No Data but Not Dated: Why Pre-digital Bank Marketing Methods Still Work
Faster than you can say “analytics,” bank marketers have gone gaga for data: Data this, data that, data as the new (choose one) oil, electricity, rocket fuel. Data as the new data.
And next to all that data, marketers have … TV. Radio. Outdoor billboards. Newspaper ads? And—gasp!—direct mail, which isn’t even email. Shunt them all aside? Sounds tempting, doesn’t it?
At least that’s what one financial institution thinks. The digital-only Radius Bank no longer uses traditional billboards or print, which once meant “waiting months to learn we’d only had a few calls to the phone number we used within the ad,” says Luther Richardson, the company’s user experience analyst. With digital, data-driven advertising, the bank can “capture a campaign’s success faster or pivot quickly when the results are less than adequate.”