Six Keys to Leveraging Business Intelligence in Marketing
Business Intelligence (BI) software has become a mission-critical tool for financial institutions, helping them navigate massive data repositories and make better strategic decisions. As we wrote in a previous article, by connecting BI to a marketing automation platform, even more benefits are possible.
Perhaps one of the most significant benefits, especially in a competitive marketplace, is an improved borrower experience. It is increasingly clear that a better borrower experience offers a clear competitive advantage.
Lenders find that for successful consumer and auto lending, taking BI insights and feeding them into a marketing automation platform is a game-changer.
By combining marketing automation with business intelligence, institutions can take full advantage of the customer data in their core system, their lending systems, and from external sources, such as credit reports they have purchased during the sale of other products.
Creating a seamless interface between business intelligence and a marketing automation platform that delivers actionable insight is not as easy as it sounds. For lenders searching for a solution, here are six key considerations:
- Secure C-suite buy-in. Many diversified financial institutions operate in silos that can make it difficult for department managers to see the larger institutional strategy. The discussion needs to start in the C-suite and focus on putting the consumer first.
- Confirm that your data is finding its way into the marketing automation repository. If key systems are not syncing directly to a platform, or stored in the data warehouse, BI can’t leverage the information and provide a multi-perspective view of the consumer. In addition, if the depository does not contain enough historical data, it will have to be built up over time. As this work progresses, the insights provided will be more significant and useful.
- Confirm your organization knows how to define success on the customer’s terms. Modern automated marketing systems can blanket a financial institution’s database with marketing messages, but without the borrower’s perspective, the marketing cannot be personalized. If the marketing is not relevant, it will only serve to frustrate the customer. On the other hand, a personalized offer lets the prospect know what product they should buy next.
- Ensure your marketing tech partner understands your competition. Ultimately, financial institutions want to outrun the competition and can do so by meeting or exceeding the competition’s capabilities. It’s important that your marketing partner knows what those are so your efforts are constructive.
- Confirm your marketing tech partner is willing to help automate as much as possible. The more you can automate, the more quickly operational efficiencies will deliver an ROI. Marketing automation will lower costs and allow you to scale without adding costly staff expenses.
- Take the long view. Technology platforms and integrations take time and resources. The cost may seem prohibitive at first, but with competitors using everything at their disposal to capture business in this competitive market, financial institutions must invest to keep pace.
Business intelligence is a powerful tool. So are modern marketing automation tools. When combined, they offer financial institutions something special—the ability to personalize marketing messages at scale. Implementing an integrated approach to marketing automation provides lenders a true competitive differentiator that will serve them very well in a crowded marketplace.
Origence Marketing Automation integrates business intelligence to help clients do more with the data they already own, no matter where that information comes from in the institution. The platform integrates with many of the most popular core and loan origination systems, which creates some unique marketing opportunities for our clients.
This new integrated digital marketing strategy, combining marketing automation with business intelligence, has changed the game for lenders. Discover how Origence can help you gain the marketplace advantage this technology delivers.