36 JULY / AUGUST 2017 Marketers talk about segmentation, big data and predictive modeling, but then they put up a billboard or run a radio or newspaper ad. What if best performers in the retail world would operate the same way? Have you seen a lot of Apple billboards? How about Starbucks radio or even TV ads? Let’s go a little smaller than these two giants. Do you see broadbased targeting from the best local or regional retailers? It does not matter if your marketing channels are traditional, digital or both, don’t fall in love with your broad-based branding approach to the extent of forgetting to target the right audience. The same is true in banking. In acquiring and deepening core customer relationship, targeting is key. Figure out who your best prospects are, and market to them with an omni-channel approach, instead of putting up another billboard – online or in the real world. Even in the digital age, data evidence suggests that customers’ selection of their primary financial institutions is based on convenience patterns. FIs have a wide array of data that can be used to determine whether a potential customer is a good prospect or not. Locations. Most community-based financial institutions generate 95 percent or more of their new relationships within the branch. While customers will handle the vast majority of their transactions online, they still start that relationship, at least the core relationship, at the branch. As the branch remains important, the geographic reach from that branch should be determined. Don’t use this to figure out who you should market to; instead, use it to figure out who should be analyzed in your targeting model. Customers. What do they tell us? Customer-specific data should be part of any predictive model, as customers demonstrated with their actions that we are their primary financial institutions. In addition, our customer data can also teach us a great deal about market demographics. If the goal of your outreach is not acquiring a new PFI, but instead deepening relationships, your own customer data should be a major component of your model. For your customers, you need to know not only what products they have, but where they spend their money. Big data. Today we have an almost unlimited amount of data available. The key to using it is to determine Targeted Marketing MARKETING / SALES Haberfeld Associates is an associate member of the Indiana Bankers Association. Article author Achim Griesel President Haberfeld Associates achim@haberfeld.com :HOFRPLQJ WR (%1 %2/, 'HIHUUHG &RPSHQVDWLRQ ([SHUWV (%1 ZZZ HEQ GHVLJQ FRP ΞϮϬϭϳ E ǯ Ǥ ǯ Ǥ
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