How financial marketers can unlock data gates to lifestyle segmentation
Why do banks and credit unions often flop in their efforts to pinpoint the right services for consumers? Because proper customization and personalization require rigorous accuracy based on intimate understanding of consumers, arrived at through intensive data analytics. Institutions that start out with strong intentions must gut it out through the 'last mile' … or face failure and waste.
Financial institutions have been scrambling to develop a data analytics roadmap to drive their digital transformation efforts. Yet senior leaders often fail to prioritize one mission-critical step early enough to accelerate the building of a successful data analytics program. That step: intimately knowing the life needs of consumers and their families, their life triggers and, finally, their priorities.
Once armed with the knowledge of your most engaged, profitable and ideal consumer lifestyle segments, you can then model based on those engaged users to build data-driven personas, and also to target your ideal new prospects for future growth with precision. The final step to improving user experiences with a next-generation data analytics and personalization program, to allow one-to-one marketing, is building the “Last Mile.”
And as every leader ultimately discovers, that last leg is by far the most challenging stage of digital transformation.
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