Pub. 2 2020 Issue 3

HOMETOWN BANKER | HOMETOWNBANKER.ORG | 25 SAMANTHA VANCE IS VICE PRESIDENT OF MARKETING AT MAIN STREET, INC. SHE CAN BE REACHED AT 866.278.5981 OR SVANCE@MAINSTREETINC.COM. MAIN STREET, INC. IS AN ASSOCIATE MEMBER OF PACB. was through commercials on a select local TV station. But, analysis showed the local Hispanic residents preferred newer television shows and weather programming early in the morning. This knowledge armed the institution with the intelligence needed to execute relevant marketing strategies to the right audience at the right time. As a result of this targeted approach driven by the analytics, they experi- enced a 50% increase in new Hispanic customers. Banks find themselves in the same situations as many SMBs. To grow, they need to know more about their customers and pros- pects—where they live, what motivates them and how to reach them. With so much customer data at your fingertips, intuition alone is no longer an acceptable growth strategy. According to Capgemini Consulting, banks that apply analytics to customer data have a four percentage point lead in market share over banks that do not. Budgets are not endless. At the end of the day, acquiring new customers can be costly. Using customer data-driven profiles & actionable strategies will improve your marketing efficiencies across your media channels and improve response rates, resulting in better ROI. Instead of investing substantial time, money and resources into a customer analytics platform, a financial institution might partner with a service provider that provides affordable customer analytics & segmentation solutions.