Every financial institution grapples with the importance of knowing their customers. In the past, personal and face-to-face relationships were the only true ways to learn what mattered to a bank or credit union's audience. Now, through data collection your digital tactics can be used to discover who your audience is and what it cares about. In order to accomplish this, many FIs have developed a data-driven marketing strategy to get to know their customers or members.
Read on for four ways that data impacts your financial institution’s marketing strategy.
Use data to help define your goals. Take the information you learn about customer behavior to set achievable goals. Watch for seasonal trends—is there a certain time of year when more people are buying homes or opening accounts? Keep an eye on your return on assets and loan-to-deposit ratio metrics. By utilizing the data you collect, you can set specific goals for your financial institution.
Demographic and psychographic data collected from customers or members can help you recognize who your current audience is and identify potential leads. Sending out surveys or questionnaires to current customers is one way to acquire data. Once the data is collected, you can use Facebook Lookalike audiences to market your institution to potential new leads—but be sure to continue to market to your current roster as well.
The next step is to use the collected data to develop a strategy going forward. Banks and credit unions can use their knowledge of buying behavior combined with the data to highlight and upsell certain products. Knowing demographic information about your customers gives you insight on when to market student loans, new accounts or mortgages to them. Having the data will arm your sales staff with the information it needs to successfully and efficiently upsell.
You’ll measure the success of your data collection based on how many of your goals were achieved. Look at the customer feedback you received and at how you responded. How was your customer/employee engagement? If your goals weren’t successful, how will you adjust your strategy going forward? You’ll need set deadlines to review your data and results on a regular basis. Make sure you’re altering your plan when necessary and focusing on your audience. This will help your financial institution grow along with your customers.