One of the most common questions I get at a trade show is “…you’re an analytics company – what does that have to do with marketing?”
And trust me, we (as in the marketing team) can sometimes feel the internal rift with our Type A vs. Type B personalities when we meet with our data scientists. Nevertheless, our differentiating skill sets always compliment each other and ultimately our goal is the same: bring value to our clients.
So, what can an analytics company tell you about marketing?
- Defining your audience: For us, it’s a bit different – but the premise is the same. Where we are defining our target audience by lead scoring in SalesForce or Pardot, our software can define your target audience in a similar way. What is your ideal customer profile? Want to segment customers/members based on DTI, credit quality, what types of loans they have, etc.? Great, let’s get to work.
- Create targeted customer/member marketing lists: Now more than ever, it’s important for your marketing messages and materials to be catered towards your audience’s needs. We help you analyze and find customers that will not only respond to your message, but be genuinely interested in what you have to offer. By tailoring the messaging to their needs, they no longer feel “sold to” and see the value in your offerings. Why send an auto loan offer to someone who just recently purchased their second vehicle?
- Influencing a lead: This one is self-explanatory. Want to influence, nurture, and turn a “maybe” to a “yes”? Of course you do. After you have created lists of your target audiences, use them for your marketing promotions and watch the results.
- Track profitability/success: At the end of the day, this is what it all comes down to, right? With a few clicks, you can learn which customers or products are your most profitable, and which you should leave by the wayside.
- Mitigate risk: How many of your customers/members are over-extended? With this analysis, not only can you suppress them from your marketing lists – you can also make examiners happy in the process. Talk about a win-win.
This is just a short synapsis of what our Customer/Marketing Analytics can do for you. The mix between marketing and analytics can be a little overwhelming at times, but just keep in mind your overall goal is to bring value to your institution and to your members. And our goal as a company is to help you do just that.
– Ryan Kerch, Marketing Manager