Marketing & Acquisition
Since the end of the recession, customer loyalty has been a focus for lenders, given that there are more options for AFS borrowers. Read more!
Experian Boost provides a unique opportunity to help dealers build loyalty while helping consumers.
There are thousands of potential car buyers heading into dealerships and browsing websites for their next vehicle every day. And that means thousands of opportunities for automotive manufacturers to market their vehicles to prospective buyers. But not every vehicle is going to meet the needs and wants of every car buyer. So, how do automotive brand marketers reach the individuals most likely to be interested in their products? Simply put, it comes down to better understanding the brand’s audience. But, today’s digitally-driven world creates a significant challenge for brand marketers – the overreliance on mobile devices and digital channels creates hundreds of digital touchpoints for brand marketers to consider. But, the data also creates an opportunity. If automotive marketers can bridge the gap between online and offline touchpoints, they’ll be better positioned to develop messages that resonate with their desired audience and deliver communications through the most effective channels. The end result? More meaningful interaction with potential car buyers. To get there, automotive marketers need to consider these concepts: Navigate the identity resolution process The secret to a more relevant conversation begins and ends with knowing who you are addressing. People interact with brands through a variety of channels. For example, a person may see an advertisement for a new vehicle on their smartphone, later research the same vehicle at home on their desktop or on a mobile app and test drive the vehicle a few days later. The automotive marketer that can reconcile these three different interactions will be able to deliver relevant advertisements to the individual and cut down on wasted advertising spend. Knowledge-based identity resolution is what allows you to be smarter with your marketing. Present the right offer People are bombarded with hundreds, if not thousands, of advertisements daily. Automotive marketers need to cut through the noise and deliver messages that resonate with the target audience – whether it’s through e-newsletters, 30-second TV spots, banner ads or direct mail pieces. If automotive manufacturers miss the mark, it could lead to a frustrated consumer and poor brand reputation. For instance, an automotive marketer would not want to advertise the latest minivan to a couple who are empty nesters. Create customer loyalty It’s important to stay on top of current market statistics and data to fine-tune marketing campaigns. Vehicle ownership and purchase patterns can vary greatly in each market, and that means brands might need to fine-tune long-term loyalty strategies. A loyalty program that works in the Northeast might not work well for the Midwest market based on car buying patterns and the reasons behind owning a car. Data can help prioritize resources in areas with the highest potential for sales growth. Experian Marketing EngineTM helps automotive manufacturers engage customers across every channel while making the most of a marketing budget. It’s designed to seamlessly collect, consolidate and use customer data by connecting offline and online identifiers to create a single customer view. Experian’s North American Vehicle Database alone has over 11 billion records and over 900 million vehicles, of which over 68 million are Canadian vehicles. Marketing Engine leverages automotive specific insights, including vehicle purchase behaviors and ownership data, and combines that with other marketing data such as demographics and lifestyle interests. These automotive tools provide a more unified approach so that brands can make more informed decisions, gain and retain new customers, and drive sales. Learn more at https://www.experian.com/automotive/marketing.
You’ve Got Mail! Probably a lot of it. Birthday cards from Mom, a graduation announcement from your third cousin’s kid whose name you can’t remember and a postcard from your dentist reminding you you’re overdue for a cleaning. Adding to your pile, are the nearly 850 pieces of unsolicited mail Americans receive annually, according to Reader’s Digest. Many of these are pre-approval offers or invitations to apply for credit cards or personal loans. While many of these offers are getting to the right mailbox, they’re hitting a changing consumer at the wrong time. The digital revolution, along with the proliferation and availability of technology, has empowered consumers. They now not only have access to an abundance of choices but also a litany of new tools and channels, which results in them making faster, sometimes subconscious, decisions. Three Months Too Late The need to consistently stay in front of customers and prospects with the right message at the right time has caused a shortening of campaign cycles across industries. However, for some financial institutions, the customer acquisition process can take up to 120 days! While this timeframe is extreme, customer prospecting can still take around 45-60 days for most financial institutions and includes: Bureau processing: Regularly takes 10-15 days depending on the number of data sources and each time they are requested from a bureau. Data aggregation: Typically takes anywhere from 20-30 days. Targeting and selection: Generally, takes two to five days. Processing and campaign deployment: Usually takes anywhere from three days, if the firm handles it internally, or up to 10 days if an outside company handles the mailing. A Better Way That means for many firms, the data their customer acquisition campaigns are based off is at least 60 days old. Often, they are now dealing with a completely different consumer. With new card originations up 20% year-over-year in 2019 alone, it’s likely they’ve moved on, perhaps to one of your competitors. It’s time financial institutions make the move to a more modern form of prospecting and targeting that leverages the power of cloud technology, machine learning and artificial intelligence to accelerate and improve the marketing process. Financial marketing systems of the future will allow for advanced segmentation and targeting, dynamic campaign design and immediate deployment all based on the freshest data (no more than 24-48 hours old). These systems will allow firms to do ongoing analytics and modeling so their campaign testing and learning results can immediately influence next cycle decisions. Your customers are changing, isn’t it time the way you market to them changes as well?
Marketing for financial institutions is challenging with limited budgets the need to perform better. Investing in technology can help you optimize ROI.
As Gen Z enters the economy, they bring with them an entirely new set of priorities when it comes to their finances. Move over Millennials.
The shift from banking to digital is apparent. Here are a few ways that financial services can adjust to changing consumer behavior. Read more!
New year, new personal loans. As Americans kick off the year seeking debt consolidation, consumer insights shed light for your future marketing efforts.
Holiday shoppers are gearing up with gift lists and credit cards in tow. Optimize opportunities to attract them with offers to increase your walletshare.
There are four reasons why the auto industry should be enthusiastic about the electric vehicle segment’s future.
Where are electric vehicles most popular? During the first half of the year, 3.6 percent of all new registrations in California were EVs.
It’s not enough to just dig into the sales number of electric vehicles — It’s important to understand the consumers most interested.
Electric vehicles are here to stay – and will likely gain market share as costs reduce, travel ranges increase and charging infrastructure grows.
Dynamic pricing models for consumer financial products can be especially difficult for at least four reasons.
With Hispanic Heritage Awareness Month underway and the topic of growing membership a constant priority, here are some tips from a credit union CEO.