Direct Marketing Staff Augmentation
Now more than ever, the Marketing Departments of small-to-mid-size financial institutions are managing public relations, branding, community involvement, advertising, product management, and direct marketing—all with reduced staffing. Shouldered with all these responsibilities, is your Marketing team able to also capitalize on the value of your customer data?
Enlist Profit Technologies’ Staff Augmentation Services to join your team. Our experience with MCIF/CRM systems and in developing, executing, and measuring direct marketing initiatives complements your efforts to manage, understand, and analyze your customer information. It’s a staffing initiative that promises—and delivers—results.
Customer Database Analysis
Your business’s most valuable asset is the information housed in your customer database—if you are equipped to make the most of it. With Profit Technologies’ expertise, you’ll harness the three critical components of customer database analysis: access to the data; knowing what to look for; and interpreting what you have.
We have experience in evaluating and establishing data measurement benchmarks and identifying the most cost-effective opportunities for cross sell and retention initiatives. Our analysis will present key pieces of data, compare these data to similar information from others analyses and make recommendations for cost effective cross sell and retention initiatives based on this data. In short, we do the analysis and deliver actionable steps that result in growth for your organization.
With a keen focus on business development and growth, financial institutions often lose sight of how much business they are losing. When it comes to the bottom line, it is important to know how many customers, accounts and dollars are leaving the bank. For a more complete understanding of your business, it’s critical to also know which customers you’re losing.
Our analysis looks at historical data to measure runoff of accounts, customers and balances by customer segment/vintage and sub-segment. With that understanding, we will recommend ways to decrease runoff (especially for your best customers), thereby increasing growth.
If your direct marketing programs are conducted ad hoc rather than as an integral part of your annual plan, you risk inconsistency of message and inefficiency in marketing cost management. Instead, prepare your direct marketing with the right information, resources, and expertise before making any plans. With Profit Technologies on your team, you will have an expert group on hand to evaluate existing marketing plans and campaigns for consistency of message and effectiveness along with recommendations to improve overall efficiency of the marketing plan—Direct Mail, Telemarketing, Statement Inserts, Welcome Kits, and the Internet are used to communicate a consistent message, support the corporate brand, and deliver relevant product offers.
The value of your organization’s products depends on how your customers use those products. Can you put a number on this?
Knowing a product’s profitability is imperative when trying to determine which product offer to make and whether or not to restructure existing products. Only with this comprehensive understanding can your portfolio be optimized. To do this, Profit Technologies has assembled a team experienced in evaluating product profitability information, identifying the assumptions needed to calculate product profitability, and making product recommendations on new product development. The results? Improved overall efficiency of a marketing plan, based on comprehensive analysis.
Executing a direct marketing campaign is time consuming. A typical campaign can include: customer segmentation, selection of product offer, development of creative/copy, mail house coordination, communication to branch and call center, and results tracking and analysis. Any resource-strapped Marketing Department would welcome a team of experts ready to plan, execute, and evaluate multiple campaigns each year. Profit Technologies is ready to take your marketing from start to finish and hand over the reins for effective, ongoing campaigns.
Along with execution, we will evaluate the results of each campaign and make recommendations on strategies for each subsequent campaign based on these results. Our deliverables include customer segmentation, product offer recommendations, cost-effective direct marketing execution, result tracking, and ongoing revisions and planning.