Using Analytics to Increase Marketing Effectiveness

by Edward O'Brien 0

As financial institutions search for new waysto improve the effectiveness of their marketing efforts, many arelooking to the combination of analytics and marketing to identify,qualify, and target promising prospects.

Banking and financial services are among the most data-intensiveindustries around. With all of the transactional data and customerinteractions occurring daily, financial institutions are awash inall kinds of data.

Financial institutions need to access much of this data in realtime, particularly transaction data. They also need to be able toaccess archived data that may be stored offline for reviews ofhistorical transactions or other information. The key to accessingthis type of information is the way the information is organizedand queried.

Analytics can mean different things to different people. It caninclude information derived from a variety of sources, includingdatabases and data warehouse systems, as well as campaignanalytics, business intelligence (BI), dashboards, visualization,data mining, statistical programs, channel management, andenterprise marketing management (EMM) application.

Analytics systems are needed to sift through the various kinds ofdata, which can be both structured data housed in databases anddata warehouses as well as unstructured data typically found insocial media. Unstructured data also can be found in the commentssections of CRM systems. As this data is meaningless withoutcontext, it must be transformed into useful information if it’s toprovide value to financial institutions.

By combining the richness of customer information available frommarketing and customer information systems with the power ofanalytics, deep customer insights can be learned and acted upon,and linkages to various data sets offer visibility into trends andassociations not identifiable by other methods.

By leveraging the power of cutting-edge marketing and analyticssystems, financial institutions can better understand theircustomers’ needs and deliver timely, relevant, and valuableproducts and services to them. Using these techniques, financialinstitutions can truly differentiate themselves to prospects andcustomers alike.