Understanding Trigger Marketing

War is 90 percent information, Napoleon reportedly said. In the high-stakes, highly competitive financial services industry, banks and credit unions must have good data and know how to use it. Credit Unions are automating their marketing so that products and services intersect as efficiently as possible with member need and opportunity.

Trigger marketing takes marketing automation to a higher level and makes every marketing message more effective because it is delivered to the prospect at a time that makes sense to that prospect. This mitigates the risk of sending the wrong marketing message to a prospect or overloading them with marketing messages when they are not in a position to buy.

Many firms operating in other industries are not built around core technology platforms, such as the lender’s LOS and the credit union’s core system. If they are, they are using Enterprise Resource Planning tools that deal more with the business itself than with the customer.

Financial services is different. We have customer data in our core banking and lending systems that can be integrated into an advanced marketing automation platform. This intelligence allows the marketing team to leverage information the credit union already knows about its members to match them up with meaningful marketing messages automatically.

For instance, when a member closes a new mortgage loan and is again in a position to avail themselves of additional credit, the system can be programmed to automatically add this member to a list to receive messages about new consumer and auto loans. Likewise, should a member take out a new auto loan, the system will know not to send them additional marketing information about those loan products. Making offers to a member that they cannot take advantage of can damage the relationship.

Knowing is more than half the battle, as that famous French general might say. Knowing a need or opportunity and efficiently executing your financial services outreach through trigger marketing, all while strengthening customer relationships, is a superb strategy.

We recently wrote about this in a new White Paper available now on our website.