As Jay Baer once said, "We are surrounded by data but starved for insights."
This couldn't ring truer for bank and credit union marketing leaders. You’re swimming in an ocean of numbers, percentages and analytics…but are you really seeing the full picture? Let's dive into why data - while invaluable - isn't the be-all and end-all of your marketing strategy.
Skimming an Ocean
Picture this: You stand on the deck of a ship, gazing out at a vast expanse of ocean. The surface tells you one story - calm waters, a few waves, maybe a dolphin if you're lucky. But beneath that surface? An entire world teaming with life, mysteries and untold stories.
That's your marketing data in a nutshell.
Those click-through rates, conversion percentages and engagement metrics? They're just the surface. Sure, they don't lie - a 2% conversion rate is a 2% conversion rate. But there's so much more beneath the surface.
When you just skim the ocean of your bank or credit union marketing data, you're missing out on a treasure trove of insights. It's like trying to understand the plot of "The Godfather" by only watching the first five minutes. You might get the gist, but you miss all the good stuff.
Feast on Insights
You must turn your data buffet into a feast of insights. That means it's time to don your detective hat and start asking the real questions.
Why did that email campaign flop harder than a fish out of water? Was it the subject line? The time you sent it? Or maybe your consumers were too busy binge-watching the latest Netflix sensation to care about your fantastic new loan rates?
Don't just look at the numbers - look at the stories behind them.
Remember: insights are like onions…they have layers. Peel back those layers. You might find your seemingly unsuccessful campaign planted seeds for future success. Or that your "home run" marketing initiative was more of a lucky break than a repeatable strategy.
Don't Let Data Crush Vision
Here's where things get tricky. Data is comfortable. It's safe. But greatness never came from comfort zones.
Don't let your data crush your vision. The numbers might tell you to play it safe, to stick to what worked before. But what about innovation?
Some of the most successful marketing campaigns in history looked ridiculous on paper. Think about it. A gecko with a British accent is one of the most recognizable insurance mascots. “Just Do It” isn’t a vague command but an instantly recognizable tagline.
Your bank or credit union marketing strategy needs a healthy balance of data-driven decisions and gut-feeling creativity. Use data to inform your decisions, not dictate them. Let it be the wind in your sails, not the anchor holding you back.
Get the Full Story
So, your marketing data doesn't lie. But it's also not telling you the whole story. It's up to you to read between the lines and uncover insights that drive your strategy forward.
Digging deeper might just reveal the golden ticket to your next big marketing win. In the wise words of Albert Einstein, "Not everything that counts can be counted, and not everything that can be counted counts."
And if you need an outside perspective to help you dig deep into your marketing, On The Mark Strategies can help. Our marketing assessments help you uncover the good, bad and ugly about your marketing so you can pivot toward better results. Book a free consultation now.
