It has been rumored for years. Some have even claimed they had one, only to disappoint. Certainly someone will bring this mysterious beast to the market...right? It has to happen.
For the sake of every well-intentioned marketing officer in financial services – please confirm you have seen the Yeti of Data Analytics, an automated MCIF with a fulfillment engine!
Yes, Virginia, there is a Santa Claus...er...there is such technology.
This is the Holy Grail. This is what “Big Data” promises to deliver, but for a fraction of the cost.
An automated MCIF analytics tool, with an equally automated direct marketing fulfillment engine, is the answer for every bank and credit union not named Chase, B of A, Navy Federal, et al...
Why? Does any marketer care enough about data analytics these days in the face of such concepts like social media and other “the future is now” technologies? They should.
Here is why it matters. And you can ask Google and Amazon and every other big retailer why they rely on data so much. Data and client behaviors are predictive. If you know who does what, why and when, then you can leverage this intelligence to sell stuff by making effective offers to clients and prospects. Lacking hard data, we all simply trust our gut. Or maybe we simply copy the next guy...
So, how is analytics done now and why does it need to be fixed? Today, collecting, analyzing and taking action on data is not only time consuming, but it requires intelligent human interaction and decision-making. What if this process could be completely automated?
Before: Marketers must invest their time and expertise and action to have success. If you have a classic MCIF analytics tool your life looks like this each month. Find the account data offered up by your I/T staff for importing to the MCIF out on the network. Import said data (hoping that all of the fields sync properly...otherwise, all bets are off), validate the import, and run monthly reports. Analyze these reports to discern valuable intelligence and potential action items or marketing events. Filter the database to create a mailing list. Create a “marketing campaign” within the software. Send the list to a printer. Design or approve creative. Send direct mail to a pre-defined list. Wait 30-60 days to check the results of your campaign.
After: With an automated MCIF, marketers do nothing – the system does it all for them. Your data is automatically updated for you, daily. Reports are run automatically, pre-defined behavioral triggers and predictive tools automatically select clients and prospects who qualify for specific mailings daily, and each is mailed/emailed an offer the next day. All of this happens automatically, every day. Hands-free marketing. Marketers no longer have to feed the beast – the technology works for them, automatically, in the background, and yet is still available for additional sophisticated analytics.
Magic. Isn’t this magical? Finally technology has arrived that delivers what data analytics has always been expected to deliver; completely automated (soup to nuts) database analytics and action! As TV gadget-inventor-pitchman Ron Popiel might say... "set it, and forget it!”
It isn’t a rumor. It is reality.
Jay Kassing is President of MARQUIS, a Texas based provider of marketing analytics solutions including MCIF/CRM software, MCIF services, profitability, compliance, consulting and direct mail creative/fulfillment. Jay has written 4 books on Marketing/Sales and Big Data…and one on Fair Lending. Request a complimentary copy of any his books at GoMarquis.com. He can be reached at firstname.lastname@example.org.