Acquisition IQ, the Novantas cross-bank marketing data set, provides deep analysis into the effectiveness of different marketing strategies. Here is a snapshot of some of the latest findings from AIQ analysis.
Efficiency of Direct Mail
Banks are seeing a wide range of performance when it comes to direct-mail outreach. The best performers for incremental response rates nearly always have highly-refined targeting strategies.
Focus on the Funnel
From 2017 to 2018, smaller super-regional banks shifted spend toward the middle of the funnel and away from the top of the funnel, as evidenced by lower mass media spending. Some smaller super-regionals are moving their top-of-funnel spend to mostly digital channels, with the hope that the bank can achieve the same awareness as it could with mass media, but at a cheaper price.
Over the same period, larger super-regional banks shifted spend toward the bottom of the funnel, especially, direct mail, likely to increase near-term customer acquisition, in an increasingly competitive deposit-gathering environment.