Being a financial institution, you might have a few marketing pieces that you mail out every quarter. In fact, if you happen to be one of our DataFlex customers, than you might even be mailing special car loan offers to those customers that are about to pay off their car. But what other kinds of marketing can you do and how can DataFlex help you accomplish that?
5 Ways to Use DataFlex to Improve Your Marketing
The following are five recommendations for how to use DataFlex to improve your marketing:
1. Segment-driven Marketing
The simplest way to use DataFlex to improve your marketing is to analyze your customer-base for various segments and create marketing specific to those segments. One example of this type of segmentation is the special car loan offer to customers close to paying off their loan that I mentioned earlier. Certainly you can do this, and even take it one step further. Have you thought of coordinating with local car dealers for a car loan sale, and then mailing a marketing piece to members that live in the zip code(s) near the dealership?
Another idea is to send a Skip-A-Payment offer to loan customers that meet a given criteria such as: good credit score, no late payments, specific loan types, etc. Other ideas for membership segments include age ranges or branch locations. With the addition of demographics information such as home ownership, income, age, gender, children, your options expand greatly.
2. Strengths and Weaknesses
You might know some of your more substantial or significant account holders since you interact with them frequently. But, do you know all of them? There may be ones that come in rarely. DataFlex has dashboards that show total number of accounts and total balances for products and members. Using these, you can see your most profitable members and the types of accounts and demographics that they have. On the flip side, you can also examine your least profitable members in the same way and target them for additional services to increase their profitability.
Another idea is to analyze your new members to see where your membership is gaining ground, and develop marketing to target that area of growth.
By standardizing the addresses of your members with our postal software, we are able to build a picture of your members by household. With householding, you can get an idea of the number of members and products in your more profitable households. We can take metrics such as age, income, number of products, and rank each member within the household. So if you want to address a mailing to the head of each household according to income, this is where to look!
4. Matrix Campaigns
DataFlex can be used to implement marketing campaigns by taking advantage of LKCS’ other in-house services, such as Matrix Mailing or E-mail Marketing. One great way to use a matrix campaign is for onboarding new members. Establishing a relationship with a member right after joining is crucial for retaining them and enticing them to add additional products or services.
We have campaigns and criteria for Home Equity, Checking/Share Draft accounts, Certificates, Auto Loans, Credit Cards, and even ideas for marketing to non-members by targeting specified demographics found in existing members. If you have your own criteria and logic for a campaign we can program those into DataFlex for you.
5. Matrix Campaign Tracking
Whether your campaign is developed by you or LKCS, don’t forget to track its effectiveness. Automatically updated with new data each month, DataFlex dashboards reveal historical trends and month-to-month impact of marketing efforts. You can keep an eye on the effectiveness of your matrix campaigns and other marketing, and make adjustments. Discover how many new loans are being brought in along with the value of those loans. Also look at how many additional accounts and services those members are adding compared to those members that did not take advantage of your special offers.
Contact us today to find out more about DataFlex
The five ideas I have discussed illustrate a variety of approaches to using DataFlex to analyze, market, and track your membership. Using our help, you can use DataFlex to create more focused and cost-effective marketing. And, you’ll be able to track your results to fine-tune your approach. Contact LKCS to learn more about DataFlex and what it can do for you.