobile apps, or other mediums. By meeting them where they are, we ensure effective communication and make it convenient for them to connect with UA finance.
- Track and leverage customer data: Collect and analyze customer data to gain insights into their behaviors, preferences, and purchase history. This information allows us to offer personalized interactions and tailored experiences. By understanding our customers better, we can provide relevant recommendations, anticipate their needs, and deliver targeted messaging that resonates with them.
- Offer rewards and incentives: Implement loyalty programs, discounts, exclusive access, or other incentives to encourage customer engagement and loyalty. Rewards create a sense of value and appreciation, fostering a stronger connection between UA finance and customers. By acknowledging and rewarding their loyalty, we reinforce the relationship and motivate continued interaction.
- Provide exceptional customer experiences: Focus on delivering outstanding customer service and experiences at every touchpoint. Respond promptly and effectively to inquiries, resolve issues efficiently, and go above and beyond to exceed customer expectations. Consistently delivering exceptional experiences builds trust, satisfaction, and loyalty.
- Maintain ongoing communication: Regularly engage with your customers, not just during sales transactions. Keep them informed about relevant updates, new products or services, and industry trends. Share valuable content, such as educational resources, blog posts, or newsletters, that align with their interests and needs.
To build experiences that convert, personalisation is key. Then how important is segmentation to your personalisation strategy? And what other key components do you believe contributes towards conversion?
Segmentation plays a crucial role in an effective personalization strategy that leads to conversions. By dividing audiences into distinct segments based on attributes such as demographics, behaviors, or preferences, we can create tailored messaging that resonates with each group’s unique needs. This level of relevance and personalization builds trust, captures attention, and moves individuals further along the conversion funnel.
In addition to segmentation, several other key components contribute to driving conversions:
- Compelling storytelling across channels: Crafting a compelling narrative that aligns with UA Finance and engages customers is essential. Tell stories that connect emotionally, highlight the value of products or services, and address customer pain points.
- Optimizing the mobile experience: With the rise of mobile usage, it is crucial to ensure a seamless and user-friendly experience across mobile devices. Optimize your website and digital assets for mobile responsiveness, fast loading times, and intuitive navigation. Streamline the conversion process on mobile platforms, making it easy for users to take action and complete their desired tasks efficiently.
- Testing and optimization: Continuously test and optimize your personalization strategy and user experience. Conduct A/B testing on different variations of messaging, design elements, calls-to-action, or landing pages to identify what resonates best with our target audience. Use data-driven insights to refine and improve your approach, making iterative changes that lead to higher conversion rates over time.
- Experience, transparency, and convenience: Beyond personalization, focus on delivering exceptional customer experiences throughout the conversion journey. Streamline the purchasing process, minimizing friction and ensuring convenience for customers. Make it easy for them to contact customer support or seek assistance if needed, enhancing their overall experience and building trust.
A big thank you to Elvis Yan, Chief Marketing Officer from United Asia Finance sharing his insights on MarTech Stack, Customer Experience & Emerging Technology. If you want to connect with Elvis, feel free to reach out via LinkedIn!
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Last updated: Jan 2024
