Marketing signals: Providing the right offer at the right time
Financial marketing has long relied on triggers — one type of marketing signal — to identify new prospects. Milestones like getting married or buying a new home are widely recognized as signals that a consumer might have a financial need.
Improved data access, enhanced modeling, and advanced analytics are changing the game. We can now spot consumer actions, like hard credit inquiries, that show a clear intent to purchase, and thus a need for a financial product.
The State of Financial Marketing 2016, published by the Digital Banking Report, found that consumer signals are driving significant financial marketing trends, including:
- Insight-driven marketing. Available to many more financial institutions than it was in the past due to new tools and technology used to tap “Big Data.”
- Awareness of the member journey. Mapping of the purchase journey that tells you where, when, where, and how to message to your members.
- Increased personalization. Amplifying reach and providing relevant and timely offers — which, in turn, yields higher response and conversion rates as well as member satisfaction and loyalty.