May 16, 2019

Do Your Customers A Favor: Use Their Data

44% of consumers interviewed said they willingly share information in order to receive more personalized, relevant communications.

Ready to bust a myth?

For years we’ve heard the vastly generalized statement that consumers find personalized ads “creepy”and distasteful. And, while there is some element of truth to these feelings, it is important to understand the specifics behind statements like these. In research conducted by the Harvard Business Review, researchers found that the key to personalized, targeted ads that don’t overstep is the type of information used. Information perceived as sensitive and private such as political beliefs, medical searches, etc. used in online ads feels as a betrayal of trust and confidentiality. However, more general information including name, location, purchase history, is not considered invasive, but rather useful, in fact. What’s more, 44% of consumers interviewed by A List Daily said they willingly share information in order to receive more personalized, relevant communications.

 

As banks and credit unions, you have more access to this “approved” consumer information than many others. Therefore, the ability to create relevant, actionable communication is unprecedented. This advantage needs to be utilized to give consumers the experience they want. Adlucent research found that consumers crave a personalized advertising experience and that 71% of respondents prefer tailored ads. Michael Griffin, CEO and founder of Adlucent, expands: ”Consumers expect content that is both useful and contextually relevant -- the right information served at the right time."

"Consumers expect content that is both useful and contextually relevant -- the right information served at the right time." Michael Griffin

We couldn’t agree more. Additionally, key data from Marketing Dive shows that personalized ads considerably boost engagement, with people proving to be almost twice as likely to click an ad if it was tailored to their preferences. Another study showed that you can expect a 200 to 400 percent improvement in conversions using targeted versus non- targeted digital communications.

 

Using customer information to create communications that they prefer is a loyalty-boosting services banks and credit unions can (and should) offer. Our favorite marketing guru, Seth Godin, put is this way: “Permission marketing is the privilege of delivering anticipated, personal and relevant messages to people who actually want to get them.” So, do your customers a favor: use the data they’ve willingly shared with you to return to them with personal, meaningful communication and offers for the products and services from your financial institution that will in turn make their lives better.

“Permission marketing is the privilege of delivering anticipated, personal and relevant messages to people who actually want to get them.” Seth Godin

DeepTarget’s intelligent digital marketing and sales solution is in use by hundreds of credit unions and banks of varying sizes across the country. In addition to being intelligent, it is both affordable and easy to implement and use with ~95% automation. What’s the use of investing in a costly or cumbersome data analytics solution when you have to worry about limited resources? DeepTarget clients have automated the use of customer intelligence with DeepTarget to deliver relevant product offers and pinpointed one-to-one messaging to their banking customers through mobile banking, online banking, web, and email - all the while engaging them in a seamless communications experience, wherever, whenever and however they bank. Check out these customer success stories to see the high ROI and returns that they are receiving.

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