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Quontic has made a remarkable shift towards embracing qualitative insights, recognizing the importance of humanizing the brand. It’s not about abandoning data or experimentation; instead, it’s about finding a balance.
Aaron Wollner, CMO of Quontic Bank, has a data analytics and marketing background. Aaron brings a unique perspective to the banking industry. He has worked in fintech and financial services, focusing on performance metrics and driving business impact through data-driven strategies.
In this episode, Aaron talks about the significance of social proof, the role of testing in driving growth, and how Quontic Bank uses technology to provide a seamless customer experience. Aaron discusses the unique challenges and strategies of marketing in the banking industry, focusing on humanizing the brand, using data analytics, and gathering customer feedback. He also shares his insights on how data analytics can impact performance and how Quontic Bank distinguishes itself in digital banking.
- Quantic Bank extensively utilizes data analytics to drive its marketing strategy, leveraging key insights to make informed decisions and measure business impact.
- Aaron emphasized the importance of humanizing the Quantic Bank brand and providing personalized and engaging experiences to customers.
- ABT. Always Be Testing. A culture of testing and experimentation is integral to the bank’s approach, helping drive conversion rates and improve the customer journey.
- Aaron uses tools like HubSpot, Rakuten Affiliate Network, and Wevo to optimize marketing efforts and gather invaluable customer feedback.
- Aaron leverages the power of social proof and recognition in building trust and credibility with its customers. This focus helps drive customer loyalty and retention.
Tools Mentioned in this Episode
- HubSpot: HubSpot is a powerful inbound marketing and sales software that helps businesses attract, engage, and delight customers. Quontic uses HubSpot for lead generation, customer relationship management, and marketing automation.
- Trustpilot: Trustpilot is an online platform allowing businesses to collect and manage customer reviews.
- Microsoft 365: Microsoft 365 is a productivity tool suite with Word, Excel, and PowerPoint applications. Aaron uses Microsoft 365 for document creation, data analysis, and presentation.
- PowerBI: PowerBI is a business analytics tool that provides interactive visualizations and business intelligence capabilities. Aaron uses PowerBI to analyze data and generate insights for decision-making.
- Rakuten Affiliate Network: Rakuten Affiliate Network is an affiliate marketing platform that connects advertisers with publishers. Quontic uses the Rakuten Affiliate Network to drive traffic and generate sales through affiliate partnerships.
- Wevo: Wevo is a platform that uses artificial intelligence to optimize digital experiences and conversions. Quontic uses Wevo to improve website performance and increase conversion rates.
- Google Optimize (RIP): Google Optimize was a website optimization tool that allowed businesses to conduct A/B tests and personalize user experiences. Aaron used Google Optimize to test and optimize website content for better user engagement.
In finance, banks are often seen as stodgy and impersonal institutions. Quontic Bank challenges this perception by taking a data-driven approach to humanizing its brand. Quontic has embraced technology and innovation to create a more customer-centric experience. From offering a wearable ring for payments to being the first to market with a crypto rewards card, Quantic Bank is breaking the mold of traditional banking.
Aaron has strongly advocated data analytics throughout his career. He believes that metrics and performance should drive marketing, and this philosophy has shaped his approach at Quantic Bank.
Building a Strong Foundation: Systems and Tools
Quontic’s strategy rests on a solid data analytics foundation. Understanding customer behavior patterns, preferences, and needs forms the core of their decision-making process. The bank leverages MarTech and custom tools to gather deep insights into customer interactions and their responses to different initiatives.
Aaron operates with a lean marketing stack, with HubSpot at the center. Whenever they encounter a challenge, they focus on what HubSpot can’t do instead of seeking alternative tools.
HubSpot plays a central role in their lead generation efforts, with forms and data flowing seamlessly. Additionally, their sales team operates within the HubSpot platform.
This centralized data-driven approach enables them to deliver tailored solutions, adding a personal touch to their services.
The Role of Testing in Driving Growth
Quontic continually experiments to innovate and improve upon existing systems, services, and products. They’re not shy about testing new ideas, whether unique payment methods or state-of-the-art banking apps. The aim? To enhance the user experience and build lasting customer relationships.
In the past decade, marketers focused on testing and experimentation. While important, tests alone don’t guarantee progress or more conversions. Quontic firmly believes in the philosophy of “Always Be Testing” (ABT) and has developed the skills to make sure they are making meaningful gains.
ABT. Always be testing and then make it meaningful… We actually have T-shirts, ABT hats, and stuff.
Quontic Bank’s testing framework is an integral part of its marketing approach, and it’s specifically designed to balance risk and reward. The framework includes three types of tests: big swings, incremental gains, and needle movers.
- Big Swings are high-risk, high-reward initiatives that can significantly impact Quontic Bank. They have the potential to transform the bank’s operations or customer experience. For instance, introducing the wearable ring for payments was a big swing – a substantial investment in new technology with the promise of enhanced customer convenience and engagement. However, there was also a risk if customers didn’t adopt the technology.
- Incremental Gains are smaller, more frequent tests that aim to improve existing systems or processes. They involve less risk and focus on improving existing elements rather than introducing completely new ones. For instance, optimizing email marketing campaigns by testing various subject lines or calls to action is an example of incremental gain.
- Needle Movers are the tests with a medium risk and reward level. These tests are expected to improve performance, although not as much as the big swings. Launching the bank’s crypto rewards card could be considered impactful. It’s an innovative idea that attracts a specific market segment but doesn’t completely revolutionize the bank’s operations.
Each type of test plays a crucial role in Quantic Bank’s overall marketing strategy, allowing the bank to innovate and improve while managing risk effectively constantly. Aaron plays a key role in this testing strategy, ensuring that each initiative aligns with the bank’s data-driven approach and customer-focused mission.
The Power of Social Proof and Recognition
Social proof has proven to be a powerful tool in Quontic Bank’s marketing arsenal.
Recognizing the power of authentic customer experiences, Aaron Wollner strategically utilized Trustpilot, a popular online review platform, to enhance Quantic’s market credibility. Aaron gathered many authentic reviews and testimonials by encouraging customers to share their experiences and feedback on Trustpilot.
These narratives provide real-world examples of how their innovative banking solutions positively impacted customers’ lives. Not just a direct reflection of customer satisfaction but also powerful social proof of the bank’s commitment.
They also highlighted the recognition they received from reputable sources within the banking industry, such as NerdWallet and Bankrate. This external validation further reinforced their credibility and enhanced their reputation within the market.
These reviews were displayed on Quantic’s website and marketing materials, further enhancing their reputation and building trust with prospective customers. This proactive approach to managing and promoting customer feedback underlines Quantic’s customer-centric ethos.
Quontic Bank has achieved remarkable growth by prioritizing key metrics and consistently testing and optimizing its marketing efforts. By incorporating technology, conducting tests, and actively seeking customer feedback, they have pushed boundaries and explored innovative approaches to banking.
Their commitment to “Always Be Testing” and their ability to balance risk and reward have played a pivotal role in their success. Quontic Bank’s customer-centric focus, open dialogue, and data-driven decision-making have enabled them to navigate the fast-paced digital landscape effectively.
The story of Quontic Bank serves as a testament to the power of embracing change, being agile, and prioritizing the customer experience. It is a narrative of growth and transformation, showcasing how companies can redefine their industry by implementing suitable systems, tools, a data-driven mindset, and an unwavering commitment to the customer.
Quontic Bank sets an inspiring example for all businesses, highlighting the potential of innovation and customer-centricity. It serves as a reminder of the exciting possibilities in banking and beyond. They blend fun and creative initiatives seamlessly with data-driven decision-making, ensuring engaging and effective campaigns. Their approach to marketing goes beyond mere entertainment; it is results-oriented and focused on driving meaningful outcomes.
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