In 2022, community banking marketers consistently list very similar goals.
- Increased profit
- Innovative marketing (typically tied to acquisition and retention costs)
- Improved customer experience (often segment-leading)
- Greater data-driven insight (showing concrete results and actionable next steps)
Underpinning all of these goals requires having a high-level, cross-functional view of your customers. This is a holistic view, driven by the data of all your FI’s touchpoints with customers.
As an example, consider the use case around attribution. For every new depositor or new loan origination, can you assess how much of your digital ad buy contributed to their conversion? What if they walk into a branch?
It may seem like an unknowable question (that’s better left unasked). Any answer you come up with might be wild speculation, too much trouble to work out, and worse yet, of no value of helping you figure out where and how to spend your next incremental dollar.
Not having a complete, or mostly complete, view of your customer’s journey hinders your ability to maximize your returns. You may have a detailed view of their journeys and outcomes in one channel. However, that information and insight exists in silos and is very difficult to apply elsewhere. For incremental effort elsewhere, or god forbid, you consider experimenting with a new medium (connect TV, Tik Tok, display ads outside Facebook and Google, etc.), your lessons learned and audience building offers little to go on.
In the most recent edition of The CMO Survey, 34% of marketers are heavily investing in the data and personalization of their customer journeys. Creating holistic or 360-degree views of their customers and prospects drives their agenda to meet their goals.
Are you executing the right plan for your institution in budget, skills development, and talent acquisition? Are you preparing for a more agile and responsive set of competitors to emerge? If you’re an emphatic yes or no, we’d love to talk.