1. 9/30/2011
A Winning Mobile Strategy
Dan Marks
CMO, First Horizon
@wdanmarks
dmarks@firsthorizon.com
Agenda
• The Big Trend
• Understand customer needs
• Strategize
• Launch! Refine. Repeat.
• Key learnings
The Big Trend - Smartphones
Million US Subscribers
Source: comScore
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Adoption growing faster than
any other innovation
Implications
• Google reports that over 18% of searches
on Black Friday were via smartphone
• Over 20% of email is read on a
smartphone today
• A Visa study found the smartphone most
inseparable device – ahead of wallet and
keys
• Pizza Hut expects half of their orders to
come from mobile in just a few years
Understand YOUR customers
• Look at industry research
• Talk directly to your target customers
• Primary research
• Look at third party reviews for
competitor/category apps
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Example industry research
Million US Subscribers
Smartphone owners are 5x
more likely to use Mobile Banking
Source: Forrester’s North American Technographics
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Payments and Products Survey, Q4 2009
Understand specific needs
Reviews provide rich insight
Specifics will vary by category and goals
• “App is great for checking accounts and
moving money around.”
• “App needs billpay”
• “App doesn’t work on sprint EVO”
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Strategize
• Must build your strategy based on your
specific context, customer needs, and
overall value proposition
• Common principles for success
– Consider all sub-channels of mobile
– Leverage experts
– Get executive alignment/buy-in
– Use pilots/prototypes
Our Mobile Strategy
• Focus on smartphone apps but support
SMS/Mobile Web
• Move FAST
• Give customers real value
• Ongoing refinement
• Pilots / test & learn
Focus on Smartphones
Active Devices (July, 2011)
25% iPhone
Blackberry
Andoid
11% 62% Other
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We emphasize apps… for now
Transactions by Mode (July, 2011)
13%
App
WAP
SMS
82%
Android & iOS are like Coke &
Pepsi – but which is which?
Give customers real value
• Potential value drivers for features:
– Access
– Information
– Service
– Selection
– Unique phone features (GPS, camera, etc.)
• Understand how customers may be using
third party mobile (ie Yelp, Foursquare)
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We provide value
• Access = transact from
anywhere
• Information = see what’s
happening on accounts
• Service = cheaper than IVR
• Unique capabilities =
– Location finder with GPS
– Mobile Deposit with camera
– More to come!
Examples of unique value
• Camera – Mobile Deposit
• GPS – nRange Golf GPS
Full Disclosure: I have an investment in the publisher of nRange Golf GPS
Move Fast, Iterate
• Selected partner with cloud-based delivery
• Deployed first app in 82 days!
• Ongoing releases based on customer
feedback
Release Release Release
1 2 3
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Use pilots/prototypes
• Each release follows these steps:
– Beta testing = small/refinement
– Employee pilot = next step, further refinement
– Customer launch
• Collect feedback and refine at each stage
Test multiple approaches
Example: Common promotion creative
tested on two networks
Network 1 Network 2
Click 2.7% 0.3%
Through
CPM $29.8 $3.5
Cost per $153 $146
conversion
Understand your customers
usage and profile
Attribute Mobile vs
Overall Index
Rev/HH 118
Dep Bal/HH 78 Avg overall
= 100
Loan Pen 143
Billpay 235
Avg Tenure 80
Avg Age 62
Target Mkt 103
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Mobile exceeds expectations
Active Users
1st year goal
Experiment with new methods
• iPad Content trials
• Local Cash Rewards
Mobile for lead generation
• Mobile account openings
• Click to call
• Advanced engagement
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Key Lessons Learned
• If you haven’t started yet, start
experimenting!
• Pay attention to your customer needs
• Test, learn, refine
• Share and learn from best practices
• It will be a fast ride!
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