The Financial Brand Insights - Winter 2021

You’ll want to identify the criteria that you will use to determine future offers that are a fit and will help with customer retention. Ask yourself some key questions as you look to evaluate campaign outcomes and make improvements for future campaigns. ● What is the best data available to assess my target audience? ● Which channels should I use for this campaign? ● What analytics should be applied to help improve my response and conversion rates? ● What will the measure of success be in terms of results? ● Are there vendors that can help? Even if your organization has dedicated resources to develop campaign strategies and execute campaigns, partnering with external resources for data and analytics support can often amplify your results. Whether managed internally or externally, a focus on each of these five campaign stages will help drive successful outcomes. ▪

The most successful marketing campaigns typically leverage a multi- or omni-channel approach, driven by data for improved targeting. Although success can certainly be achieved through a single channel such as digital, television, direct mail, or print advertising, in many cases a multi-faceted approach is best and allows you to have multiple touchpoints with both future and current customers. Illustrate how your offer meets the customer’s unique needs without being too heavy-handed in your messaging. “What’s in it for me?” is how we’re all wired and tend to process information. Today's consumer is accustomed to highly personalized interactions from a variety of retailers and service providers, and the expectations they have for you as their financial institution are no different. The wrong focus can quickly sabotage an otherwise well-structured campaign offer. Leverage available data to understand consumer preferences based on their current or past relationship with your company, the general preferences of the demographic groups they fall within, and their individual consumer-level data points including current and previous tradelines on credit reports. Understand what customers expect, and make sure you deliver on that promise. 3. Analyze Apply effective and consistent analytics through the campaign lifecycle. The best campaigns tend to be a combination of art and science. Data science , to be more specific. This starts with the criteria that is used in the very beginning to generate the target list for the campaign and carries through to an application that is successfully processed and approved to acquire a new customer. Pairing credit data with alternative data provides a solid foundation for both marketing and risk management. Employing consistent analytics in both the marketing stage and the approval stage can

enable lenders to achieve a higher return of successfully approved applications. The benefits are three-fold. First, you’ll achieve a greater return on your marketing investment. Second, by matching your approval criteria using guaranteed matched calculations, not just equivalent calculations, you can reduce or eliminate legal regulatory concerns. Lastly, you’ll provide a better customer experience by extending campaign offers that have a high likelihood of conversion. Customers that believe they are “preapproved” but are then declined when they submit an application quickly become frustrated. This scenario is easily avoided through analytics that apply the same criteria throughout the customer lifecycle. 4. Measure Determinewhich metrics are critical to measuring success and directly related to ROI. What will success look like for your organization’s campaigns? It may vary by the channels leveraged and the scope of each campaign, but improvements can only truly be realized if consistent metrics are established and measured. Social, email, direct mail, and other channels have different baselines that are indicative of “success”, and ultimately the best measure for any of your campaigns are response rates and conversions. Depending on the size of your organization, market share, and other factors, some campaigns may yield brand awareness gains prior to subsequent personalized campaigns that drive customer acquisition. 5. Refine Take the lessons learned and apply them to make your next campaign even better. As you evolve your campaigns over time, you may need to look beyond traditional data sources and look more at behavioral and other types of data that can be very predictive. Another consideration is the data that you and your team will need to continue to market effectively to customers once they are on board.

About the author Carson York is the senior vice president of business development at Digital Matrix Systems (DMS) , helping clients gain the most value from their data through the DMS suite of data access, storage, and analytics solutions. Carson has over 35 years of industry experience working with top insurers and financial services companies across North America. He provides strategic direction to identify and secure new partnerships and provides a unique blend of operational experience and relationship-driven leadership. Prior to joining DMS, Carson was Vice President of strategic alliances, national accounts and sales operations at American Modern Insurance Group/Munich Re. Partnering with external resources for data and analytics support can often amplify your results . Expanded resources:

Digital Matrix Systems (DMS) offers a process that credit card issuers, auto finance lenders and other financial lenders can leverage to improve their direct mail offers and eliminate the typical challenges. Leveraged at the marketing stage of the customer lifecycle, the process uses credit file archives and the tri-bureau DMS Summary Attributes ® to create pre-approved offers that can potentially generate a greater return of approved applicants. The DMS marketing stage methodology addresses the need for consistent evaluation by providing uniform calculations throughout the applicant review process. This approach eliminates manual coding required by traditional methods and improves speed to market. Approaching the generation of marketing offers this way helps mitigate risk and maximize customer acquisition. Introducing a Better Way to Target Potential Customers

TheWorld’s Biggest Database of Digital-Only Banks Explore The Financial Brand's interactive, searchable database with 333 digital-only banks, challenger banks, direct banks and innovative fintechs.

Start Your Search





Powered by