raw account performance data can help manage customer relationships, but falls short in providing strategic insights.
Banking marketers—particularly those who develop marketing strategies for high-transaction-velocity products such as deposit, credit, debit, online, mobile and brokerage banking portfolios—routinely use performance data regarding accounts to manage relationships with customers.
But how can you leverage this data to fuel your marketing strategy?
This raw detail-level transaction and account data can be used to create information assets—analytically-enriched data elements built by marketing business analysts and data scientists to improve insight and targeting effectiveness.
You can add more value to raw transactional data by analyzing the behavior of customers and synthesizing new business metrics
In this RedPaper, Corios President Robin Way leads an in-depth discussion around:
- Aligning behavioral concepts and business initiatives – Learn how to leverage customer behavioral information, segment by data “tags,” and tie to better targeted offers.
- The relationship between segmentation schemes and marketing strategy – Discover the value of schemes to successfully partition strongly performing groups of customers, to tune and refine marketing strategies as needed.
- How to use test & learn and contact strategies to increase the effectiveness of customer contact –Learn how to gain analytic insights into offer cell performance and manage customer impressions.
- The role of predictive modeling in prioritizing offers – Review a list of predictive model examples in the marketing domain, and how they can be useful to banks distributing customer treatments.
- The essential attributes of a successful forecasting and projection infrastructure – Read how to project transaction volume accurately several months or quarters in advance.
- How to optimize offer allocation and customer treatment decisions – Mathematical optimization is rapidly growing as an approach to allocating optimal offers of treatments to customers. Explore the relevant strategies related to this trend.
- Tracking the performance of offers – Establish a holistic measurement of changes in customer behavior to monitor the effectiveness of every offer.