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Two Secrets to Credit Union Success: Big Data and Personal Relationships

Two Secrets to Credit Union Success Big Data and Personal Relationships

Personalizing your digital marketing campaigns is the key to your success as irrelevant marketing messages are quickly dismissed, ignored, deleted, or worse, blocked. You must show the targeted recipient that you know something about their interests, preferences, or needs to capture their attention. Then you have to keep them engaged with relevant content and communication.  

How important is personalization to your bottom line? Consider the following statistics: 

  • 76% of consumers polled said that personalization was a significant factor in considering a brand 
  • 78% of respondents claim personalization swayed their decisions to repurchase 
  • Personalization is responsible for a 10-15% increase in revenue 

If those stats aren't convincing enough, consider it in terms of dollars: approximately 15% of companies who work hard to personalize their marketing messages stand to capture up to $800 billion in revenue by the end of 2022. You have to engage your target in order to drive conversion and grow your customer base. Now, let's look at the importance of digital marketing data attribution in your strategy.  

How Can Data Help Personalize Credit Union Marketing? 

Consumers want to know about products and services that are relevant to them. They also want to be notified in a timely manner. After all, who cares that they can get a favorable interest rate from your credit union on the new car they've been looking at if the ad shows up the week after they purchased the vehicle? But how do businesses know what interests or motivates their target customers? It's all in the data.  

Collecting data isn't as cut and dried as it sounds. Businesses can easily get overwhelmed with the sheer quantity of data available to mine. It takes the right information and thorough analysis to get relevant and timely data for you to act on. However, it isn't just the data that drives conversion, it's the story you tell with it that makes it part of a successful strategy for your credit union.  

What Successes Do Businesses See When Personalizing the Data From Their Digital Marketing Efforts?  

Personalization is the name of the game now. Consumers expect it, and businesses are recognizing that investing in personalization has a significant positive impact on revenue. It also boosts customer loyalty since the ads are relevant to their interests.  

Here are just a few of the benefits businesses have reported after getting personal with their prospective customers: 

  • 80% of consumers said they are highly likely to buy from a company that personalizes its messages. 
  • Customer acquisition costs were reduced by up to 50% 
  • 44% of first-time customers became repeat customers 
  • Sales increased by 20% 
  • A significant ROI of $20 for every $1 spent 

Other advantages of using big data to customize your customer interactions include greater transparency into exactly which touchpoints work so that you can optimize your marketing spend. Attribution data also gives you more customer insight to create even more relevant offerings catered specifically to your target recipient.  

Don't Underestimate the Importance of Digital Marketing Data Attribution   

You may have heard the adage "the proof is in the pudding." We could easily change that for modern interpretation to be "the proof is in the data." Attribution data is the key to understanding your customers and creating meaningful, relevant content. It unlocks the virtual door between your business and the customer. 

What's on the other side of that door? The possibilities are virtually endless. Once you've established a reputation as a trustworthy, insightful credit union, you are no longer a faceless entity. You have created a relationship and are actively nurturing it by providing goods, services, and perks that your customers want and expect.  

For your business, digital marketing data attribution enables greater customer loyalty, an increase in repeat customers, and a decrease in customer acquisition costs. You can also expect to increase your sales as well as your marketing ROI by curating your offerings to what your customer base wants and needs.New call-to-action

Bonneville Bay Area
Bonneville Bay Area
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