Part two of a three part observation series
In my first post I started the discussion around the need for better alignment between bank strategy and sales and marketing initiatives. For years, many bank growth initiatives have suffered either from cases of data overload, often referred to as the kitchen sink strategy (leading to inconclusive results) or data access paralysis resulting from legacy infrastructure (which provides little, if any insights into why programs succeed or fail). These challenges are real and our daily experiences lead us to a frustrating conclusion: many bank marketers underestimate the importance of good data in building any worthwhile campaign.
The rapid increase in the amount of customer information available to bankers today is staggering, not to mention the mind blowing amount of R&D spent by technology providers on Big Data initiatives - particularly when you realize how little of the output is actually being utilized. While the banking industry is continuing to progress, we propose five steps that can jump start your institution’s work with data in developing and managing sales and marketing campaigns.
If you are a bank marketing professional, you no doubt understand what a challenge it is to convince small business owners and CFO's that it's time to switch banks. Even developing enough doubt in the mind of a small business owner about their current situation to consider meeting with your bank is a difficult task.
Data is a marketer’s most important asset, and today’s marketing data options are deeper and more complicated than ever before. Join Bruce and Sam on March 3rd at the Direct Marketing Innovations Symposium in Cambridge, where they lead a session on New Options in B2B and B2C Lists. They will cover the latest list strategies available to marketers trying to reach business and consumer targets through traditional and digital direct marketing channels.
Topics will include: