New article by Tim Keith, strategy leader at Infusion:
Many banks approach account generation as a gamble: Spend enough money on marketing and existing customers will hopefully sign up for a new product, or new customers will open accounts. But this approach creates needless risk that can waste significant money on ineffective marketing campaigns.
So hold the dice: There’s no reason a financial institution’s marketing efforts have to be a gamble. Meaningful growth can come through marketing that takes advantage of proper data use to support strategic priorities. By successfully linking key areas of strategic focus with comparison data from peer financial institutions, banks can more accurately project progress that can bolster product goals and objectives in 12-month planning cycles.
Read the full article:
“The direct approach: Using strategy and data analysis to guide direct marketing” BAI Banking Strategies. November 18, 2016.