Businesses across the country are turning to data to gain a competitive advantage and improve profitability. But their success hinges on the ability to gain insights from that data – and from those insights, the ability to implement profitable change both strategically and technically across their organization. The case of the credit union described below is the perfect example of data being collected, but not effectively utilized.
Challenge: The marketing division of this credit union had been wholly dependent on a marketing agency to run their campaigns, which as a result tended to be plain vanilla and treated most members as if their relationship with the credit unions were all equivalent. The credit union wanted to take advantage of their member data warehouse in segmenting and targeting campaigns, and in attributing responses to those campaigns in future efforts.
Solution: Corios automated the production of marketing campaigns for our client using their enterprise data warehouse as the primary data source augmented with data tables supplied by external data source providers, such as Experian. We replicated many of their campaigns in the new platform, trained them how to replicate and build new campaigns, how to modernize their campaigns using the new tool, and taught them how to use test-and-learn and analytics in their targeting strategy.
Result:This increased credit union usage by members, strengthen and deepen member access, provided real-time access to data, and increased cross-sell retention.
For analytics to be truly powerful, they must do more than simply process large amounts of data using a static set of statistical techniques. At Corios, we believe that powerful analytics should create new insights to be implemented and ultimately shape the decision making process.