Data-driven acquisition
Banks are on a continuous quest for smarter approaches to household acquisition, striving for better outcomes and sustained success. Several hurdles can be encountered Throughout this process. Adopting a strategic and methodical approach is key to developing successful marketing strategies. This process should consider:
1. Identifying the best markets: This involves understanding not just where potential customers are geographically, but also their behaviors, preferences and financial needs. Analyzing demographic data, economic trends and consumer spending habits can reveal which markets are ripe for growth.
2. Channel selection: This process is crucial because different demographics prefer different channels. The channels should align with the nature of the message and the product.
3. Optimizing spend: Create a balanced mix that leverages both high-performing and emerging channels, ensuring that each dollar spent contributes to the overarching goal of customer acquisition and retention. This requires a thorough analysis of past marketing campaigns to understand which channels have yielded the best results.
4. Executing omnichannel strategy: The goal is to provide customers with a unified and cohesive journey, where each channel complements and supports the others. Ensuring these transitions are smooth and integrated improves the customer experience, enhancing the likelihood of acquisition and retention.
5. Measuring success: This involves measuring not just the quantitative outcomes like the number of new accounts or deposits, but also qualitative aspects like customer satisfaction and brand perception. Continuous analysis allows for ongoing refinement, ensuring strategies remain effective in an ever-evolving market landscape.
Vericast helps banks create data-driven acquisition programs using variables like industry benchmarks and consumer predictive intelligence. Contact us for a consultation to grow your deposits.
Alexa Bennett
Content Marketing Manager
[email protected]
www.vericast.com