The Financial Brand Insights - Winter 2021

Things to Consider Before Your Next MarketingCampaign

Banks, credit unions, and other lenders need to stand out in this “attention competition” and target their marketing efforts more than ever before.

improved customer experience. This deficiency in leveraging data to its fullest doesn’t bode well in scenarios where traditional institutions are competing with fintech firms and other non-traditional emerging competitors. The companies leveraging data to its fullest potential will be the ones left holding the trophies at the end of the race for new customers. To improve the use of data, financial institutions need to identify both internal and external sources of data that can help support their customer acquisition and retention goals. Internal data sources can help with personalization and targeting of the right offers to existing and previous customers. External sources offer insight into a broad range of data points that can be beneficial not only in marketing, but throughout the entire customer lifecycle. Behavioral, demographic, and lifestyle

lender-customer relationship evolves. As stated in an article in The Financial Brand , “Many financial institutions think a great customer experience begins after the first account is opened. In reality, the customer experience begins before any account is opened, as the consumer is shopping for a new financial institution.” Keeping this in mind, there are many things to consider when planning and executing marketing campaigns. Here are five ways to improve your marketing results and optimize the customer experience. 1. Research Leverage internal and external data to assess your target audience. Many financial institutions have historically failed to leverage data effectively in support of their marketing efforts and in support of an

data attributes can help drive personalization and segmentation. Paired with fraud and other essential data attributes including baseline credit information, an effective data strategy can ultimately result in greater response rates as well as improved risk mitigation. Marketing and risk assessment are not separate activities but must occur in parallel when extending offers for financial products and accounts. Programs in the marketplace such as TEST/DRIVE ® can help you research and evaluate third-party data sources that have the data necessary in support of your campaign strategy and goals. 2. Personalize Know your audience and align the campaign channel(s) to your audience’s preferences. You need to understand consumer behavior and preferences to personalize offers effectively.

By Carson York SVP Business Development at Digital Matrix Systems

It is growing increasingly difficult to gain the attention of consumers that are constantly being hit with advertising messages in both their personal and professional lives. Banks, credit unions, and other lenders need to stand out in this “attention competition” and target their marketing efforts more than ever before. The competition that you must outpace with effective campaigns includes both traditional competitors, as well as emerging fintech and neobank competition. While customer acquisition is essential, customer retention is even more important. Retention starts with the early “pre-customer” experiences and builds from there as the

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THE FINANCIAL BRAND INSIGHTS WINTER 2021

THE FINANCIAL BRAND INSIGHTS WINTER 2021

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