The financial services ecosystem and particularly, the money transfer industry, is consistently evolving. Creating and implementing a successful marketing strategy for any brand, let alone one so substantially impacted by digital, is no easy feat. It takes a lot of structure, adaptability and channel mix.
In a recent podcast with Tearsheet’s Zack Miller, Western Union’s Mike Hafer, SVP of Marketing and Field Execution, discussed what it takes from a marketing perspective to grow one of the oldest brands in the financial services space. “From a marketing standpoint, the best way to judge marketing’s success is whether we’re driving the overall metrics for the company, like revenue and profit growth. We’re in an industry that’s under transformation. The money movement market is changing from a traditional retail business that was around for decades into one that’s now digital. The digital transformation includes the internet and websites and also mobile phones, web, and apps.”
When it comes to specific campaigns, one of Hafer’s favorite Western Union initiatives revolves around Mother’s Day. “Every year, we try to do a Mother’s Day campaign in the U.S. with good media support for a great marketing message — sending the gift of money. Sometimes, there’s a special offer. We try to ensure our exchange rates are competitive. We try to make sure that Western Union is present in the eyes and mind of the sender, so that when they do want to send money home for Mother’s Day, that we’re top of mind.”