What is the promise of big data?
Big Data and Data Analytics promise one primary thing for Marketing and Sales: Completely Automated, Predictable, Marketing and Sales Action.
Let’s not get confused. Big Data is not about a lot of different things to different people. Not in banking. Sure, many of the different groups in banking can benefit from information that is generated from Big Data and Data Analytics. In fact, being able to visualize data in simple, straightforward ways via business intelligence (BI) tools is cool and needed. But few executives at financial institutions will sustain a continued interest in seeing the same old charts and graphs, even when updated for them.
The primary Benefit of Big Data and Data Analytics is realized in Marketing and Sales.
Neither the sales team, nor the marketing staff, has time to collect, analyze, interpret, or determine best strategies for information derived from Big Data and Data Analytics. No time equals zero results. And, candidly, few financial institutions are fortunate enough to have a skilled analyst on the team who can find the actionable gold in all of the data, let alone one who also knows how best to act upon and harvest that gold. And all of this automation must enable your institution to reach an audience of one. Yes, just one.
The best way to imagine this benefit is to think of Amazon. If you’ve ever searched for something, anything on Amazon, you cannot help but notice that they will recommend something else to you, based on your predictable behavior.
What if this same process was automated for your marketing and sales efforts, with and for your clients? What if the data collection was done for you, every day, automatically? What if the analysis was also done for you so that predictable opportunities for loan and deposit growth, retention, cross-sales, onboarding, etc., were all automatically tabulated and scored? Then, what if each essential and predictable sales and marketing opportunity was acted upon automatically, every day, for you? Big Data and Data Analytics should deliver on this primary benefit for you seamlessly, from data collection through direct mail/email fulfillment. Automatically. Every Day.
“Completely Automated, Predictable, Marketing and Sales Action” is the primary benefit of Big Data and Data Analytics. This unique ability is how your financial institution will monetize the investment for Big Data and Data Analytics. This is where the results will be both obvious and provable. Automated, predictable marketing action turns into clearly identifiable revenue and profit – and better client engagement.
In a world where more is expected of everyone in sales and marketing, the prize in Big Data is the power of automation and the power to leverage data and predictable behavior. Shouldn’t your sales and marketing departments be doing this too?
We can all agree that the information derived from Big Data and Data Analytics is really cool. That said, Marketing and Sales are the clear beneficiaries, especially when they enjoy the primary benefit of Completely Automated, Predictable, Marketing and Sales Action.
This is the promise of Big Data and Data Analytics.