EMBRACE INSIGHT-DRIVEN MARKETING

Although there’s a lot of emphases placed upon data-driven marketing, it should only be the first phase of your marketing process. The second phase involves insight marketing.

So while you should be concerned about the data that you’ve collected, and you certainly want to analyze what is and isn’t working, you need to go further. And going further involves combining human intellect with analytics.

The Value of Insight-Driven Marketing

Think about some of the best ideas that you have ever had. How many of them came strictly from looking at a set of data? How many of them came from asking a question or using your imagination?

What most people don’t realize is that insights are the catalysts for new ideas, including in business. Creativity is also a major driver of change and differentiation from the competition in a tough marketplace like the financial sector.

You can have a lot of data at your fingertips, but if you don’t know how to apply that data in the right way, it won’t be valuable or useful. Insight-driven marketing is a strategy that you can use to analyze your data in a new way that will spark inspiration within your organization.

Where to Search for Insights

One of the best places where you can gain valuable insights from your data is any area where your customers interact with your brand. You can uncover a lot about your customer base and what entices them to make a purchase, remain loyal, or go elsewhere.

But rather than just gathering data regarding how your audience perceives your brand, you should dig deeper and start asking questions, such as why those perceptions are held in the first place, where they came from, and what caused them.

When you start asking questions about your data, rather than merely looking at your data from the surface, you can start to gather important and valuable information. From there, you can use that information to inform your marketing strategy.

Data Findings, Questions, and Insights

Once you have the right analytics tools, it will be easier to gather findings from your data. After those findings have been collected, you can start to ask yourself why a conclusion you’ve made from your data even exists. For example, if a finding shows that millennials prefer using mobile banking and very few of them are actually visiting branches, ask yourself why that’s the case and why it even matters. Think about why millennials are choosing mobile over other alternatives, and how they are spending their time instead.

The goal is to question the data that you’ve collected so you can come to accurate conclusions about your customers. As you ask questions, you’ll start to go beneath the surface which will help you make discoveries about your customers that the data didn’t show you at first. And then you’ll be able to use those discoveries to enhance the way you do business so you can attract and retain more customers.

Doing More with Big Data

There’s been a lot of talk about big data in the world of marketing, but if you’ve been collecting a lot of data and not really putting a plan into action as a result of the insights that you’ve gained from it, you need to start doing more.

Many financial marketers find it difficult to put their data into action because they lack the budget or the skills. However, new technology and tools are emerging that provide advanced analytics. These will help you glean insights from your demographic, behavioral, and transactional data much more easily.

Keep in mind that today’s customers of financial institutions are seeking easier ways to do their banking, and they’re hoping for more personalized service as well. Insight-driven marketing can give you a clearer perspective on how you can best meet those needs and expectations.

To successfully learn more about your target market and effectively promote your financial products and services to them, a combination of data marketing and insight-driven marketing will lead the way. Contact us today for a free consultation or to learn more about how you can create a marketing strategy that will truly inspire.