The Financial Brand Insights - Winter 2023

THESE EVENTS IDENTIFY CONSUMERS AND BUSINESSES WHO ARE NOT ONLY ELIGIBLE FOR, BUT ACTIVELY SEEKING, SPECIFIC FINANCIAL PRODUCTS. LIFE CONSUMER EVENTS BANKS CAN’T AFFORD TO MISS 5

By Kris Lazzaretti President of Data Solutions at Deluxe

Today, trigger marketing — or life event marketing — enables banks, credit unions and fintechs to precisely match consumers with the most relevant products and offers, at the junctures when they’re most needed. It’s not a new strategy, but the data coverage and automation technology have evolved dramatically. Now, the degree of data precision available and the speed with which it can be delivered is changing the game for marketers. What Are Life Event Triggers? In short, a life event is a key moment in a consumer’s personal or business world and the trigger is an action taken by the consumer prior to that event. For instance, people who are thinking about moving might signal they are on the verge of making the leap by attending open houses, applying for home loans and shopping online for furniture. Historically, a triggering event for a bank or credit union may have simply involved a consumer clicking on a link or opening an email. But single-source trigger data is a thing of the past. In the current environment, multisourced marketing signals help banks access a technicolor view of the consumer’s impending life event, delivering valuable insights to fuel hyper-personalized offers and messaging. Of course, not all life events are alike. Some have a more profound impact on purchasing behaviors than others. In the world of finance, the return on investment from a 40th birthday versus the sale of a family business would be wildly disparate. Thus, prioritization is key and assessing which marketing signals you should focus on is job one. So, let’s get down to it: which life events will deliver the most bang for a bank’s marketing buck? As it turns out, there are five major life events that are the top triggers for banks. These triggers, when deployed in an optimized campaign, are proven to draw consumers to buy other solutions from their current financial institutions or switch institutions altogether. These events can identify consumers and businesses who are not only eligible for, but actively seeking, specific financial products and they can have a huge impact on purchasing behaviors.

36

37

THE FINANCIAL BRAND INSIGHTS WINTER 2023

THE FINANCIAL BRAND INSIGHTS WINTER 2023

Powered by