Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

25) #InsideDigitalGrowth: How to Demystify Your Data


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.

Justin ask. We've been talking aboutdata at our bank and keep talking about data in marketing, but we've reallynot done anything with the data because we have so much of it. Isthere a way that you can help demistified data for us? Well, it'sa great question Justin and one that I'll answer on today's episode of banking ondigital growth. You're listening to banking on digital growth with James Robert Lay,a podcast that empowers financial brand marketing, sales and leadership teams to maximize theirdigital growth potential by generating ten times more loans and deposits. Today's episode ispart of the inside digital growth series, where James Robert shares answers to someof the biggest digital marketing and sales questions he gets from the digital growth community. Have a question you want to get answers to on a future episode?visit www dot go ask jrcom to submit your question today. Now let's goinside digital growth. Greetings in hello, thank you for tuning into the silverjubilee, the Quadrad Centennial or the twenty five episode of the banking on DigitalGrowth Podcast, where I James Robert Lay. Your digital anthropologists continue to come itto simplify the biggest digital marketing and sells strategies that empower you and yourfinancial brand to generate ten times more loans and deposits. Today's episode is partof the inside digital growth series where I'll be answering a question from Justin,who's a marketing director for a bank in South Dakota. Justin ask we've beentalking about data at our bank and we keep talking about data and marketing,but we've not really done anything with that data because we just simply have somuch of it. Is there a way that you can help demistify data forus? Thanks for the great question, Justin. And when it comes todata, I like to break data down into a few different parts. Firstand foremost, data is what drives the dashboard in the digital growth engine,which the digital growth engine is made up of for key gears. The firstkey gear is targeted emails and targeted ads, and the goal of this gear isto increase traffic to your website. The second gear is is just that. It is a website, but it's not a glorified online brochure like somany financial brands still have today. The second gear is a website that sellsand the goal of this gear is to generate leads from the traffic that isbeing driven to the website. The third gear is a marketing automation platform,because, as traffic is driven to your website by the first gear, thesecond gear being the website that sells, with the goal of that being togenerate leads, the third gear, marketing automation, can begin to capture andnurture those leads over a period of time with content. And finally, thefourth gear in the digital growth engine is cells and service enablement, which isdesigned to convert those leads into loans and deposits and then ultimately expand those relationshipsand opportunities over time. So those are the four gears of the digital growthengine. But like any engine, whether that be a car or an airplane, you need something to power it. It's a fuel source, and contentis the fuel of the digital growth engine,...

...which turns each one of those fourgears and move someone through the different stages of the consumer buying journey.Remember, people need to know you before they can like you, like youbefore they can trust you, trust you before they can love you, andat that point their trust has reached a peak, a pinnacle to where theycan and click the apply button for a loan or to open up a newaccount and then love you enough to tell the world how great you are.So when we look at content being the fuel of the digital growth engine,powering those four gears, we also need to look at the dashboard to giveus perspective and insight into how our engine is performing. And this is wheredata and analytics comes into play. And the role of the Dashboard is withinthe digital growth engine is to take raw data, the ones and the Zeros, and to turn it into analytics, which helps you to visualize the dataand from there you can use the visualized data to gain insights which empower youto make decisions upon what you need to do more of next or what youneed to stop doing all together. And this is why, when we talkabout data and looking at data from the the perspective of a dashboard, it'slike the dashboard of a plane. Data is going to tell you, noteven data, it's the insights that come from the data, which are poweredby the analytics. It's going to tell us whether the plane is ascending ordescending. It's going to tell us whether or not we're gaining altitude. Whatwe need to do to course correct and one of the ways that we lookat this specifically when it comes to building a website that sells, is throughdata coming from heat maps and click maps, scroll maps. That's the big dataand which we're going to talk more about big data here in a moment, but that is get provides US context into how our website is being usedat the mass aggregate and what we can do to make it even better forthose visiting our website. Thinking a little bit further about demistifying data, Iwant to look at this through the Lens and the empathetical Lens of consumer behavior, and consumer behavior, for that matter, is at the mass level, atthe aggregate level, at the big data level. That's consumer behavior.Is Data and that informs and can help us optimize the banker's strategy circle,which is one of the key strategic thinking models that I share in my bookbanking on digital growth. Data is what we use to apply the thinking inthe first step of the circle, which comes back to the concept that Iintroduced with the digital growth engine. Banker is an acronym be a in cere, and the be of banker is where we can use data to build anaudience, to increase website traffic through those targeted emails, through those targeted adsand an on an upcoming podcast. Someone else has asked me a question aboutmy thoughts on digital ads and in fact my answer is one that combines theend sights of emails and adds together. So when we look at data,this is a primary example of the opportunities that we have as financial brands becauseof all of the the data that we do have access to and how wecan connect that data back to a specific... address. And what what accessto data do we have? Well, for example, it's consumer transactions.That might be some primary data that we have, or it might be seconddary data a third party owns and then we license or least two cross referencetheir data with our data to gain even greater insights and tie all of thatback to an email address. Some more on that on an upcoming podcast episode, because I really want to keep this focus on de mystifying and simplifying dataaround a couple of different areas of opportunity, one being the digital growth engine asa dashboard analytics, how we can use those data and analytics to optimizeour website that sells another as we just talked about using data to target adds, to target emails and really our primary data, tying that back to anemail address and then cross struferencing that with second dary data, once again comingback to the email addresses that we have for our account holders. And thenwe did talk about, and I've already mentioned, big data. Now wecan split data out into two main primary categories. We have big data andthen we have the other little known type of data that that I'm finding moreand more helping to create some awareness round, which is thick data, and alot of the conversation up to this point in financial services, in banking, has been around big data. But that is also where the complexity isalso rooted. It's in the big data and the opportunity that I see,specifically through the Lens of marketing and cells for banks and credit unions, isto simplify and to mystify the big data through thick data. I want tobe very clear here, because one is not better than the other and whenwe use both hand in hand together, the big data and the thick data, that creates a multiplier effect. Let's come back to the example that Ishared about website analytics, the big data, the heat maps, the click maps, the scroll maps, and this is something that we typically gain outsideof what we would traditionally see in Google analytics. There are other technology platformsto give us insight into this type of activity, into this type of bigdata. On the flip side, that thick data isn't necessary, the clickmaps, the heat maps, the scroll maps. It's the quantitative data ofhow people are using the website are more importantly, why people are using thewebsite the way they are, and the way that we get this quantitative thickdata are this qualitative thick data, my apologies, is through digital secret shoppingstudy. So let's compare and contrast these two. Big Data is collected froma large data sets, both internally and externally, about a group of consumers. Are about consumers at the macro level. In other words, big data informsyou about what people do by describing their trends and patterns at scale.This is helpful, but what we're only getting here is just one part ofthe data story, because we're looking at the what people do. In fact, if all we look at is just the big data, we're missing animportant part of the narrative, which is the why. Why do people dowhat they do? And here is where the thick data comes into play onceagain, thinking of in this context, in this example, thick data comingthrough the digital secret shopping studies. Thick data is what humanizes the big dataand what we're looking at with thick data,...'s the qualitative information collected from asmaller subset of individuals to better understand two things, number one, theiremotions and, number two, their motivations, both of which, emotions and motivations, drive their thinking, drive their behavior, drive their choices. Thickdata doesn't necessarily have as large of a data pull or a data set asbig data, but the insights that we gain through the thick data can beeven more revealing because the thick data once again uncovers the why. It providesinsight into why people do what they do, why people feel the way they feel. And that's why, when we're looking at this example through big data, being for a website that sells, being heat maps, click maps andscroll maps, and on the alternative side, we have the thick date data,the qualitative data coming from the digital secret shopping studies, to understand whypeople do what they do when shopping for a financial product, but, moreimportantly, why are they feeling the way they feel about the experience that they'rehaving on your website and really benchmarking that against your competitors? Technology has transformedour world and digital has changed the way consumer shop for and buy financial servicesforever. Now consumers make purchase decisions long before they walk into a branch,if they walk into a branch at all. But your financial brand still wants togrow loans and deposits. We get it. Digital growth can feel confusing, frustrating and overwhelming for any financial brand marketing and sales leader. But itdoesn't have to, because James Robert wrote the book that guides you every stepof the way along your digital growth journey. Visit www dot digital growthcom to geta preview of his best selling book banking on digital growth, or ordera copy right now for you and your team from Amazon. Inside you'll finda strategic marketing manifesto that was written to transform financial brands, and it ispacked full of practical and proven insights you can start using today to confidently generateten times more loans and deposits. Now back to the show. Let's continuethis conversation and look at another way to practically apply thick data with consumer personaus and also getting into the mind of consumers with consumer personas, because consumerpersonas or a strategic tool that provides insight into a financial brand's ideal account holders. Consumer Personas go beyond the traditional demographic data thinking, for example age,sex, income, with more personalized psychographic insights that are much easier to emotionallyand empathetically connect with. Empathy. Empathy in this digital world that we areliving in is a strategic competitive advantage. Digital empathy is a strategic competitive advantageas, according to psychology today, empathy is the quote. Empathy is theability to understand and share the feelings of another. End Quote. Now,empathy is similar, but it is different from sympathy, which can mean sharinga certain feeling with someone, having the same feelings they do or having compassionfor someone's feeling. Empathy can involve sympathy,...

...but it doesn't always have to bethe case. Once again, empathy is the ability to understand and sharethe feelings of another. And when it comes to empathy, neuroscience studies arefinding that empathy can be taught, that is a tremendous opportunity when we're thinkingabout digital growth. You see, the neural networks in our brains are wiredto interact with the neural networks of others around us in order that we bothperceive and understand emotions to differentiate them from our own. This is exactly whatmakes it possible for us to live with each other without having to be ina constant state of conflict, of chaos, of fighting and feeling like we're takingbeing taken advantage of each other. Now one could argue, in fact, that as we have grown more accustomed to digital communication, to digital channels, both personally and professionally, this is divided us even more so because wehave a gap. We have a physical gap, we have a physical separation, and a lot of that has been amplified and part to covid. Ourlevels of empathy and understanding have rapidly dropped because we lack the physical connection andthe ability to connect and read the emotional signals of others. This is abig reason I've spoken on previous podcast about the need for financial brands to commitmore and more to using video as a key part of digital communication. Onthe flip side, we're seeing a rapid increase in narcissistic tendencies, which studieshave in fact pinpointed back to communication channels like social media. It's like ourfallen human behavior has been hacked. Now I want to pivot this this perspectiveto the good, to the positive and the good news to all of this, coming back to the idea that empathy can be taught, digital empathy canbe taught. Let's look at what's going on outside of the banking industry andzoom into the medical space and to medical training, which the reason I wantto do this is because medical training is very similar to that of digital,of data of analytics training, as both are highly analytical and objective and they'renot very personal. With the studies of both healthcare and data, and throughhealthcare training, through data and analytics training, through digital training, we can actuallydiminish empathy. Think about it, when a doctor is dealing with thepatient and they're seeing, you know, hundreds or thousands of patients each year, just like we as financial brands, we're dealing with account holders. There'saccount holders inevitably just become another account number and that's the challenge. But here'sthe opportunity when it comes to healthcare training, which is related very closely to financialservices, as a person's financial wellbeing is very closely connected to both theirphysical and mental wellbeing. A physicians or a doctor's increased empathy also increases patientsatisfaction and ultimately improves that person's life beyond just the treatment plan. Thinking aboutempathy through the Lens of marketing and cells within banking, empathy is the antithesisof Narcissism and consumer personas. Allow us to begin to put ourselves in theshoes of our consumers. As the old...

...saying goes, before you can trulyunderstand someone, you must walk a mile in their shoes. That is howempathy is built. We as as marketing teams and sells teams, as leadershipteams at banks and crediting is we need to remember that people wake up andsay I need a car. They don't say I need a car loan.They wake up and say I need a home for my family. They don'tlike him and say I need a mortgage. People do not buy your products.What people buy or shortcuts to solve their problems. Let me be veryclear here. Consumer Persona Development. This is big been a big area offocus and study over the past couple of years with the financial brands that we'vebeen guiding and advising. Consumer Persona Development should not be a long and drawnout exercise. Consumer Persona should not take you weeks, yet alone Mutts,to get persona work done. And if this is the case, it's oftenbecause marketing and cell seems are making things and necessarily complicated. I read anarticle recently from David C Baker and he shared a perspective around the subject ofthe challenges complicating personas and he shared this. He said, quote, the morespecific you get in imagining your buyer persona beyond the core description, themore you lose sight of things that matter and the more likely you are toget lost in the weeds instead of efficiently marketing your firm or your financial brand. Now, when I look at Consumer Personas, my ideal recommendation is typicallythree or four, no more than five, personas. There have been some caseswhere we have diagnosed different financial brands and they've had, you know,fifteen, twenty. The most I've ever seen is seventy two different personas.And that is one reason that digital growth, digital marketing, digital cells can becan feel so overwhelming because seventy two personas at the average community Instituteuan isimpossible to execute against. So, like everything we do here at the DigitalGrowth Institute, I want to simplify consumer personas and tie in the role thatdata plays to help define them. In fact, consumer personas can be boileddown to for simple questions. So to begin defining and documenting consumer personas.That's your financial brand, and maybe you've already done this, but this isa way that, if you've done this, to just go back and review thework you've done and see maybe how you could do it even better tomake life easier, to make life more simple for your marketing and sells teams. And the way you start doing this is by remembering the simple acronym as. You commit to go all in all being the acronym. All you're goingto ask, you're going to listen, you're going to learn, and that'sit. This is how you collect the thick data for your consumer personas.So what are you going to ask, what are you going to listen?What are you going to learn about? Here the four key questions to askpeople within your ideal market segments, which your idea market segments can, infact be informed by the big data you have on your account holders for questions. What are their questions and what are their concerns? And, if youwant to to summarize all this, what's keeping them up at night? Onthe flip side of that equation, we can ask to other questions, whatare their hopes and what are their dreams? Or, to summarize this, whatdo they want to achieve with their...

...bigger, better, brighter future?And what you're doing in this simple exercise of by going all in, byasking, by listening, by learning, you're collecting thick data and you canuse this thick data to inform other areas of your digital marketing and your digitalgrowth strategy, primarily around the production of content, because the production of yourcontent can now come back and connect with these persona's biggest questions and concerns,their pain points, and then you can offer them a solution, a cure, of prescription to solve those pain points, to solve those problems and get themto their bigger, better, brighter future, their hopes, their dreams. So let's come back to Justin's question and wrap this up once again.Justin ask we've been talking about data at our bank and keep talking about datain marketing, but I'm not done, really done anything with the data,because we just have so much of it. Is there a way to do mystifydata? I want to end with this thought. To have impact andcreate value, data needs stories and stories need people. Stories need personas becausewithout stories, without the narrative behind the personas, without, to use anotherword, the thick data, you have no emotional context into the why andto why people think the way they do and, more importantly, why peoplefeel the way they feel. Look, it is hard to connect emotionally withthe big data, with the ones and the Zeros, with the demographic datapulled out of the big data, because that's just it's just numbers, it'sjust ones, it's just Zeros. However, when you put together personas and youuse digital secret shopping studies, you collect the thick data, you're focusingand learning and understanding people's questions and concerns on one side of the equation andtheir hopes, their dreams, the future they want to create on the otherside. And through that study, a thick data, you get a muchmore clear picture in to the people's hearts and minds within the communities that youserve. As always, if you have a question like Justin I want tohear from you because I want to help you. Just go to www dotgoasked jarcom, submit your question and I'll answer it for you on a futurepodcast episode. And Remember, the only bad question is the question that goesunasked. Until next time, be well, do good and wash your hands.Thank you for listening to another episode of banking on Digital Growth with JamesRobert Laigh. Like what you hear, tell a friend about the podcast andleave us a review on apple podcast, Google podcast or spotify and subscribe whileyou're there. To get even more practical, improven insights, visit wwwig growthcom tograb a preview of James Roberts best selling book banking on digital growth,or order a copy right now for you and your team from Amazon. Insideyou'll find a strategic marketing and sales blueprint framed around twelve key areas of focusthat empower you to confidently generate ten times more loans and deposits. Until nexttime, be well and do good.

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