Spend less, grow more.
Call it what you want: one-to-one marketing, segmentation, target marketing…
Regardless the terminology, with shrinking budgets and more savvy consumers, you need to focus your marketing efforts. The goal here is to: filter everyone “into” a group versus out of groups, to maximize response & activity and to get the highest ROI for the greatest impact.
MCIF, CRM and Claritas system can all definitely help here, but are certainly not the only answer.
You’ll want to base your segmentation, ultimately, on: your bank or credit union’s financial goals, your existing customer-base, any regional factors and what your competition is doing.
Certainly you want to be strategic in your planning, but don’t suffer from “Analysis Paralysis,” while you’re planning your attack ( or picking up the phone to have us help you), here are some segments to consider approaching:
- Checking/debit card without online banking
- More than 5 POS activities with no loan
- 5 or more CDs with no investment services
- 2 or more installment loans with no LOC
- Installment loans maturing within 24 mos.
- Equity LOCs booked 5+ years ago
- Equity LOCs with more than $5K available
- Checking, Savings and no Money Market
- Checking, CD and no Money Market
- Homeowner with no HELOC
- HHs close to balance thresholds
- HHs with open LOC space
- Homeowner with no HELOC
- Grandparents/Parents/College grads (select any life-stage that generates specific financial needs)
- Small business without retail
Consider how you will approach these folks. What do they look like? What ultimately is motivating them to need your services? How aggressive should you be? Once they are in your front door, how will you identify them? What will you say? Will you have to offer them a special, or simply demonstrate how you can help them?
The bottom line is that smart, strategic, targeted marketing demands a larger investment of your time, but can save your budget and ultimately show better results.
Take care,
Eric
