Data Intelligence is the Key to a Successful Acquisition Program

When acquiring new accounts—both at the household and business levels—many financial institutions know that the frequency of messages is one key to success since the maximum shelf life for direct mail is only eight weeks. But when they pair their direct mail initiatives with data intelligence, institutions can refine their target audience, yielding better results. This means identifying the right individuals at the household level or businesses the financial institution wants to attract and can service effectively.

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‍WordCom has some top tips to help marketers get the best results when using data intelligence in tandem with an omni-channel campaign:

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Finding Your Target Market

For Retail Household Acquisitions:

·       Attract the right customers who will open additional accounts and stay with your financial institution

For Business Acquisitions:

·      Target two groups: (1) retail customers that own a business (2) true business prospects that have no

       relationship with your financial institution

Data/Criteria to Use

For Retail Household Acquisitions:

·       Using existing customer data to profile the type of customer you want to attract, then add over 1,000

        demographic, behavioral, and lifestyle attributes to refine your audience even further

·       Pinpoint key attributes to find what makes your customers unique and score prospects on those variables

For Business Acquisitions:

·       Use criteria like sales volume, stability of the company, number of employees, and distance from branch to

        refine your audience

·       Suppress specific businesses you wish to exclude, like gambling establishments, restaurants, marijuana

        dispensaries, etc.

·       If you are looking to attract deposits, append data that targets companies that have “liquid cash on hand”

        they can move quickly if the offer is compelling enough.

Make Your Offer Attractive

For Retail Household Acquisitions:

·       Consumers are always asking “What’s in it for ME?” Switching banks is time consuming, so make it worth

        the effort.

·       Offer cash incentives but make them earn the money by requiring certain actions, like signing up for direct

        deposit and eStatements.

For Business Acquisitions:

·       Business owners are very busy people, so the offer must be worth their time.

·       Offer cash incentives along with top-of-the-market intro rates for money market and CD accounts to

         compel them to move their money to your financial institution.

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