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Data Is King: The Importance Of Data Mining For Credit Unions Today

Data mining at its core is about increasing response and results.

Think about the many ways consumers were marketed to today. A television commercial for breakfast cereal this morning. A radio spot for a local restaurant on the way to work. Internet banner ads, email, and social media spots for a wide variety of products and services. Not to mention the postcards and solicitation letters waiting in the postal mailbox when they get home. There’s no mistaking it, consumers ? including credit union members ? live in a hyper-saturated marketing environment.

The question for credit unions is how to create marketing messages that make it out through all the clutter. More and more, credit unions are turning toward an innovative solution to this challenge: member data mining.

Data mining is the single-most important thing a credit union can do to drive down their marketing costs, says Doug MacDonald, direct marketing services manager for Synergent. Data driven marketing allows credit unions to increase their return on marketing dollars invested, raise response rates, and track what is working and what is not.

MacDonald explains that utilizing and leveraging member data drives better response rates than can be achieved in a mass media approach.

Personalized, creative, highly targeted marketing with measurable results quantifies each marketing success, leading the way to ROI that was once thought of as unachievable by traditional marketing, he says.

Data is also a valuable tool to enhance a credit union’s sales culture. Using data mining techniques that dig deeply into member data, any employee with a public-facing role can become a part of improving those relationships with the credit union.

Credit union marketers seeking new ways to elevate the role and prominence of their department in the credit union can also look to data mining as a useful ally.

Data mining at its core is all about increasing response and results, MacDonald says. However, when you are a marketing manager or vice president, it is helpful to be able to report back to senior management and show the powerful results member data mining generates.

Data driven marketing also helps merge the roles and strategies of technology and marketing within credit unions. When a data mining system is incorporated into a credit union operating system, the guidance and expertise of the technology department is critical. Technology and marketing staff, famous for tending to operate from within silos, are in this way brought together to better meet member needs.

In a fast-paced world where the average consumer absorbs hundreds, if not thousands, of marketing messages daily, credit unions are in a race for market voice and relevance. With traditional marketing channels saturated, overly-crowded, or simply devolved into uselessness, credit unions seeking to rise above the din need more refined tools.

Visit http://www.synergentcorp.com/DownloadWhitePapers for a full version of the new white paper referenced here, and case studies on results to help share the value of data in credit union marketing. As a service provider owned by credit unions, and serving only credit unions, Synergent has provided comprehensive solutions to its credit union partners for more than 40 years. A subsidiary of the Maine Credit Union League, Synergent provides credit unions with Technology Services, Shared Branching, Statement Processing, Card Services, Check Processing and Support Services, and Direct Marketing Services, dedicated to helping credit unions develop deeper member relationships through targeted marketing and Episys data mining. For more information on Synergent, visit www.synergentcorp.com, or call 800.341.0180.
This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
May 28, 2014

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