3 Powerful Marketing Strategies for Using Your PFM Data

December 7, 2019
Trae Turner

Since the best marketing is often built on personal connection, then creating a unique customer experience builds a personalized journey tailored for each person you want to reach. 

Your customers want to know that you understand their unique needs, and more and more they are coming to expect that when you talk to them, your messages are relevant to their needs and desires. And a strong personal financial management (PFM) platform allows you to do that.

Customers that are using your PFM are already committed to staying on track of their finances, they value digital tools, and that they trust you to provide relevant solutions. Your PFM is the place to reward them with relevant solutions to their goals and needs. 

Use these 3 strategies with your PFM data to leverage it.


#1 Target leads within your PFM platform. 

Your most engaged audience is your most fertile ground. 

People who are engaged with your PFM, are typically your biggest fans and the most interested group in engaging with you. Make your offers relevant to their needs.

The most effective - and simplest - way to reach your PFM audience is to place relevant messages or offers in your PFM Admin so they’re visible throughout your PFM platform. This helps you reach your whole PFM audience.

You can easily offer a message to “all” people using your PFM, or you can further segment messages based on things like account balances, or whether they have external credit cards or financial goals like saving for a car, or if they’re struggling to stay on budget, and much more.

Obviously, these insights are going to give you several ideas about what kind of relevant offers you want to offer this engaged group. For example, it’s easy enough to target anyone who has synced an outside auto loan and promote loan recapture, like placing an offer for your great auto loan rates so they’ll see it when they log in. 

PFM users typically hold more trust in their financial institution. Seeing how they already view your FI as a place they trust,  you’re a step ahead of other organizations making these same offers.

Don’t forget to include messaging that educates existing users about all your PFM features. Consistent engagement is the fuel that keeps your PFM engine running. It’s the primary reason Geezeo offers quarterly engagement campaigns that highlight the various features of PFM so you have a simple way to do this.

#2 Target leads outside your PFM.

For customers engaged with more than just your PFM, meet them where they are. Simply export any of the segmented reports from your PFM platform, and use them for your marketing outreach.

Here’s how it works.

Do a one-time data export for a segmented report, and use that list for one-time targeted outreach. For example, export a list that shows everyone who has synced an external credit card, and use that list to send them an email with a credit card offer.

Set up a data export routine for different segments, and use the reports to set up targeted campaigns including emails, postcards, web banners. Or import the reports into your automated marketing platform for consistent targeted outreach.

Use the trends from your data insights to drive your broader marketing efforts. Sometimes just getting more familiar with these insights by virtue of exporting and reviewing the data can tell you a lot. Take a look at reports a few times a quarter to get a sense of what’s happening and how people are making use of your PFM features. 

If the open rate for your marketing emails was low, you’d tweak something (probably your subject line). Your PFM’s no different. Get familiar with what works with your audience.

#3 Target leads with triggers. 

This is how the magic happens for relevant, personalized connections.

But there’s really no trick at all. It’s simply a timing strategy based on your PFM users’ behaviors. But deploying triggers isn’t about big response numbers. This is a long-term, ongoing strategy that you can set up and adapt over time.

Here’s how it works.

A user does something in your PFM. (Trigger)
You create a response to that action. (Response)
Reach out quickly. (Timing)

Here’s how to get started. Choose an easy trigger, something that’s already part of your marketing plan for which you already probably have graphics, email copy, web banners, postcards, etc. For example, start with setting up a trigger strategy for auto loans.

Decide on a PFM trigger (e.g., a user creates a financial savings goal for a car).

Determine how you want to respond to this trigger (postcard, email, targeted banner ad, phone call, etc.). Use proven graphics and copy if you have it.

Once you have your response in place, create a schedule (daily, weekly) for exporting reports. 

Deploy your responses quickly. Timing is everything with this strategy. Response rates soar when you reach out within 3-5 days of a trigger, so keep it simple and work it into your routine. It doesn’t have to be complicated. 

Repeat. This is about hitting precisely the right targets at the precisely the right time. Once you get the hang of one trigger, set up a few more and compare what works and tweak accordingly.

With this type of strategy, you can create the kind of valuable partnership people deserve from their financial institution. Be a hero by leading people to the best version of their financial life. This kind of true connection is how you build loyalty, share of wallet and stronger household relationships. 

Reach out to Trae Turner, Marketing Director at Geezeo, if you are looking to create a personal journey for your customers through your PFM or to learn more about trigger marketing to your account holders. @creativetrae


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