If you want your campaign to reach the right people at the right time, you should consider micro-demographic targeting. Every customer/member at your FI has distinct financial needs, and it’s unlikely everyone will connect with each campaign’s offer and messaging.
Micro-demographic targeting utilizes consumer data to group people into niche audiences. As a by-product of this targeting method, you’ll also use key marketing tactics like segmentation and personalization that build high-performing and efficient campaigns.
In this article, we’ll discuss what micro-demographic targeting is and how to best implement it in your financial institution’s marketing.
What is Micro-Demographic Targeting?
Micro-demographic targeting increases conversions and helps form the foundation for long-lasting relationships. Banks and credit unions use micro-targeting to deliver the most relevant and useful content to consumers. To target effectively, many begin by segmenting their audience by basic demographics such as age, gender, income/occupation, marital status, and more.
As you dig further into your data, you can segment and target by consumer patterns, behaviors, preferences, and financial goals. Creating a clearer image of your ideal target audience and their characteristics helps your team cast a targeted net to a more marketing-qualified group of fish.
How to Do Targeting Right
Your bank or credit union can use data to inform targeting and increase conversions. Financial marketing teams have a treasure trove of data at their fingertips – and this makes targeting easier. Consumer data sources, such as CRM software, self-reported data, public data and online behavior, can help you form a holistic view of consumers and effectively target them.
For example, imagine that your team is marketing a new investment product or service. You perform research and decide that the most relevant audience for this new tool is an older age group in urban areas with plenty of room in their budget for investing and building wealth. You want to reach this group of people where they are, so you start by digging into your consumer data to learn more about their preferences, including messaging channels. Once you build a buyer persona or ideal audience, you can target similar people that would benefit from this tool.
Marketing automation is key for micro-demographic targeting so that the relevant audiences receive the resource or offering you’ve intended for them. By integrating your data sources, your financial institution can create more meaningful interactions. By incorporating a sophisticated marketing automation software like Prisma, you can glean actionable insights from personalized campaigns to instruct future communication efforts.
As another example, imagine you recently launched a new student account and debit card offering that’s beneficial for young adults starting college. You also want to provide educational resources and videos to increase financial wellness for young adults that will soon be in the workforce. You can narrow your target audience to a younger age group on school campuses. Also, knowing that the Gen Z audience is more open to modern channels and communication through social media can influence how and where you reach them.
Many people ignore mass marketing, and sending a campaign to everyone on your mailing list can have the opposite effect you hoped for. Messaging that is relevant and targeted has higher engagement rates, and FIs have the capability to use their data in a way that benefits consumers to receive the most relevant offers for their personal finances.
Prisma can help your FI track and run high-performing, omnichannel campaigns. Learn what our marketing automation software can do for your financial institution, and visit Prisma’s blog posts for more useful marketing tips and strategies.
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