Data-driven marketing is the key to driving sales and loyalty among today’s empowered customers. In financial services, marketers are challenged to capture, integrate, analyze and use data for personalized customer engagement across multiple channels. Capitalizing on data to guide the omnichannel customer journey is the only way to prosper in highly competitive, dynamic markets.
The Skinny on Big Data and Marketing
Customers are more knowledgeable and informed than ever. They size up products and services through online reviews before ever visiting your website. The net eﬀect is that marketers have a shrinking window for engagement. That makes data-driven speed, precision and personalization vitally important.
Understanding and engaging with customers depends on robust data management, integration and analytics. But like today’s data itself, those can be complex technologies and processes to master.
Banks, brokerages, lending facilities and credit unions beneﬁt by partnering with technology advisors that can help shape a roadmap for taking full advantage of big data for more eﬀective and personalized omnichannel marketing. Independent experts can simplify the overwhelming landscape so that marketers can focus on the three fundamentals of a uniﬁed customer view, marketing analytics and omnichannel optimization.
Marketing Data Remains Underutilized and Incomplete
There’s no shortage of data. Customers generate data every time they interact with your company by any channel or device — viewing a digital ad, visiting your website, using your mobile app, ﬁelding a sales call, checking your Facebook page, phoning your contact center or writing a review. On top of that, you have customer data from partners and third-party list providers.
Marketers recognize the importance of utilizing data to gain a 360-degree customer view and deliver an exceptional customer experience across all touchpoints. Yet many face obstacles on the road to the ideal of Customer 360 marketing. Consistently, marketers are challenged by:
- Limited analytics- Marketers struggle to derive customer insights without a robust analytic solution that tracks interactions across all touchpoints.
- Mistargeted messages- Without a complete cross-channel view of the customer, marketers resort to counterproductive, non-personalized communications.
- Misleading metrics- Many marketers rely on such crude metrics as last-touch attribution, failing to account for multiple interactions in the customer journey.
- Missed opportunities- Lack of real-time, cross-channel data makes it diﬃcult to engage with customers at critical purchase decision points.
- Manual eﬀorts- Many marketing campaigns involve manual eﬀorts across multiple teams, resulting in poor productivity and results.
The Power of Three
Overcoming these challenges requires a three-prong approach.
Unified Customer View.
A systematic strategy for big data management that consolidates and cleanses information from multiple sources will give you a uniﬁed, 360-degree view of the customer. The optimal solution drastically reduces ineﬀective manual eﬀorts to track down and reconcile data that is typically incomplete and inconsistent.
Analytics makes it possible to understand who your customers are, what they want and what they’re likely to do next. Analytics also plays the pivotal role of measuring omnichannel campaign performance, so that marketers can appropriately credit each of a customer’s multiple interactions for a conversion. With those insights, marketers can optimize channel investments.
Continuous optimization requires ongoing data quality and governance to ensure that customer proﬁles are accurate and up to date as data changes across multiple sources and within a centralized repository. Master data management (MDM), data quality and governance work in concert to help ensure customer proﬁles are validated and free from discrepancies that can derail marketing performance.
Creating a Pitch Perfect Customer Journey
Organizations that embrace a unified customer view, analytics and omnichannel optimization will have the foundation for providing a high-rewards customer journey. Every system and all your people, from your website to call center and sales reps, can provide a relevant and informed response to any customer interaction. Importantly, today’s best big data management practices adapt in real time to changing customer behavior and preferences for actionable insights in the purchase consideration cycle.
Speed and Precision for High-Conversion Campaigns
Positive customer engagements depend on a Customer 360 view, marketing analytics and an optimized omnichannel. Marketers can add a slew of lead-driving techniques and marketing campaigns, including trigger-based event response, location-based SMS messaging and targeted product recommendations. When marketers can make reliable and timely data work to their advantage, they can choreograph the right message to the right customer at the right time by the right channel.
Next Step: Transition to Omni-Channel Marketing
With more than 2,000 client engagements over 15 years, Trianz partners with Informatica to provide proven best practices and market-leading technology to leverage big data from a broad range of sources to nurture the customer journey and measure marketing campaign eﬀectiveness.
With Trianz and Informatica, your organization can eliminate the gaps and ineﬃciencies of outdated marketing data techniques and speed your evolution into a data-driven marketing powerhouse.
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Trianz enables digital transformations through eﬀective strategies and excellence in execution. Collaborating with business and technology leaders, we help formulate and execute operational strategies to achieve intended business outcomes by bringing the best of consulting, technology experiences and execution models. Powered by knowledge, research, and perspectives, we serve Fortune 1000 and emerging organizations across industries and geographies to transform their business ecosystems and achieve superior performance by leveraging Cloud, Digital, Analytics and Security paradigms. As a professional services ﬁrm, our values and culture are focused on delivering measurable business impact, predictability in execution, and a unique partnership experience.