Raise your hand if your credit union is using data. WOW! Like 85% of you! (I have great virtual vision). Now, how many of you know why you are using it? Who knows what you are using it for specifically? How about your results from using it? Crickets. This is not uncommon.
Data. It’s overwhelming. It’s overwhelming for anyone who isn’t sure how to use it, what it is telling them, what to focus on, or even just how. many. channels. of. endless. streams. of. data. are available. Sigh. (and a possible eye roll). No worries, right? I’ll tell you a secret. It can be just as overwhelming for those of us that do know the answers to the questions above—well, at least think we have an inkling of understanding.
So, how do you focus on what data is necessary and what data will drive the results that make a difference to your board of directors and your senior leadership team? How do you figure out which data will help you create a better experience for your members? Sometimes these can be hardest questions to answer.
It can be an uphill battle, especially in smaller credit unions, to find the arguments needed to warrant the “testing” it takes to learn and integrate different channels of data into your marketing and strategic plans. The cost can be heavy, not only in a monetary sense, but in hours (and emotions) as well.