As a marketer, I always take an interest in the Super Bowl commercials. The $3.5M spent per spot to reach such a broad cross-section of the population astounds me. Now, I am not denying the entertainment value, but is this approach the “magic bullet” of marketing? Whether you prefer the return of Ferris Bueller or the Clint Eastwood ad (or were partial to the David Beckham spot, like me) you have to wonder whether these advertisers see the ROI on these mega-millions. Can such a mass-marketing approach have the same kind of impact as using customer analytics for smart, targeted and customer-centered campaigns?
There has been tremendous progress in recent years in how we can segment and target customers using analytics. The ability to accurately predict customer behavior in real-time is intriguing and happening today. Analytics is the key to understanding customers. Using analytics, we can leverage customer data to create highly defined segments, and we can tailor offers that specifically cater to those individual needs.
While the concept of customer segmentation is not new to banking, there is a shift towards becoming more customer-centric. In the past, banks were far more concerned with products and offerings, and banking is now at a pivotal point where the priorities have shifted. An increased focus on the customer and the customer experience is becoming fundamental to the way banks operate. A new report from BAI Research highlights the importance of understanding customer needs and conveys ideas on how to address them. Banks are using analytics to optimize their marketing investment so that they can do more with less, at the right time, in the right channel with the most appropriate customers.
To learn more on this topic, tune in for a Webinar with BAI on February 14, 2012 at 2:00pm ET. This Webinar will highlight the banking segmentation research completed by BAI and will include the perspective of Leroy Abrahams, EVP of Suntrust Bank. The panelists will share the insights and practical information necessary to develop customer segmentation strategies, and will describe how analytics is the key to finding the best opportunities for exponential revenue growth and greater ROI — and rather than $3.5M commercials, isn’t that the real marketing “magic bullet”?
Cross-posted from the Customer Analytics Blog.