How to Use Customer Data to Fuel Growth

By Samantha Vance, Vice President of Marketing, Main Street Inc.

Using your retail customer data to help you find new customers is a big opportunity that can be easy to implement. Data has the power to drive customer acquisition, improve customer relationships, unlock new opportunities, and increase profitability. According to Capgemini Consulting, banks that apply analytics to customer data have a market share lead of four percentage points over banks that do not.

A customer segmentation analysis can transform your existing customer and address list into an insightful and powerful targeting tool that answers:

  • Where are my customers coming from?
  • Who are my customers?
  • How can I find my best potential customers?

Each of your branches has unique differences because of its customers and trade area. The data from a segmentation analysis will help identify key characteristics of your customers at each branch – what we call your customers’ DNA – to enable you to market to those characteristics and improve your advertising efficiency.

Do You Really Know Your Customer?

Think you already know who your customer is? Recently, I asked two community bank executives from the same institution who their customer was. They both gave me completely different answers based on their day-to-day interactions with customers. Analyzing their data showed that their customer base is made up of different types of consumers with varying demographics, spending behaviors, and financial propensities. And those customer types look different across their branches. Analytics helps you move from thinking you know who your customer is to knowing who your customer is.

If you think consumer analytics costs too much for a financial institution of your size, think again. There is no need to invest substantial time, money, and resources into a customer analytics platform when you can partner with a service provider such as Main Street that offers affordable customer analytics and segmentation solutions.

A Targeted Approach Gets Results

Understanding your customer’s DNA can serve as a blueprint for locating the best potential customers for each branch and identifying how best to reach them based on their media preferences and likelihood of using your products.

Before receiving their customer analysis, one of our clients thought the best way to reach the local Hispanic community was through commercials on a select local TV station.  But analysis showed the local Hispanic residents preferred newer television shows and weather programming early in the morning. This knowledge gave the institution the ability to reach the right audience at the right time. As a result of this targeted approach driven by the analytics, they experienced a 50% increase in new Hispanic customers.

We know acquiring new customers can be costly.  But using customer data-driven profiles and actionable strategies will improve your marketing efficiencies across your media channels and improve response rates, resulting in better ROI. 

Contact us today to set up your action plan

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