Leveraging analytics in your promotional campaigns

by Kenna Smith, PSCU

During the last few years, the buzz about data analysis for financial institutions has been around predictive analytics. This trend accelerated when the country was shut down and it became increasingly necessary for cardholders to interact digitally. While financial institutions have been generating campaigns targeting cardholders within a specific segment and based on certain criteria for many years, ultimately, campaigns are predictive in nature and should leverage data that is current and accurate. By including data from various digital channels in campaign segmentation, financial institutions will be better prepared to meet the cardholder at their most preferred place to drive engagement.

There are four types of data analytics, with each methodology using data to answer different questions. All of these data-driven answers can be leveraged for marketing campaigns.

Descriptive analytics

Descriptive analytics look at data statistically to tell us what happened in the past, providing context to help organizations interpret information. The majority of financial institutions are already using data at this level of analysis. However, results from descriptive analysis have a short shelf life, becoming outdated depending upon shifts in the market and the changing life events and preferences of cardholders.

 

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