Even in FIs with a strong analytics presence, and years of experience in data-driven marketing techniques, the analytics group itself is viewed as a bunch of statistical nerds, relegated to some remote section of a floor in headquarters that none of the executive team has ever been on–or would want to be seen on.
Marquis Software’s Member Value Statements calculate dollar amounts for each members showing the relative value of their credit union’s products compared to similar products offered by nearby FIs. This is a great example of Competing On Performance.
ACSI releases its 2013 customer satisfaction scores for the financial services industry today. A sneak peek at the numbers gave me a few days lead time to look into this year’s results. There may be a few surprises for industry insiders, but creditunionistas can rest easy: Credit unions continue to outscore banks on customer satisfaction.
Management ideas come and go. Unless we’re talking about the net promoter score, which has come, but hasn’t left. It’s the cockroach of management metrics. The utility of NPS just isn’t there anymore. There are better metrics out there. This post is about one of them: Referral Performance Score.
Asking consumers about the degree to which they trust advertising on a particular marketing channel is the stupidest marketing research question ever asked. To avoid the pain of a stupid survey, consumers will pretty much say anything.
There’s a helluva lot of marketing analytics malpractice going on out there. The reality of marketing analytics capabilities is nowhere near the hype and promise being put forth by the Big Data gurus.
There’s no question that marketing data has a shelf-life. But determining what that shelf-life is subjective, and I can’t imagine any marketing department relying on a model to figure it out. As more data sources become available and are used by marketers — and the need to act on that data on a more real-time basis grows — figuring out the shelf-life of marketing data will become a bigger issue for marketers.