Data in the 21st Century: Marketing’s new reality

first_imgDataWho knew the name of the lovable android from 24th century Star Trek: The Next Generation would play such an important role in 21st century reality? Three hundred years from now, they evidently take Data for granted, easily interpreting all of its formats and informing every decision. But in our era, “big data” is the newest buzzword, and most companies are finding it challenging to harness and assimilate.It’s easy to see why. Traditional, structured data such as transactions, loan profiles and member-completed forms has been joined by newer sources like social media, website analytics and emails; and it’s growing at near warp speed. One estimate predicts that, by 2020, there will be much more digital data worldwide than grains of sand on earth. And a 2014 report from EMC2 in partnership with International Data Corporation (IDC) claims the amount of global digital data will hit 44 trillion gigabytes by 2020, enough for a stack of iPad Air tablets to reach to the moon and back 6.6 times.But unless we can analyze and turn data into the power to make informed decisions, it’s just, well, data. The same EMC-IDC research found that, while almost 25% of data currently being stored could provide valuable insights, only 3% is organized and ready for study; and only half of that is being used analytically. If we get better at using data, it can provide a major competitive edge in marketing financial services while helping to make smart decisions on how to spend marketing dollars.Humanizing DataBig data can bridge the gap between consumers’ self-directed banking and financial institutions’ ability to maintain personal relationships. Just as Star Trek’s Data needed to understand human behavior to be of greater service, we can enhance members’ credit union experience by understanding their banking behavior.Think of it as humanizing data. CEO of Personetics David Sosna says, “Imagine your bank or credit union is smart enough to use what it already knows about your withdrawal and transfer history to keep track of your upcoming commitments. If your financial institution reminds you to transfer those funds before it is too late, Big Data just helped you avoid a painful financial moment – and your bank is suddenly a quiet hero.” (The Financial Brand, Jan. 5, 2015)The same process can apply to marketing messages. CU Realty Services CEO Mike Corn says if we know which members are in the market for a new home, we can help them make smart decisions during the buying process. And at DigitalMailer, our clients tell us that directing marketing offers to consumers’ specific interests has significantly improved their member engagement and conversion rates for products such as mortgages or auto loans.Pinpointing Needs and Interests Today, marketing professionals no longer need to spend hours poring over spreadsheets to match members’ product and service usage with marketing offers. Your credit union already has a wealth of data. After that data is organized and manipulated, you can use data-mining programs and variable-field capabilities to identify a member’s specific pain point or interest to deliver personalized, highly relevant information.Combining various data sources to create more focused marketing strategies creates better campaign results while making better use of budget dollars and staff resources. Consider these tips:Start slowly – Big data is a small word with a large impact, but you can be effective starting with the structured data that’s easily available to you. What’s most important about any data is how you use it to satisfy members’ needs and build relationships.Integrate your touchpoints – Most members will use a variety of channels to interact with your credit union, so test for yourself whether you can move seamlessly from one to another. Then ask for member feedback and incorporate what you learn to ensure consistency, whether they engage with you via branch, website, online and mobile banking, call center, email, ATM, voice, social or any other channel.Break down the walls – You can gain a wealth of information by meeting across disciplines to better understand members’ behavior in real time. The loan department will have good data on loan histories, and collections will know who tends to miss payments. Your front-line staff may be the best source for who’s in the market for a new car. It may not be high-tech, but regularly comparing notes with other departments, can keep you updated on members’ interests and help ensure strong member relationships.Choose a technology partner that can work with you and your data – Make sure your service provider can help you turn the data you have now into marketing strategies that are pinpointed to members’ individual needs. DigitalMailer’s clients make the most of today’s technology using our tools to connect their organized data and CRM systems to drive personal messaging, as well as to automatically gather member feedback and sync it with the CRM system for analysis.Big data lets you learn more and, ultimately, do more to improve your credit union’s member service. But even Star Trek’s Data understood it could be daunting, “I remember every fact I am exposed to but I have not fully assimilated its impact.” The same is true for us; but with the right technical support and taking it a step at a time, marketers can integrate it into their marketing plans and make their own positive impact. 25SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ron Daly Ron Daly is the president and CEO of Virtual StrongBox, a secure, end-to-end member engagement platform that can be integrated into various workflow processes to provide high-risk Enterprise IT firms … Web: www.virtualstrongbox.com Detailslast_img read more

Brave Tern to Install Changfang and Xidao Wind Turbines

first_imgFred. Olsen Windcarrier’s jack-up vessel Brave Tern has won a contract to transport and install the MHI Vestas Offshore V174-9.5MW wind turbines on the Changfang and Xidao (CFXD) offshore wind farms in Taiwan. Fred. Olsen Windcarrier was awarded the contract by CSBC-DEME Wind Engineering. “We are very pleased that the set-up of CDWE and a Fred. Olsen Windcarrier vessel has fulfilled the Taiwanese government’s turbine installation localisation requirements. Having CDWE as Changfang and Xidao Project’s turbine T&I contractor with Fred. Olsen Windcarrier supplying the vessel adds substantial experience into our construction operations,” said Jesper Holst, CEO of CIP’s Changfang and Xidao offshore wind farms. The CFXD project is divided into two phases across 2022 and 2023. In total, the two wind farms will comprise 62 wind turbines installed some 11-25 kilometres west of Taiwan and scheduled to be commissioned in 2023. “As both experienced contractors within the industry, Fred. Olsen Windcarrier and CSBC-DEME Wind Engineering (CDWE) will share and combine their extensive knowledge base and experience to deliver a ´state of the art’ performance to Copenhagen Infrastructure Partners and to the Taiwanese offshore wind industry,” CSBC-DEME Wind Engineering said. Brave Tern will start working on the Changfang and Xidao (CFXD) project after completing the wind turbine installation on the 640MW Yunlin wind farm off Taiwan. “We are extremely proud to win another transport and installation job in the growing Taiwanese offshore wind market. CFXD is an important project for us and will strengthen our position and commitment to the growing Taiwanese market and the APAC region in general. Last year Fred. Olsen Ocean opened an office in Taiwan to bring the group’s extensive experience from Europe to the region. First step will be in April when Brave Tern heads towards Taiwan. We look forward to growing the local capabilities and the Taiwanese supply chain as well as supporting our customers in the region,” said Casper Toft, CCO, Fred. Olsen Windcarrierlast_img read more