Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

25) #InsideDigitalGrowth: How to Demystify Your Data

ABOUT THIS EPISODE

We keep talking about data in marketing. 

But we don't really do anything with it because we have more of it than we can handle. 

How do we demystify the data?

On this Silver Jubilee episode of the Banking on Digital podcast, host James Robert Lay answers this question about data from Justin, marketing director at a bank in South Dakota.

We discuss:

-The 4 gears of the digital growth engine

-The 2 primary categories of big data

-Thick data

-Digital empathy

You can find this interview, and many more, by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

Just an ask: We've been talking aboutdata at our bank and keep talking about data and marketing, but we've reallynot done anything with the data because we have so much of it is there a waythat you can help dimissify data for us ellit's, a great question Justin andone that'll answer on to days episode of banking on Digital Growth, you're listening to banking, on digitalgrowth, with James Robert Lay a podcast that empowers financial brand marketingsales and leadership teams to maximize their digital growth potential bygenerating ten times more loans and deposits. Today's episode is part ofthe inside digital growth series, where James Robert Cheers answers to some ofthe biggest digital marketing and sales questions he gets from the digitalgrowth community have a question you want to get answers to on a futureepisode visit, www dot, go ask jr dcom to submit your question today. Now:Let's go inside digital grosth greetings in hello, Bankyo for tuninginto the silver jubile, the Quadrid Centennial, or the twenty fifth episodeof the banking on digital growth. PODCAST, where I James Robert, lay yourdigital anthropologists, continue to commit to simplify the biggest digitalmarketing and sell strategies that empower you and your financial brand togenerate ten times more loans and deposits. Today's episode is part ofthe inside digital growth series, where I'll be answering a question fromJustin who's, a marketing director for a bank in South Dakota. Just an ask: We've been talking aboutdata at our bank and we keep talking about data and marketing, but we've notreally done anything with that data because we just simply have so much ofit. Is there a way that you can help dimystify data for us thanks for the Great Question Justinand when it comes to data, I like to break data down into a few differentparts. First and foremost, data is what drivesthe dashboard in the digital growth engine which the digital growth engineis made up of four key gears. The first key gear is targeted emails andtargeted ads, and the goal of this gear is to increase traffic to your website. The second gear is is just that it is awebsite, but it's not a glorified online brochure like so many financialbrands, still half the day. The second gear is a website that sells and thegoal of this gear is to generate leads from the traffic that is being drivento the website. The third gear is a marketingautomation platform because, as traffic is driven to your website by the firstgear, the second gear being the website that sells with the goal of that beingto generate leads the third gear. Marketing Automation can begin tocapture and nurture those leads over a period of time with content and finally,the fourth gear in the digital growth engine is cells and service, enablement,which is designed to convert those leads into loans and deposits, and thenultimately expand those relationships and opportunities over time. So thoseare the four gears of the digital growth engine, but like any engine,whether that be a car or an airplane, you need something to power it. It's afuel source and content is the fuel of...

...the digital growth engine, which turnseach one of those four gears and move someone through the different stages ofthe consumer buying journey. Remember people need to know you before they can like you likeyou before they can trust. You Trust you before. They can love you andat that point their trust is, has reached a peak, a pinnacle to wherethey can click the apply button for a a loan or to open up a new account andthen love you enough to tell the world how great you are. So when we look at content being the fuelof the digital growth engine powering those four gears, we also need to look at the dashboard to give us perspective in insight intohow our engine is performing. And this is where data and analytics comes intoplay and the role of the dashboard is within the digital growth engine is totake raw data, the ones and the Zeros, and to turn it into analytics, whichhelps you to visualize the data and from there you can use the visualizeddata to gain insights which empower you to make decisions upon what you need todo more of next or what you need to stop doing all together, and this iswhy, when we talk about data and looking at data from the theperspective of a dashboard, it's like the dashboard of a plane datais going to tell you not even data.It's the insights that come from the data which are powered by the analytics.It's going to tell us whether the plane is ascending or descending. It's goingto tell us whether or not we're gaining altitude what we need to do to coursecorrect, and one of the ways that we look atthis specifically when it comes to building a website that sells itthrough data coming from heat maps and click maps, scroll maps. That's the bigdata which you're Gong to talk more about big data here in a moment, butthat is g provides US context into how our website is being used at the massaggregate and what we can do to make it even better for those visiting ourwebsite. Thinking a little bit further aboutdomysifying data. I want to look at this through the lins and the eptheticlends of consumer behavior and consumer behavior, for that matter is at themass level at the aggregate level. At the big data level, that's consumerbehavior is data, and that informs and can help us optimize. The banker'sstrategy circle, which is one of the key strategic thinking models that Ishare in my book. Banking on digital growth data is what we use to apply thethinking in the first step of the circle, which comes back to the conceptthat I introduced with the digital growth engine. Baker is an acronym B, an cer and the B of Baker is where we can use data to build an audience toincrease website traffic through those targeted emails through those targetedads and on an upcoming podcast. Someone else has asked me a question about mythoughts, undigital ads and in fact my answer is one that combines theinsights of emails and ads together. So when we look at data, this is a primaryexample of the opportunities that we have as financial brands because of allof the data that we do have access too,...

...and how we can connect that data backto a specific email address and what what acces to data do? We have well,for example, it's consumer transactions that might be some primary data that wehave, or it might be, seconddary data a third party owns, and then we licenseor lease to cross reference their data with our data to gain even greaterinsights and tie all of that back to an email address. So more on that on anupcoming pod, gast episode 'cause. I really want to keep this focus ondomestifying and simplifying data around a couple of different areas ofopportunity, one being the digital growth engine as a dashboard analyticshow we can use those data and analytics to optimize our website that sells another, as we just talked about usingdata to target ads to target emails and really our primary data tying that backto an email address and then cross trutencing that with seconddarry dataonce again, coming back to the email addresses that we have forCCOUNTHOLDERS, and then we did talk about, and I've already mentioned, bigdata. Now we can split data out into two main primary categories. We havebig data and then we have the other little known type of data that that I'mfinding more and more helping to create some awareness, Roun, which is thickdata, and a lot of the C conversation up to this point in financial servicesin banking has been around big data. But that is also where the complexityis also rooted. It's in the big data and the opportunity that I seespecifically through the lins of marketing and cells for banks andcredit unions is to simplify and to mytify the big data threw thickdata. I want to be very clear here, because one is not better than theother and when we use both hand in hand together the big data and the thickdata that creates a multiplier effect. Let's come back to the example that Ishared about website analytics the big data, theheatmaps, the click maps, the scroll maps, and this is something that wetypically gain outside of what we would traditionally see in Google analytics.There are other technology platforms to give us insight into this type ofactivity into this type of big data on the flipside that thick data isn'tnecessary that clicknaps, the heatmaps, the scroll maps, it's the quantitativedata of how people are using the website are more importantly, whypeople are using the website the way they are and the way that we get thisquantitative, thick data or this qualitative thick data. My apologies isthrough digital secret shopping STUDI. So let's compare and contrast these twobig data is collected from large datasets, both internally andexternally, about a group of consumers are about consumers at the mackrellevel. In other words, big data informs you about what people do by describingtheir trends and patterns at scale. This is helpful, but what we're onlygetting here is just one part of the data story: 'cause we're looking at thewhat people do. In fact, if all we look at is just a big data, we're missing animportant part of the narrative, which is the y. Why do people do what they do, and hereis where the thick data comes into play once again? Thinking of in this context,in this example, tic data coming through the digital secret shopping studies,thick data is what humanizes the big...

...data and what we're looking at withtick data. It's the qualitative information collected from a smallersubset of individuals to better understand to things number one, theiremotions and number two, their motivations, both of which emotions andmotivations drive, their thinking, drive their behavior drive theirchoices. Thick data doesn't necessarily have aslarge of a data pool or a Dataset as big data, but the ensights that we gainthrough the thick data can be even more revealing because thethick data once again uncovers the Y. It provides insight into why people dowhat they do why people feel the way they feel andthat's why, when we're looking at this example, through big data being for awebsite that sells being heatmaps click, maps and scrol maps and on thalternative side, we have the thick date, data the qualitative data comingfrom the digital secret shopping studies, tounderstand why people do what they do and shopping for a financial product.But, more importantly, why are they feeling the way they feel about theexperience that they're having on your website and really benchmarking thatagainst your competitors? Technology has transformed our worldand digital has changed the way consumers shot for and buy financialservices forever. Now consumers make purchase decisions long before theywalk into a branch if they walk into a branch at all, but your financial brandstill wants to grow loans and deposits. We get it. Digital growth can feelconfusing, frustrating and overwhelming for any financial brand marketing ansales leader, but it doesn't have to because James Robert wrote the bookthat guides you every step of the way along your digital growth journey visit,www, dot, digital growth docom to get a preview of his best selling bookbanking on digital growth, or order a copy right now for you, and your teamfrom Amazon inside you'll find a strategic marketing manifesto that waswritten to transform financial brands and it is packed full of practicalandprovent insight. You can start using today to confidently generate ten timesmore loans and deposits. Now back to the show. Let's continue this conversation andlook at another way to practically apply thick data with consumer personasand also getting into the mind of consumers with consumer personas,because consumer personas or a strategic tool that provides insightinto a financial brands ideal account holders. Consumer Personas go beyondthe traditional demographic data thinking, for example, age, sex incomewith more personalized psychographic insights that are much easier toemotionally and empathetically connect with ampathy empathy and this digital world that weare living in is a strategic competitive advantage. Digital empathyis a strategic competitive advantage as according to psychology today, epathy is the quote. Ipathy is theability to understand and share the feelings of another endquote? No ipathyis similar, but it is different from sympathy which can mean sharing acertain feeling with someone having the same feelings they do or havingcompassion for someone's feeling.

Empathy can involve sympathy, but itdoesn't always have to be the case once again. Empathy is the ability tounderstand and share the feelings of another, and when it comes to empathy,neuroscience studies are finding that empathy can be taught. That is atremendous opportunity. When we're thinking about digital growth, you seethe neural networks in our brains are wired to interact with the nuralnetworks of others around us, in order that we both perceive and understandemotions to differentiate them from our own. This is exactly what makes itpossible for us to live with each other without having to be in a constantstate of conflict of chaos, O fighting and feeling like we're, taking beingtaken advantage of each other. Now one could argue in fact that, as we have grown more accustomed todigital communication, the digital channels, both parsonally andprofessionally, this has divided us even more so because we have a gap, wehave a physical gap, we have a physical separation and a lot of that has beenamplified in part to covet our levels of empathy and understanding haverapidly dropped, because we lack the physical connection and the ability toconnect and read the emotional signals of others. This is a big reason. I'vespoken on previous podcast about the need for financial brands to commitmore and more to using video as a keypart of digital communication on theflipside were seeing a rapid increase in narcicistic tendencies, whichstudies have in fact pinpointed back to communication channels like socialmedia. It's like O R, our fall in human behavior has been hacked. Now I want a e Vivit this this perspective,to the good to the positive and the good news to all of this. Coming backto the idea that empathy can be taught, digital empathy can be taught, let'slook at what's going on outside of the banking industry enzoom into themedical space into medical training, which the reason I want to do. This isbecause medical training is very similar to that of digital of data ofanalytics training, as both are highly analytical and objective and they're,not very personal, with the studies of both healthcare and data and throughhealthcare training through data and analytic, straining through digitaltraining, we can actually diminish empathy think about it. WH when adoctor is dealing with the patient and they're, seeing you know hundreds orthousands of patients each year just like we, as financial brands, weredealing with accountholders. There's accountholders inevitably just becomeanother account number and that's the challenge, but here's the opportunity when it comes to healthcare training, which is related very closely tofinancial services as a person's financial well being, is very closelyconnected to both their physical and mental. Well, being a physicians or a doctor's, increasedempathy also increases patient satisfaction and ultimately improves that person'slife beyond just the treatment plan. Thinking about empathy through the Lensof marketing and cells within banking, empathy is the antithesis of Narsicismand consumer personas. Allow us to begin to put ourselves in the shoes ofour consumers. As the old saying goes...

...before, you can truly understandsomeone. You must walk a mile in their shoes. That is how empathy is built. We,as as marketing teams, e cells teams as leadership teams at banks andCreditandis. We need to remember that people wake up and say I need a car,they don't say I need a car loane they wike up and say I need a home for myfamily. They Don'I M say I need a mortgage. People do not buy yourproducts what people buy or shortcuts to solve their problems. Let me be veryclear here: Consumer Persota Development. This is Ba, been a big area focusd instudy over the past couple of years, with the financial brands that we'vebeen guiding and advising consumer persunof development should not be along and drawn out exercise. Consumer Persona should not take you weeks yetalone months to get persono work done, and if this is the case, it's oftenbecause marketing and cell seems are making things unnecessarily complicated.I rent an article recently from David C Baker and he shared a perspectivearound the subject of the challenges, complicating personas and he sharedthis. He said quote the more specific you get in imagining your buyer persona.Beyond the core description, the more you loose sight of things that matterand the more likely you are to get lost in the weeds instead of officientlymarketing, your firm or your financial brand. Now, when I look at Consumer Personas,my ideal recommendation is typically three or four no more than fivepersonas. There have been some cases where we have diagnosed differentfinancial, brainds and they've. Had you know, fifteen twenty. The most I'veever seen is seventy two different personas, and that is one reason thatdigital growth, digital marketing digital cells can be, can feel sooverwhelming, because seventy two peron is at the average community institutionis impossible to execute against. So like everything we do here at theDigital Growth Institute, I want to simplify consumer personas and tie inthe role that data plays to help define them. In fact, consumer personas can beboiled down to four simple questions so to begin: Defining a documentingconsumer personas, a Jur financial brand- and maybe you've already donethis, but this is a way that, if you've done this to just go back and reviewthe work you've done and see, maybe how you could do it even better to makelife easier to make life more simple for your marketing and sells teams andthe way you start doing. This is by remembering the simple acronym as youcommit to go all in all being the acronym, a ll you're going to askyou're going to listen, you're going to learn and that's it. This is how you collect the thick datafor your consumer. personus, so what are you going to ask? What are yougoing to listen? What are you going to learn about Herere the fourkeyquestions to ask people within your ideal market segments which your Idemarket segments can in fact be informed by the big data you have onyour accountholders four questions: What are their questions and what aretheir concerns and, if Yowan, to summarize all this, what's keeping themup at night on the flipside of that equation, we can ask two other questions: What are their hopes and what are their dreams or tosummarize this, what do they want to...

...achieve with their bigger, better brighterfuture? And what you're doing in this simpleexercise F by going all in by asking by listening by learning, you're collecting thick data, and youcan use this thick data to inform other areas of your digital marketing andyour digital grows strategy, primarily around the production of content,because the production of your content can now come back and connect with these persona's biggest questionsand concerns their painpoints, and then you can offer them a solution. A cure aprescription to solve those painpoints to solve those problems and get them totheir bigger, better brighter future, their hopes their dreams. So, let'scome back to Jessin's question and WRAPP this up once again, just and askwe've been talking about data at our bank and keep talking about data andmarketing, but have not d really done anything with the data because we justhave so much of it. Is there a way to domestify data? I Wan End with the star to have impact and create value. Data needs stories and stories need people stories need personas because withoutstories, without the narrative behind the personas without to use anotherword, the thick data, you have no emotional context into the Y and to whypeople think the way they do and, more importantly, why people feel the waythey feel look. It is hard to connect emotionally with the big data with theones and the Zeros, with the demographic data pulled out of the bigdata, because that's just it's just numbers: it's just ones. It's justZeros, however, when you put together for Sowin us and you use digital secret shoppingSiti, you, you collect the thick data, you're, focusing and learning andunderstanding people's questions and concerns on one side of the equationand their hopes their dreams, the future they want to create. On theother side, and through that study, a thick data, you get a much more clearpicture in to the people's hearts and minds within the communities that youserve. As always. If you have a question like Justin, I want to hearfrom you, because I wan to help you just go to www DT, go: ask Jr Com,submit your question and I'll answer it for you on a future podgast episode andremember. The only bad question is the question that goes unasked until nexttime be well, do good and wash your hands. Thank you for listening to anotherepisode of banking on digital growth with James Robert Lay like what youhear tell a friend about the podcast and leave us a review on apple podcast,Google, podcast or spotify, and subscribe, while you're there to geteven more practical, improven insights visit, www don digital growth, dcom tograb a preview of James Robert's, best selling book banking on digital growth,or order a copy right now for you, and your team from Amazon inside you'llfind a strategic marketing in sales blueprint framed around twelve keyareas of focus that empower you to confidently generate ten times moreloans and deposits. Until next time be well and do good.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (149)