Marketing is by its very nature a predictive endeavor. If you can anticipate a customer’s needs, you have more opportunity to make a sale by fulfilling that need. Data and technology can help marketers predict what customers will need and want next, but only if you know how to interpret the silent signals the data conveys.
Bank customers rarely take action out of the blue. There are almost always signs that indicate what they’ll do next — open a new account, close an account, take out a mortgage, buy a CD, etc. In fact, consumers send out signals every moment of the day, with every search, purchase, payment and ad click they make. Every action consumers take has the potential to tell you something about your customers, if you know how to read, monitor, track, and act on those signals.
Learning to read the signs
Success depends on the ability to read consumer signals. In my on-demand webinar, “3 Consumer Signals You Cannot Afford to Ignore in your 2017 Marketing Plan,” I explored how reading and acting on consumer signals helps bank marketers drive superior returns. I also shared best practices for how you can integrate a signal strategy into your 2017 marketing plan.
We discussed the evolution of marketing and how changes in channels and consumer preferences mean it’s more important than ever that marketers adopt a signal-based, omni-channel approach, rather than a siloed one.
Why signals work
The concept of marketing signals certainly isn’t new. Financial institutions have long been aware of signals (or triggers). However, today’s technology makes it possible to leverage those triggers to create an effective, personalized and relevant experience for consumers. Predictive, event-based and behavior-based signals allow you to better understand customers, their expectations, and their customer journey.
Marketing for triggers can help financial institutions identify and reach consumers who are actively in the market for specific products, as well as identify ones that meet specific underwriting criteria. For example, by monitoring credit inquiries on current account-holders, you can know which ones are in the market for a mortgage, auto loan or new credit card and react accordingly to provide them with relevant product information at the time they’re most interested in it.
Because it reaches interested consumers with relevant information in a personalized format, signal-based marketing can help drive ROI through every phase of the customer journey, from acquisition and onboarding to retention and cross-selling.
In our webinar, I will share about how to implement signal-based strategies in your 2017 marketing plans, including:
- Building a data-driven marketing organization around the use of triggers.
- How to start with one piece of the puzzle, such as credit inquiry monitoring.
- How to identify opportunities within your existing customer base.
- Measuring and reporting success
To learn more about marketing signals, check out my recent blog, “Marketing is About Signals: How data influences all channels.” To listen to our webinar, click here.