Community and regional bank marketing teams often miss out when it comes to utilizing core data—and it could be costing them big money. Many banks just assume that their marketing plans are successful, or that they need a multi-million-dollar marketing budget to take their marketing programs to the next level. As a former banker, I understand the fear of taking a risk when trying something new. But, with careful analysis of core data, small to mid-sized banks can more accurately direct their marketing efforts to drive growth without breaking their budget. And I would strongly urge bank marketing teams to become more familiar with this concept.
Here are the key steps banks need to know to build a successful data driven-marketing program that directly connects to the bank’s larger strategic objectives:
1. Identify customer base segments.
For all the talk in the industry about relationship banking, most institutions are still product driven organizations. This product orientation flows downstream from ALCO committees to marketing teams, and inevitably leads to marketing programs that cast too broad a net. It centers the focus on product features and benefits, rather than customer financial needs.continue reading »