Personalized marketing with a DMP – a use case for banks

Banking is a curious industry with a unique dynamic in terms of demand and supply. The marketing needs of banks are not exactly the same as an e-commerce brand or an airline brand. Banks have all the data they need on their customers – their demographics, transaction behavior, the products they purchase, etc. – gathered from various online and offline channels.

The challenge however, is to make use of this data to personalize marketing on a user level in order to acquire new customers, engage existing customers and generate more revenue out of them. Some key questions still remain unanswered in this context – Who is the right audience to target? What channels do they prefer? What devices do they use to access information and perform transactions?

A DMP (Data and Marketing Platform) precisely solves this problem. With a DMP, data from disparate sources, both online and offline can be onboarded to a single platform enabling a unified view of the customer. Predictive analytics, based on historical data, can tell marketers which customer to target, where to target, at what time and with what messaging.

There are a few fascinating things a DMP can do for a marketer in the banking industry. Let’s look at one use case to start with.

There are a few fascinating things a DMP can do for a marketer in the banking industry. Let’s look at one use case to start with.

Targeted Marketing for Higher Upsell

Banks possess data on millions of customer who perform tens of millions of transaction each day. The opportunity here for a banker is to upsell various products to customers based on their current transaction behavior.

A DMP does this through 3 key actions.

  1. Create advanced scorecards and assign relevant product recommendations to every customer/account holder

    Detailed Scorecards can be generated for each customer based on the products, value and frequency of their transactions.For example, let’s say a customer has bought products from the Myntra app three times in the last one month. Now that you know that this customer is a regular user of the Myntra app and a 28 year old female (CRM data), you can push your loyalty product to this customer where she will avail reward points in addition to discounts when she purchases products from Myntra through your bank’s ‘wallet app’ product.

  1. Personalize messaging across channels

    A DMP helps you communicate a single message to customers across channels – Email, SMS, Bank website, Social and Display Channels, Call center, etc. The DMP can be easily integrated with your existing channels. Marketing is effective only when it drives a consistent message across channels to the customer.

    Continuing the example from above, a personalized ad for the customer which talks about the discounts on offer and reward points when she purchases products from Myntra through the ‘wallet’ app needs to be conveyed consistently across channels to ensure recall and subsequent purchase.

  1. Optimize media spends

    With a DMP, you can track the performance of your marketing campaigns on different channels, assign the most effective channel for a customer and optimize your marketing spends. If a customer is responding to your email offers, why send him an SMS? If a customer is responding to your SMS campaigns, why spend money on social media? You can make the most of your owned media before you spend money on paid media. Your marketing dollar works harder for you with a DMP.This customer, being a young professional, could respond well to email campaigns and social media campaigns. This insight on campaign performance can be gathered using the DMP and then the bank can focus on reaching her on these two channels alone to attract maximum attention and eventual conversion.

Banks sit on a gold mine of customer data which presents massive revenue potential. A DMP helps cut through the noise, make sense of the data and maximize marketing ROI.

I will talk about other use cases over the next few weeks.

Write to us at marketing@vizury.com if you are interested in knowing more about the DMP and how it can help your brand.

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