Check out the latest CUNA News Podcast sponsored by Marquis as Dr. Tony Rizzo, Chief Marketing and Creative Officer, and Ryan Housefield, Senior Vice President of Sales, describe how credit unions that use data on the front lines can provide the engagement tools employees need to drive sales and decision-making while improving the bottom line.
It’s the latest buzz word, trend and essential marketing
must-have – data analytics. Big brands use it to inform their marketing
decisions, from loyalty programs to customer communication, and they’ve seen
remarkable results. According to Gartner, Inc., marketing analytics accounts
for the largest piece of the marketing budget pie – 9.2%*. OK, it works for
Macy’s, but how does that translate into the financial realm?
What Is It, Exactly?
Data analytics is the process of examining and analyzing
data in order to draw conclusions so you get answers you can work with. Let’s
say you want to determine which clients enjoy a profitable relationship with
your institution. You’ve got the data – the number of accounts, balances,
rates, fees, costs, etc. – and a way to pull it all together. Now all you need
to do is add a data element (or two!) to your analysis and it becomes very
clear where these profitable relationships live and what products and/or
balances make them valuable. You have the information you need to plan an
effective course of action.
What Do You Learn?
Basically, you don’t want to sell a personal loan that funds
education to a retiree, and you wouldn’t ask the owner of a low-balance account
to open a high-yield Money Marketing Account. Today, consumers expect you to
know them, and they feel unappreciated if targeted with the wrong message.
Without analyzing your data and keeping it clean, much of your marketing
efforts will be lost.
Learn From Every Department.
Collecting data for use in analysis is the easy part. Think
about all the data available that would enhance your marketing efforts.
Customer Relations – A young couple
just opened a joint account. How can you establish your institution as a
trusted financial resource? Maybe a link to your money management services?
Sales – Another couple bought a
30-year-old house 6 years ago. It could be time for an upgrade and a HELOC
would interest them.
Now you can send them targeted messages that make sense.
Act On What You Learn.
Throughout your institution – product development, strategic
planning, pricing, sales calling/closing activity – all departments can utilize
and benefit from data analytics. Many companies use custom software tools specific
to the needs of that department. The data is gathered, analyzed and translated,
but remains siloed. No marketing insight is gained. No marketing action can be
And that’s the key to all analytics – Action. Many collect
data. Some even analyze it. But few really leverage the data to drive
meaningful marketing programs. Do you have an action plan for your
Marquis Can Help.
Whether you work at a bank or credit union, it is vital to
both understand and embrace the value analytics plays in financial institutions.
At Marquis, we can unify your data sets and translate them into answers you can
use. From there, we can guide you on which actions are proven to drive results.
Isn’t it time your institution generated more value from your analytics?