Data is only as good as the planned campaign for understanding an audience, establishing new touch points, and maximizing current ones. However, a financial institution (FIs) must refine the practices surrounding data management to focus their messages and identify efficient channels for reaching current and future account holders. Larky, a financial institution specialist, suggests using the following five tips to amplify existing processes, develop new habits, and build best practices for managing advertising data.
Make data quality and security your top priorities
In the age of online marketing, companies can collect swathes of data on their audiences through wide-reaching campaigns. However, quality is often better than quantity. To transform leads into future account holders, FIs must collect clean and reliable data on their audiences.
Financial institutions can collect and maintain quality data by:
- Regularly purging old irrelevant data.
- Training all employees entering data to use the same input method(s).
- Regularly checking the data for errors before running it through analytics systems.
Furthermore, robust data security measures help reduce the risk of data breaches and ensure compliance with federal and state laws, such as the General Data Protection Regulations (GDPR) in the European Union. Adding strict data protection protocols is a great way to ensure the information drawn from account holders is clean, reliable, and consistent.
Don’t silo data
Relying on one entry point means team members must constantly seek approvals to access the entire catalog. Not only does this hinder workflows, but it can leave the entire catalog vulnerable to security breaches. By giving team members unique logins for specific, relevant areas of data, the entire organization can benefit from the analytics, while protecting the core catalog.
Identify the best data sources for each project
Intelligently designed marketing campaigns have the ability to attract new account holders and/or promote specific services. However, without identifying the correct sources within each campaign, the data collected may not be useful to analytics teams. When establishing a new campaign, take into account its purpose and what data will be the most useful to that department, service, or product before pinpointing sources.
Incorporate data into your decision-making workflow
Regularly pulling data can help improve workflow and inform future marketing strategies. It is imperative to pull data daily to gain up-to-date insights of a campaign’s performance.
Once you analyze the data, bring it into daily and weekly strategy meetings and incorporate the findings into ongoing conversations surrounding marketing and growth. An FI should not just use data to confirm monthly targets but to inform the company’s decisions on a regular basis.
Set specific goals for each project
Understanding what the organization’s overall goals are is an important part of any advertising strategy. However, to best use advertising data, you must also set specific goals for each project. By setting these goals, you can identify key performance indicators (KPIs) within each campaign and track their successes accordingly.
For example, the goals of one campaign may be focused on converting new leads to account holders, while the goals of another may be to improve satisfaction among existing consumers. Once the FI has set clear goals for each project, it can identity the KPIs and boost productivity.
Larky offers deep experience in helping FIs attract new account holders, increase audience LTV, and use geo-location in mobile marketing campaigns to increase qualified leads. Learn more at nudge.larky.com.
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