Is your business standing still? Does your team need some fresh ideas for marketing, customer service and/or mobile apps?
If so, you’ve got a lot in common with Stagno Bank, the hypothetical case study highlighted in the latest episode of Teradata’s video series, BSI (short for “Business Scenario Investigations”).
In the new episode, the CMO of Stagno Bank admits his company is losing customers to competitors. A poor understanding of customer needs coupled with weak segmentation means the bank’s marketing campaigns aren’t achieving objectives. And on top of all that, customer service is lacking, too. In short, Stagno Bank is in deep trouble, and marketers there are hungry for a new strategy.
Fortunately, the Teradata BSI team is up to the task.
As you’ll see in the short video, the Teradata BSI team suggests a plan to that will help Stagno Bank offer the right customers the right products on the channels the customers most want to use. More specifically, the suggested marketing improvements break down into three categories:
1. Implement event-based marketing. The Teradata BSI team recommends that marketers at Stagno Bank use automation to proactively initiate a marketing or service dialogue only when there’s indication that a customer might need a particular product or service. This approach helps pinpoint targeting and message relevance.
2. Run GoldenPath analytics to improve channels. It’s clear to the Teradata BSI team that Stagno Bank needs a 360-degree view of its customers in order to accurately identify what paths lead to conversion. By running analytics, the Stagno Bank team can determine which channels are used, which content is effective, which paths lead to purchase, conversion times, etc.
3. Incorporate attribution analytics to optimize marketing spend. As the Teradata BSI team points out, too few marketers are thoughtfully analyzing marketing spend. New technology can look at all interactions –not just last touch –to determine what drives results. These attribution analytics offer valuable insights into where to devote resources.
Stagno Bank is willing to update its practices to help drive revenue growth. Are you? Watch the short Teradata BSI to learn even more about how you can make marketing improvements at your company.