Akshatha Kamath, Content Marketing at MoEngage, looks into the common challenges for enterprise marketing teams and asks whether automation is the answer.
Marketing for a large enterprise company is challenging. It is often the case that big organizations have multiple teams working on marketing that are each in their own silo. The data is segmented, the campaigns are segmented and the teams do not talk to one another. This can cause friction in your organization when your marketing messages may be broadcast to hundreds of thousands or even millions of consumers.
When your marketing teams are working in silos your brand suffers. One customer might receive multiple different disjointed marketing communications from your brand and this impacts the customer experience negatively, as well as being a waste of your marketing resources.
Expansion to New Frontiers
current challenge of enterprise marketers is creating a seamless customer
experience on and offline. For brick and mortar brands building out digital is
an imperative (87% of executives say it is a “matter of survival”).
This is an especially taxing challenge for large enterprise brands who may have to juggle supporting local marketers with limited resources – be they a dealership or franchisee. Often, it may be that these local marketers do not have the same marketing experience as those working at corporate headquarters. They execute their campaigns without much background in marketing while also dealing with human resources, bookkeeping, inventory and all the other headaches that come with running a business.
Supporting these local marketers is also a challenge for brand managers. They can also be resource-strapped and often may not have enough to do all they need to accomplish. There’s a chance they also don’t have the campaign budget to produce all that they need and brand managers often don’t have dedicated staff to verify in-store compliance.
For an enterprise brand manager to overcome these challenges and successfully implement their marketing strategy, communication with local marketers is key. Brand managers must encourage success at the local level. Those who have high local marketer satisfaction have an active dialogue with local marketers to better appreciate how they are struggling. These brand managers also invest in easy-to-use tools in process, design, and technology. The higher quality the communication is, the better the outcome.
Solving Geographic Difficulties
A brand manager’s job is to make local marketing easy for affiliates. In a distributed organization it takes a lot of stakeholders to run just a single campaign. Something as simple as printing up a poster to be hung in a storefront window may require input and approval from design, brand management, compliance, and local marketers.
This is a natural part of enterprise distributed marketing as one’s business model is distributed so workflows are going to be complex. Despite the complicated approval processes and multiple stakeholders involved, these systems can be made more efficient with the right tools. Streamlining workflows for distributed enterprise marketing involves documenting the process of what needs to be done in order to make it easier for all involved to follow it. Often companies find it beneficial to use technology to do this.
Multi-geographic brands can also rarely monitor all field execution of marketing in person. This can generate concern that brand messaging is being modified in a way that is out of line with the brand’s standards.
Consumers typically do not distinguish between enterprise-owned and locally-owned businesses – they see just one thing: brands. 60% of millennials in the United States expect consistent experiences when dealing with brands whether online, in-store or by telephone. This highlights how important it is for distributed enterprise brands to keep their message consistent.
Education and knowledge about a brand are critically important for all stakeholders. Many distributed brands have affiliate on-boarding and training processes that place branding as a core subject. Other brands are finding value in marketing asset management technology in order to scale consistently. They use template tools for executing their local marketing strategies which allows brand management teams to “lock” certain design characteristics or messages and allow local marketers to input their information (such as address or local offers) in order to maintain brand consistency.
Is Automation the Solution?
What enterprise marketers may need is a system that streamlines their marketing channel in order to bring together marketers, campaign managers, and product managers under one system to efficiently manage marketing campaigns with input and collaboration between all of those involved.
MoEngage has developed some tools for enterprise marketing teams using extensive feedback from stakeholders. This unified approach to enterprise marketing can send out a clear signal amidst the noise. MoEngageTeams and MoEngage Campaign Approval Workflow are two such tools that enable brands to eliminate the silos within their teams and ensure a smooth flow of customer data and insights between teams. This can help enterprises eliminate the challenges that stem out large teams spread across geographies or multiple owned brands that need a unified customer view, and many more. Talk to MoEngage’s experts for a personalized walk-through of these enterprise-ready marketing tools from MoEngage.
Fintech developer tools expertPlaidannounced today it enhanced Liabilities, a product it launched in July to offer developers access to information about how much money a consumer owes.
Upon launch, Liabilities was limited to offering insight into consumers’ student loan balances. Today the tool has added support to show consumers’ credit card details. While Plaid has always offered information about consumer credit card transactions, today’s update broadens the information available by returning details about payment terms, APR type, APR percentage, interest charge amount, minimum payment, last payment date and amount, due dates, and more.
This new launch will allow developers create tools that help borrowers gain a clear picture of their financial obligations, consolidate debt, and pay down their credit card balance faster.
The credit card data tool is now available in Plaid’s sandbox, development, and production environments. The company will add more debt categories in the future to give developers more options to help their users manage and overcome their debt.
At FinDEVr San Fransisco 2014, the company’s founder, Zach Perret gave a presentation about leveraging the Plaid API for financial infrastructure. Plaid has raised $310 million since it was founded in 2013. After the company’s most recent investment last year, TechCrunch estimated Plaid to be valued at $2.65 billion.
A September survey of European venture capital firms published by the European Investment Fund suggests that many of the same themes – such as artificial intelligence and machine learning – that have animated venture capitalists in recent years continue to dominate investment preferences. The queried firms also said that exit environment and fundraising “remain the biggest challenges for (the) VC business” – although “high investee company valuations” and “competition from other investors” were becoming concerns.
How does this square with venture capitalists on the American side of the Atlantic? According to Datatrek, the value of fintech deals in the first half of this year was up year-over-year by 60% in the U.S., even as the number of transactions remained constant. For these analysts, this is a sign of maturation in the U.S. market, writing “as we get further into the economic expansion, VCs may be more comfortable contributing capital towards established fintech companies rather than riskier, newer startups.”
Next week at FinovateFall, we’ll have the opportunity to put all of this analysis to the test. One of the afternoon highlights of our Discussion Day on Wednesday, September 25th, our FinovateFall Venture Capital Panel, will provide attendees with the latest insights from venture capitalists who are investigating new opportunities in fintech every day.
What are investors looking for, and what impact is venture capital having on the fintech industry? What does the future look like, and what does that mean as we embark on an unprecedented period of change in our industry? Join us next week as our panel of experts addresses these questions and helps us understand where and why the smart money in the market is headed.
Chairing our VC Panel is Reza Chowdhury, founder and CEO of AlleyWatch
Recognized as a global thought leader in the startup ecosystem, Chowdhury offers more than 15 years experience in emerging technology, which he brings to AlleyWatch as CEO and Founder. Through the course of his career, Chowdhury has had the privilege of working to drive businesses from conception to eventual exit. His latest professional endeavors have allowed him to work very closely with thriving global technology and startup ecosystems.
Now meet the members of our VC panel
Jennifer Lee, Vice President, Edison Partners – Lee is a Vice President at Edison Partners focusing on the firm’s fintech investments, most recently including MoneyLion, Bento for Business and Giant Oak. Prior to joining Edison, she was a financial analyst at Commerzbank evaluating select European equities and long/short investments for hedge fund clients. Before Commerzbank, she was an associate at the Associated Press overseeing VC investment prospects and strategic business development opportunities.
Luis Valdich, Managing Director and Venture Investing Lead, Citi Ventures – Valdich joined Citi Ventures in 2015 as a Managing Director and Venture Invest Lead in its NYC office. He is responsible for fintech investing in both the U.S. and Europe. Valdich embraces Citi Ventures’ “best of both worlds” corporate venturing model of combining value-added strategic investing with venture capital best practices by investing in high-potential startups and driving engagement with Citi executives and clients. His investments include Clarity Money (acquired by Goldman Sachs), HighRadius, PPRO, ScaleFactor, Contguard, and SmartAsset.
Mori Oshima, Senior Manager, NTT Finance – Oshima has been a venture capitalist for 16 years. His strategy is to discuss with prominent VCs in the U.S. by leveraging NTT’s market presence in Japan. His successful exits include DocuSign and Quantenna Communications. Currently, Oshima is focusing on fintech startups in the U.S. that are interested in the Japanese market. He has an MBA from the University of California, Berkeley (Haas School of Business) and is a CFA Charter holder.
Maria Gotsch, President and CEO, Partnership Fund for New York City – Gotsch is President and Chief Executive Officer of the Partnership Fund for New York City, which is the investment arm of the Partnership for New York City. The Fund, which has invested over $150 million, has built a network of top experts from the investment and corporate communities who help identify and support New York City’s most promising entrepreneurs in both the for-profit and non-for profit sectors.
Matt Beecher, CEO, Vault and VC Innovator – Beecher is CEO of Vault, a leading student loan benefits platform, equipping employers to make it achievable for employees to more quickly eliminate student loans and attain financial freedom. He is also the co-founder of Redstar Ventures, where he was President and Managing Director from 2010 to 2016. Redstar is a company that creates companies, taking them from the earliest stages of ideation and growing them through their first institutional funding rounds and beyond.
A new partnership between fraud prevention specialist Featurespace and payments provider Elavon will improve the company’s ability to combat fraud in real-time and make the payment experience simpler and safer for consumers. Elavon will deploy Featurespace’s ARIC platform, which leverages behavioral analytics and machine learning to provide a higher degree of fraud protection and risk management.
“Elavon is delighted to work with Featurespace to bring top fraud prevention solutions to market to protect merchants and consumers,” Elavon Merchant Services General Manager and EVP Hannah Fitzsimons said. “We are committed to developing the most innovative fraud and security solutions in the payments industry.”
The combination of Featurespace’s ARIC solution and Elavon’s 3Ds service, which detects fraud incidents to help limit the need for further security checks, will give merchants an “advanced, layered approach” when it comes to fighting fraud. Elavon is bolstering its anti-fraud technology in line with the second Payments Services Directive (PSD2), which mandates strong customer authentication (SCA) and directs processors, merchants, and FIs to do more to combat card-not-present fraud by improving security involving online payments.
Featurespace CEO Martina King said that the partnership would help Elavon “stay one step ahead of criminals at all times” and enable the company to better serve the 1.3 million customers around the world who rely on Elavon “to safeguard their businesses.”
Based in Atlanta, Georgia, Elavon is a global payments provider, processing more than three billion transactions a year. This summer, the company was recognized in The Strawhecker Group’s annual Real Transaction Metrics Awards for its Fusebox solution, which was named “Best Performing Gateway” as well as picking up a first place in the “Fastest Transactions” category and earning a runners-up mention for “Highest Authorization Rate.” Backed by U.S. Bank, and active in 10 countries, Elavon was founded in 1991, and was acquired by Brazil’s Stone Pagamentos in the spring of 2016. Jamie Walker is CEO.
Featurespace demonstrated its ARIC Fraud Manager at FinovateFall 2016. The technology leverages machine learning to identify anomalous behavior in real-time, enabling institutions to stop new fraud attacks as they take place. The solution also measures its own accuracy against the rate of change to ensure that legitimate customer activity is not hindered and the number of false positives is kept at a minimum. The technology, developed out of the University of Cambridge, has been deployed in more than 180 countries.
Founded in 2008 and headquartered in Cambridge, U.K., Featurespace was named to the European Business Awards’ Ones to Watch list last month. Also in August, Featurespace announced a partnership with fellow Finovate alum, Emailage, to help the email risk assessment company better fight online application fraud.
Other partnerships from Featurespace announced recently include a pact with processing solution provider Contis in July, and an agreement to provide transaction monitoring for Irish financial services company, Permanent TSB, in June.
Recognized as “Best in Class” by Aite Group in its report on fraud and advanced machine learning platform vendors this spring, Featurespace began the year with news that it was going live in Singapore. “Our financial services customer base is growing fast,” Featurespace’s King said when the launch was announced in February. “We are now working with 17 banks across continental Europe, the U.K., the U.S., and Latin America.”
With more than $72 million in funding, Featurespace includes MissionOG, Insight Partners, Highland Europe, TTV Capital, and Imperial Innovations among its investors.
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
See how ALTR’s programmable data security is embedded into Q2ebanking’s Q2 Trustview in order to monitor, govern, and secure FI’s sensitive data in real time.
Monitor: Provides shared visibility and an immutable view of data access
Govern: Delivers real time control and breach intervention
Protect: Delivers impenetrable protection of data at rest
Why it’s great ALTR is a simpler and more effective way to protect sensitive data that works on any infrastructure from on-prem to cloud.
Doug Wick, ALTR’s VP Product and Marketing Wick leads product and marketing at ALTR. With over 20 years of startup experience, he has broad experience managing product conception and development through to market success. LinkedIn
Lou Senko, Q2ebanking CIO/SVP With more than 20 years of experience Senko is an engineer by trade and coach by passion, building skillful development and IT teams throughout his career. LinkedIn
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Faraday offers an end-to-end AI platform built for B2C growth. Integrations, consumer data, algorithms, deployment products — it’s all built in and supported by Faraday data scientists.
Streamlined AI pipeline for fast, easy implementation
Rich data, advanced analytics, powerful models, all at your fingertips
Real-time, scheduled, and ad hoc scoring capabilities
Why it’s great The Faraday AI Platform enables you to operationalize predictive consumer insights and advanced analytics in six to eight weeks, with no in-house data scientists or engineers required.
Cory Albert, Account Executive Albert has a strong background in strategic software and marketing technologies. At Faraday, he helps clients implement custom AI capabilities to exceed their goals. LinkedIn
Riley Dickie, Account Executive Dickie has worked with Faraday’s consumer finance clients for the past three years, helping them take full advantage of their customer data through AI. LinkedIn