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BobMccarron

American Bankers Association Marketing Conference In Review

A solid multi-channel marketing strategy that is fueled by insightful marketing analytics is one way to address a number of these marketing challenges. We live and market in an “always on” world that puts new requirements on marketers. The consumer is in charge and they have much higher expectations on how they can interact with your organization. One of your objectives should be to deliver a consistent and relevant brand experience across the entire consumer relationship.

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Consumer Decision-Making Theories and Strategies That Work

The Utility Theory basically holds that consumers make decisions based on the expected outcomes of those decisions. Satisficing contends that that consumers are willing to settle for something that is good enough and will move on. The Prospect Theory lists two main factors in a consumer’s decision making process as Value and Endowment (the notion that my owning something is better than you owning that same item).
The development and exploration of a series of useful consumer decision-making strategies that can be exploited by marketers is the natural evolution of understanding these consumer theories.

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How Do Consumers Make Decisions? Theory or Fact?

How do customers make decisions? This question has been at the core of marketing strategy for many years. As marketers manipulate the various principles of marketing, the consumers they seek to reach also change their decision making criteria. So how does a professional marketer adapt to this evolving environment? First they need to understand the typical consumer decision making process and tailor their marketing strategy accordingly. Then they need to constantly evaluate their existing customers, as well as their prospect universe, to come up with a marketing strategy.

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Tour de France Sponsorship – Can It Win the Marketing Race?

Through the use of marketing analytics we help our customers target at a much more granular, and profitable, level than a sponsorship of a team or event. Forget broad demographic categories; we help our customers target based on hundreds of variables and identify those prospects that have the highest lifetime value.

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How Banks Use Data Mining to Answer the Big Marketing Questions.

Data mining can help solve business problems in banking and other financial services companies by finding patterns and correlations in business information that might not be obvious to marketing managers because the volume of data is simply too large.

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Digital Marketing Days: Old School vs. New School

Despite the fact that marketers are deluged with white papers, mail and email from the latest and greatest marketing technology providers, it seems that many organizations are still struggling with how to manage the various channels in order to maximize the return on their marketing spend. Many are still struggling to get one channel right—relying on marketing analytics to determine the ideal channel to approach a customer or prospect and just beginning to pilot multi channel marketing tools that enable effective engagement of your audiences is now becoming a requirement as opposed to a nice to have.

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The Era of "Big Banks" is Over!

uilding deeper relationships with existing customers through the introduction of additional financial products is not a new concept. However, the big banks are doing a horrible job at developing the one thing that makes cross-selling possible; Customer Advocacy.

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He’s Just Not That Into You: Customer Loyalty

Is your customer, he or she, that “into” the relationship they have with your company? Do they value the relationship? Are their eyes wandering over to your competition at the other table? Why should you care? You should care because if your customers feel a personal connection to your business, then they are far more likely to remain customers and will often be a rich source of referrals. There are two different types of customer loyalty and you need to measure both in order to turn loyalty into revenue.

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Customer Profiling: Understanding Your Financial Services Customer

Whether you’re a bank offering deposit products, an insurance company offering income protection or an investment house responsible for retirement planning, it is critical that you have a better understanding of your customers. This will help put you in a position to provide better service, retain those customers and grow the existing relationship.

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Hitting Growth Goals by Targeting Existing Customers

Retention models can identify those customers most likely to leave. Cross-sell models can be used to identify which customers have additional resources to spend, allowing you to get a bigger share of their wallet. Lifetime value models can help you prioritize your efforts on those customers that will be the most profitable over the long haul.

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