Data has been the buzzword de jour over the last five years. Still, most banks haven’t moved beyond data being “nice to have.”
On September 24th, SIGMA Data Scientist, Adam Smith, will be speaking at the ABA Bank Marketing Conference in Baltimore and giving a presentation about Data and Machine Learning Worth Your Time and Money. Data is big and messy, but this session will help you understand a few key areas of focus and how you can become a more data-driven marketing leader within your organization. In his presentation, Adam will discuss five strategies to jump start your data-driven marketing program, as they are outlined below:
- Profiling and Base-lining – Append demographic data of existing customers to better understand those you are doing well with and those you are not. Also look at key metrics to identify baselines and trends.
- Customer Segmentation – Did you know you can use generic segments from Experian, Nielsen, etc. or create your own? Either way the segments can help better target marketing.
- Smarter, Deeper Analysis – By applying the results of steps one and two, banks can more easily identify better cross-sell targets.
- Dashboards and Reporting – Once you start to become more data-driven you’ll notice the request for reports will increase. Creating dashboards that are connected to live data has several benefits including creating a single source of truth and allowing end users to identify more insights than static reports.
- Modeling and Prediction – Once you understand your customers, have made some wins with targeted cross-sell, and have your dashboards set up, it’s time to move on to predictive modeling. Predictive models combine many variables related to demographics and behavior into one simple score that can be used to guide your marketing efforts. They use advanced statistical techniques to identify those who are most likely to become a customer, buy a particular product, or close an account. Once you have this information in hand, you can act on it to improve acquisition and retention, while deepening customer relationships.
Come join us in Baltimore to learn how to get started, hear specific success stories, and have the opportunity to ask questions applicable to your organization. After the session is over come up and say hello—We look forward to meeting you!