Tag: Marketing Analytics

Where Are Banks Getting The Data For Marketing?

Using Marketing Data At Your Bank

No doubt you are sick of hearing how “big data” will change bank marketing. As we have said before, it is all about “small data” and how to leverage simple sources of data to boost the bank’s brand and products. The question that most banks have is where do you get this data? Below is a breakdown of common sources of data that can boost your digital marketing efforts. Oddly, missing is credit file information, but we will tackle that another day. In this article, we highlight where and how to leverage some key sources of data that matters.

 

Using Data For Bank Lead Generation Events

In an earlier post, we discussed how we use “cost per impression” as a metric for planning, budgeting and executing bank events that are specific for customer retention and branding (HERE).  In this post, we expand that analysis and apply it to those events that a bank hosts or participates in that are designed to generate leads (“lead gen”) for product sales.

Using Data for Bank Branding Events

Bank Event Marketing - Branding

Chances are your bank participates and hosts many client events. However, chances are your bank does not monitor and track their effectiveness.  At CenterState, these events are one of our best sales opportunities, as it not only affords direct interaction with clients or prospects but also allows us to bring together other happy clients and influencers to help the sales process. While sometimes more art than science, we are getting better at calculating and ranking the return on investment on many of these events.

Why We Are Stopping All Bank Marketing

Bank Marketing TIming

The reality is that the last two months of the year are among the worst to market a bank brand or product. People don’t seem to care and with all the retailers running ads for the holiday season, advertising is crowded and expensive. This is why we dramatically reduce marketing for the last two months of the year.

The 8 Best Times To Market Bank Products

Banking Marketing At The Point Of Inflection

Banks that are targeting Millennials with marketing dollars might be wasting their money.  The same holds true for banks that are trying to market to Boomers or any other target demographic. In fact, we believe that marketing to a demographic is an inefficient use of resources. You see, no demographic is one-dimensional. Every person is made up of a group of traits and Boomers, for example, are equally attracted to easy mobile banking, just as Gen X, Y and Millennials.

Why Marketing Analytics Show That Banks Need To Get Ready For January

Bank Marketing Analytics

Hopefully, your bank has pulled all your advertising and major marketing campaigns around products for the months of November and December as those two months are the most ineffective to promote bank products. Not only are people and businesses distracted during those times, but banks have to compete against a barrage of other advertising and marketing messages from retailers. Given higher advertising prices and lower response rates, December and November, respectively, are the two worst months for marketing return on investment.

What Data Banks Use To Personalize Their Marketing

Personalized Marketing

When it comes to bank marketing, nothing is more important than directing your message at the right audience. In most cases, it is necessary to know a potential customer on a level deeper than their account number in order to earn their business and trust. Banks today are facing more competition than ever before, so treating someone as an individual rather than a one-dimensional account can be the deciding factor between gaining a life-long brand champion and losing one.

5 Marketing Metrics Your Bank Must Try To Be Successful In The Future

Bank Marketing

Banking has become too competitive to market by instinct our haphazard advertising. This is why we toured the industry to find what metrics the most effective banks were using to gauge effectiveness and hopefully success. Successful banks separate marketing programs that have a goal of brand support versus those that focus on sales. While branding is hard to benchmark, sales is more straightforward and is the place that most banks start. In fact, many banks won’t commit resources to marketing unless it can be measured.

Adjusting Your Bank’s Branch Marketing Model

Bank Marketing with Data

Many banks talk about delivering a targeted local approach, but end up spending their marketing budget to garner a mass appeal. Nine times out of ten, this is a mistake and by utilizing a different approach, banks can be more efficient in their marketing dollars. As usual, solving this marketing problem is a function of asking the right questions. The question is not “How does the bank acquire more customers,” but “How does the bank acquire the right customers.” This means that first you have to understand who the right customer is.

How and Why To Measure Customer Satisfaction At Banks

Bank Customer Satisfaction Measurement

Over the past month, we received lots of questions about better defining what we mean when we talk customer satisfaction. Banks use predominately one or more of four key measures. If your bank prides itself on service then it should be tracking satisfaction in some fashion in order to improve. If not, you never really know that your main value proposition is any better or any worse than it was last year or is it any better than your competition.

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