9 December, 2016
Maximizing Marketing ROI With Data Analytics
As the expense of many analytics software packages continues to drop and the ease of use increases, many community banks and credit unions are considering implementing a data analytics platform. This can provide much needed discipline for these smaller institutions to enhance their customer journey, which in turn can significantly improve cross-selling and a stronger emphasis on household profitability.
Almost three out of four community banks and credit unions admit they do not have a formal data analytics strategy, but for those that can get over the organizational hurdles of implementing a data strategy, the competitive advantages are significant.
Smaller banks and credit unions know they must leverage the large amount of customer information they have on-hand, including product purchases, transaction histories, service delivery preferences, demographics and geographic information. Additional demographic and financial information from third parties can also be augmented on these data sets — income, accumulated wealth, family composition and characteristics, and much more.
So why aren’t more community-based institutions jumping on the marketing analytics bandwagon? Part of the answer is that it is not that easy to make the changeover. Many marketing teams are being pushed into using big data analytics by senior management and/or board when the organization simply isn’t ready for it.