Banking on Digital Growth
Banking on Digital Growth

Episode · 2 years 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.

Justin ask. We've been talking about data at our bank and keep talking about data in marketing, but we've really not done anything with the data because we have so much of it. Is there a way that you can help demistified data for us? Well, it's a great question Justin and one that I'll answer on today's episode of banking on digital 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 their digital growth potential by generating ten times more loans and deposits. Today's episode is part of the inside digital growth series, where James Robert shares answers to some of 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 go inside digital growth. Greetings in hello, thank you for tuning into the silver jubilee, the Quadrad Centennial or the twenty five episode of the banking on Digital Growth Podcast, where I James Robert Lay. Your digital anthropologists continue to come it to simplify the biggest digital marketing and sells strategies that empower you and your financial brand to generate ten times more loans and deposits. Today's episode is part of 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 been talking 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 so much of it. Is there a way that you can help demistify data for us? Thanks for the great question, Justin. And when it comes to data, I like to break data down into a few different parts. First and 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 first key gear is targeted emails and targeted ads, and the goal of this gear is to 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 so many financial brands still have today. The second gear is a website that sells and the goal of this gear is to generate leads from the traffic that is being driven to the website. The third gear is a marketing automation platform, because, as traffic is driven to your website by the first gear, the second gear being the website that sells, with the goal of that being to generate leads, the third gear, marketing automation, can begin to capture 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 then ultimately expand those relationships and opportunities over time. So those are 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 a fuel source, and content is the fuel of the digital growth engine,...

...which turns each one of those four gears and move someone through the different stages of the consumer buying journey. Remember, people need to know you before they can like you, like you before they can trust you, trust you before they can love you, and at that point their trust has reached a peak, a pinnacle to where they can and click the apply button for a loan or to open up a new account 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 give us perspective and insight into how our engine is performing. And this is where data and analytics comes into play. And the role of the Dashboard is within the 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 data and from there you can use the visualized data to gain insights which empower you to make decisions upon what you need to do more of next or what you need to stop doing all together. And this is why, when we talk about data and looking at data from the the perspective of a dashboard, it's like the dashboard of a plane. Data is 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 going to tell us whether or not we're gaining altitude. What we need to do to course correct and one of the ways that we look at this specifically when it comes to building a website that sells, is through data coming from heat maps and click maps, scroll maps. That's the big data and 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 used at the mass aggregate and what we can do to make it even better for those visiting our website. Thinking a little bit further about demistifying data, I want 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, at the 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 book banking on digital growth. Data is what we use to apply the thinking in the first step of the circle, which comes back to the concept that I introduced 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 an audience, to increase website traffic through those targeted emails, through those targeted ads and an on an upcoming podcast. Someone else has asked me a question about my thoughts on digital ads and in fact my answer is one that combines the end 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 because of all of the the data that we do have access to and how we can connect that data back to a specific...

...email address. And what what access to data do we have? Well, for example, it's consumer transactions. That might be some primary data that we have, or it might be second dary data a third party owns and then we license or least two cross reference their data with our data to gain even greater insights and tie all of that back 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 data around a couple of different areas of opportunity, one being the digital growth engine as a dashboard analytics, how we can use those data and analytics to optimize our 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 an email address and then cross struferencing that with second dary data, once again coming back to the email addresses that we have for our account holders. And then we did talk about, and I've already mentioned, big data. Now we can split data out into two main primary categories. We have big data and then we have the other little known type of data that that I'm finding more and more helping to create some awareness round, which is thick data, and a lot of the conversation up to this point in financial services, in banking, has been around big data. But that is also where the complexity is also 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, is to simplify and to mystify the big data through thick data. I want to be very clear here, because one is not better than the other and when we 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 I shared about website analytics, the big data, the heat maps, the click maps, the scroll maps, and this is something that we typically gain outside of what we would traditionally see in Google analytics. There are other technology platforms to give us insight into this type of activity, into this type of big data. On the flip side, that thick data isn't necessary, the click maps, the heat maps, the scroll maps. It's the quantitative data of how people are using the website are more importantly, why people are using the website the way they are, and the way that we get this quantitative thick data are this qualitative thick data, my apologies, is through digital secret shopping study. So let's compare and contrast these two. Big Data is collected from a large data sets, both internally and externally, about a group of consumers. Are about consumers at the macro level. In other words, big data informs you 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 of the 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 an important part of the narrative, which is the why. Why do people do what they do? And here is where the thick data comes into play once again, thinking of in this context, in this example, thick data coming through the digital secret shopping studies. Thick data is what humanizes the big data and what we're looking at with thick data,...

...it's the qualitative information collected from a smaller subset of individuals to better understand two things, number one, their emotions and, number two, their motivations, both of which, emotions and motivations, drive their thinking, drive their behavior, drive their choices. Thick data doesn't necessarily have as large of a data pull or a data set as big data, but the insights that we gain through the thick data can be even more revealing because the thick data once again uncovers the why. It provides insight 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 and scroll maps, and on the alternative side, we have the thick date data, the qualitative data coming from the digital secret shopping studies, to understand why people do what they do when shopping for a financial product, but, more importantly, why are they feeling the way they feel about the experience that they're having on your website and really benchmarking that against your competitors? Technology has transformed our world and digital has changed the way consumer shop for and buy financial services forever. 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 to grow loans and deposits. We get it. Digital growth can feel confusing, frustrating and overwhelming for any financial brand marketing and sales leader. But it doesn't have to, because James Robert wrote the book that guides you every step of the way along your digital growth journey. Visit www dot digital growthcom to get a preview of his best selling book banking on digital growth, or order a copy right now for you and your team from Amazon. Inside you'll find a strategic marketing manifesto that was written to transform financial brands, and it is packed full of practical and proven insights you can start using today to confidently generate ten times more loans and deposits. Now back to the show. Let's continue this conversation and look at another way to practically apply thick data with consumer persona us and also getting into the mind of consumers with consumer personas, because consumer personas 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 emotionally and empathetically connect with. Empathy. Empathy in this digital world that we are living in is a strategic competitive advantage. Digital empathy is a strategic competitive advantage as, according to psychology today, empathy is the quote. Empathy is the ability to understand and share the feelings of another. End Quote. Now, empathy is similar, but it is different from sympathy, which can mean sharing a certain feeling with someone, having the same feelings they do or having compassion for someone's feeling. Empathy can involve sympathy,...

...but it doesn't always have to be the case. Once again, empathy is the ability to understand and share the feelings of another. And when it comes to empathy, neuroscience studies are finding that empathy can be taught, that is a tremendous opportunity when we're thinking about digital growth. You see, the neural networks in our brains are wired to interact with the neural networks of others around us in order that we both perceive and understand emotions to differentiate them from our own. This is exactly what makes it possible for us to live with each other without having to be in a constant state of conflict, of chaos, of fighting and feeling like we're taking being 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 we have a gap. We have a physical gap, we have a physical separation, and a lot of that has been amplified and part to covid. Our levels of empathy and understanding have rapidly dropped because we lack the physical connection and the ability to connect and read the emotional signals of others. This is a big reason I've spoken on previous podcast about the need for financial brands to commit more and more to using video as a key part of digital communication. On the flip side, we're seeing a rapid increase in narcissistic tendencies, which studies have in fact pinpointed back to communication channels like social media. It's like our fallen human behavior has been hacked. Now I want to pivot this this perspective to 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 can be taught. Let's look at what's going on outside of the banking industry and zoom into the medical space and to medical training, which the reason I want to 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're not very personal. With the studies of both healthcare and data, and through healthcare training, through data and analytics training, through digital training, we can actually diminish empathy. Think about it, when a doctor is dealing with the patient 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's account holders inevitably just become another account number and that's the challenge. But here's the opportunity when it comes to healthcare training, which is related very closely to financial services, as a person's financial wellbeing is very closely connected to both their physical and mental wellbeing. A physicians or a doctor's increased empathy also increases patient satisfaction and ultimately improves that person's life beyond just the treatment plan. Thinking about empathy through the Lens of marketing and cells within banking, empathy is the antithesis of Narcissism and consumer personas. Allow us to begin to put ourselves in the shoes of our consumers. As the old...

...saying goes, before you can truly understand someone, you must walk a mile in their shoes. That is how empathy is built. We as as marketing teams and sells teams, as leadership teams at banks and crediting is we need to remember that people wake up and say 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't like 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 very clear here. Consumer Persona Development. This is big been a big area of focus and study over the past couple of years with the financial brands that we've been guiding and advising. Consumer Persona Development should not be a long and drawn out exercise. Consumer Persona should not take you weeks, yet alone Mutts, to get persona work done. And if this is the case, it's often because marketing and cell seems are making things and necessarily complicated. I read an article recently from David C Baker and he shared a perspective around the subject of the challenges complicating personas and he shared this. He said, quote, the more specific you get in imagining your buyer persona beyond the core description, the more you lose sight of things that matter and the more likely you are to get 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 typically three or four, no more than five, personas. There have been some cases where 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 be can feel so overwhelming because seventy two personas at the average community Instituteuan is impossible to execute against. So, like everything we do here at the Digital Growth Institute, I want to simplify consumer personas and tie in the role that data plays to help define them. In fact, consumer personas can be boiled down 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 is a way that, if you've done this, to just go back and review the work you've done and see maybe how you could do it even better to make 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 going to ask, you're going to listen, you're going to learn, and that's it. 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 ask people within your ideal market segments, which your idea market segments can, in fact 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 you want to to summarize all this, what's keeping them up at night? On the flip side of that equation, we can ask to other questions, what are their hopes and what are their dreams? Or, to summarize this, what do they want to achieve with their...

...bigger, better, brighter future? And what you're doing in this simple exercise of by going all in, by asking, by listening, by learning, you're collecting thick data and you can use this thick data to inform other areas of your digital marketing and your digital growth strategy, primarily around the production of content, because the production of your content 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 them to 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 data in 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 mystify data? I want to end with this thought. To have impact and create value, data needs stories and stories need people. Stories need personas because without stories, without the narrative behind the personas, without, to use another word, the thick data, you have no emotional context into the why and to why people think the way they do and, more importantly, why people feel the way they feel. Look, it is hard to connect emotionally with the big data, with the ones and the Zeros, with the demographic data pulled out of the big data, because that's just it's just numbers, it's just ones, it's just Zeros. However, when you put together personas and you use digital secret shopping studies, you collect the thick data, you're focusing and learning and understanding people's questions and concerns on one side of the equation and their hopes, their dreams, the future they want to create on the other side. And through that study, a thick data, you get a much more clear picture in to the people's hearts and minds within the communities that you serve. As always, if you have a question like Justin I want to hear from you because I want to help you. Just go to www dotgo asked jarcom, submit your question and I'll answer it for you on a future podcast episode. And Remember, the only bad question is the question that goes unasked. Until next time, be well, do good and wash your hands. Thank you for listening to another episode of banking on Digital Growth with James Robert Laigh. Like what you hear, 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 get even more practical, improven insights, visit wwwig growthcom to grab 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. Inside you'll find a strategic marketing and sales blueprint framed around twelve key areas of focus that empower you to confidently generate ten times more loans and deposits. Until next time, be well and do good.

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