The untapped marketing potential in CRM data could be put to good use if banks and credit unions adopted personalized, addressable interactions. Doing so would also avoid wasting marketing dollars on consumers who don’t fit the target audience. Simple, incremental steps can help financial marketers launch effective people-based marketing programs.
CRM Digital Marketing-Financial marketers have a wealth of information available at their fingertips with their existing offline addressable campaigns, customer insights, and segmentation, but many of them are not taking full advantage of this data in the digital space. Leveraging this information will immediately improve the performance of their digital programs and push into people-based marketing digital programs. This eventually will lead to better conversion rates, more personalization, improved customer experiences, and ultimately the acquisition or cross-sell of additional accounts.
Implementing this capability can be daunting for all but the largest financial institutions. The good news is that improvements can be incremental, and are well within the scope of most bank and credit union marketing departments.
By ‘addressable approach’ I am referring to people-based marketing. To interact with a customer on a specific marketing channel you need a way to reach them — you need an address. In the offline world, this is simple — an email address or a postal address. In the online world, addresses are anonymous, tied to devices, and changing all the time. This makes it hard to reach the same customer across channels and devices with a consistent message. That’s where data onboarding fits in and creates the ability to identify and target known customers and prospects.
Here a few of the benefits to using an addressable approach to digital media campaigns. They enable you to:
- Make informed and targeted decisions on who you reach and what message you deliver
- Reduce spend wasted on cookies that don’t represent the consumers you may think they do or don’t fit into your target audience
- Minimize fraud, by targeting a known customer, not a bot.
Implementation of the following four components can significantly increase the effectiveness and efficiency of your digital campaigns.
1. Matching CRM Data to Digital Platforms
Addressable targeting allows brands to match their CRM data against a digital platform with personally identifiable information (PII). Facebook is particularly valuable in this capacity, not only because the vast majority of Americans have a personal Facebook account, but also because Facebook typically collects important PII, such as name, email address and, often, phone number. Other platforms have begun to recognize the value of matching CRM data inside a data-rich platform and are opening up similar opportunities.
Many consumers’ daily internet activities require a login that can be matched back to them, including music streaming services, such as Spotify and Pandora, and news accounts such as The Wall Street Journal. These and many other subscription services have valuable information that can be leveraged to target specific individuals. These types of subscription logins are particularly valuable from a targeting perspective, allowing banks and credit unions to reliably know who they are targeting.
2. Necessary Planning for Addressable Campaigns
In order to execute a true addressable campaign, bank marketing teams would need to assess and develop a plan for accessing and gathering their customer lists. There is not a one-size-fits-all solution to accomplish this task; it truly depends on how an organization’s databases are set up. Financial marketers need to partner with their database teams to complete an audit of existing materials and better understand how much data is accessible and which attributes are available (e.g., PII, demographic data, product data, or online banking usage statistics). These types of attributes are tremendously valuable and can help the team glean insights and refine targeting decisions.