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Jump Start Your Bank’s Data-Driven Marketing Program

Data has been the buzzword de jour over the last five years. Still, most banks haven’t moved beyond data being “nice to have.”

On September 24th, SIGMA Data Scientist, Adam Smith, will be speaking at the ABA Bank Marketing Conference in Baltimore and giving a presentation about Data and Machine Learning Worth Your Time and Money. Data is big and messy, but this session will help you understand a few key areas of focus and how you can become a more data-driven marketing leader within your organization. In his presentation, Adam will discuss five strategies to jump start your data-driven marketing program, as they are outlined below:

  1. Profiling and Base-lining – Append demographic data of existing customers to better understand those you are doing well with and those you are not.  Also look at key metrics to identify baselines and trends.
  2. Customer Segmentation – Did you know you can use generic segments from Experian, Nielsen, etc. or create your own? Either way the segments can help better target marketing.
  3. Smarter, Deeper Analysis – By applying the results of steps one and two, banks can more easily identify better cross-sell targets.
  4. Dashboards and Reporting – Once you start to become more data-driven you’ll notice the request for reports will increase.  Creating dashboards that are connected to live data has several benefits including creating a single source of truth and allowing end users to identify more insights than static reports.
  5. Modeling and Prediction – Once you understand your customers, have made some wins with targeted cross-sell, and have your dashboards set up, it’s time to move on to predictive modeling.  Predictive models combine many variables related to demographics and behavior into one simple score that can be used to guide your marketing efforts.  They use advanced statistical techniques to identify those who are most likely to become a customer, buy a particular product, or close an account.  Once you have this information in hand, you can act on it to improve acquisition and retention, while deepening customer relationships.

Come join us in Baltimore to learn how to get started, hear specific success stories, and have the opportunity to ask questions applicable to your organization.  After the session is over come up and say hello—We look forward to meeting you!

B2B Data 101: Our Approach to Data

Often we are asked: what makes SIGMA’s data solutions different than others’ services and platforms? Simply put, we provide the best way to display and visualize unique metrics that inform important decisions at your company. Our approach to data sets the stage for everything we do!

The way people currently talk about data can make it seem like a difficult topic to grasp. From clean data and dirty data, to smart data, big data and partner data, as well as geographic, demographic, or firmographic data. What do all these data phrases have in common? They’re not too difficult to understand, if you have the right data partner.

Our Data Process

Your company continues to collect data from your clients and prospects, yet this data is most likely “dirty” — incomplete or overloaded with duplicates and inconsistencies. At SIGMA, we use multiple methods to  “clean” your data, including ensuring each record is complete and not re-entered somewhere else. Once your data has been through the cleaning process, we enrich it further by adding third-party data sources like geographic data or partner data and statistical model scores for prioritizations that boost your data to “smart” status.

Before sharing the data with you, our top data scientists run a variety of analyses to present insights that inform and transform. These insights are more actionable than relying on a CRM or other marketing automation tools alone, and effectively point your sales team to the right clients, showing your company how to grow or alert you to clients that may be leaving. With decades of experience, our data scientists pore over your data looking for insights, opportunities, and solutions to your most-pressing problems. We demonstrate these insights via dashboards, which are fully accessible through your mobile device.

A Continuing Data Strategy

Most companies stop there, but at SIGMA we realize the untapped potential of unmeasured client and prospect data. We strategize with you to understand ways to mine future data insights from new data sources because the more clean and enriched data you collect, the more in-depth our insights become.

SIGMA’s data approach is varied and flexible, always ensuring quality data gets back to you in the form of useful insights to drive your business decisions. We will always work with you to maximize your data resources and transform your business.

For a deeper analysis of this topic, we encourage you to check out the eBook “B2B Data 101” here, or subscribe to our blog for more interesting posts related to data.