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Home » Turn data into action
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Turn data into action

Data-driven marketing allows credit unions to provide the right offers at the right time in the right channels.

November 18, 2022
Darla Dernovsek
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2022_11_Winter_Data-marketing
River Valley Credit Union is taking a three-phase approach to data-driven marketing, says Eric Gagliano, senior vice president, sales and marketing.

Two challenges

Data-driven marketing lets you show members you know them and can address their financial challenges, says Josh Wilson, senior vice president of marketing at $2.1 billion asset Whitefish (Mont.) Credit Union.

He says credit unions often encounter two challenges in this area:

  1. Justifying the high expense of data-driven marketing and demonstrating results. This typically becomes an issue when decision-makers lack confidence in the potential results. 
  2. Making data-driven marketing scalable. This requires the marketing team to create and manage dozens of microcampaigns each year.

To make investments in data-driven marketing pay off, Wilson says credit unions must translate data into actionable insights. 

He adds that data-driven marketing communications must show you know who your members are, which includes using their preferred channel for engagement.

“The heart of data-driven marketing,” Wilson says, “is understanding your membership and communicating how your credit union can solve members’ financial challenges.”

Data-driven marketing best practices

  • Seek marketing automation and data partners who can help you overcome data challenges and determine your next steps.
  • Make member onboarding your first ongoing campaign.
  • Hone data expertise by seeking education and experience. 
  • Strive for insights into member behavior. 
  • Respect members’ preference for privacy when personalizing emails. 
  • Make marketing omnichannel by reaching members with the right message at the right time using their preferred delivery channel.
  • Combine traditional and data-driven marketing approaches. You may still need branding Campaigns that establish your identity in the community. 
  • Focus on achieving strategic goals and solving problems.

Resources

  • CUNA Marketing & Business Development Council
  • CUNA marketing and business development events, traing, and certifications
  • Prisma Campaigns

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KEYWORDS data marketing

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