Ways OnSpot Data Can Enhance Financial Institution Marketing Programs:
Use Case 1: Customer Acquisition & Customer Loyalty
Use the OnSpot Trade Area tool to create a custom radius around your financial institution location(s) to capture local households, workplaces or both. Promote your business and create brand awareness through direct mail or digital advertising to these potential customers.
Upload CRM and/or web visitor data into the OnSpot platform and analyze against location visitors to create targeted audiences receptive to your message.
- Retarget these customers with offers to try out new services offered.
- Retarget web visitors with specific messaging by using the OnSpot Pixel to automatically build audiences to target those devices.
Use Case 2: Community Reinvestment Act Compliance
The Community Reinvestment Act (CRA) requires banks to add new customers from rural or low-income markets.
With OnSpot, you can execute campaigns that exclude existing customers and deliver targeted ads (digital media and direct mail) to the specific census tract(s) and households that qualify under the CRA. These offers can customized to resonate with the targeted economic and demographic groups.
The OnSpot solution provides campaign results with the specific household addresses served with advertising, post-campaign attribution reporting detailing the response from the audience served (broken out by website visits and in-person visits to the specified bank location(s)), and matchback reporting to demonstrate compliance by tying the target audiences back to low- and moderate-income level customers.
Use Case 3: Market Research
Location visit behavior, measured over time, can be used as part of broader market research efforts. By analyzing foot traffic patterns across various industries and markets, your financial institution can gather valuable intelligence on consumer trends, preferences, and spending habits. This information can provide a competitive advantage in understanding market dynamics, predicting future demand, and pinpoint emerging opportunities or threats.
Use Case 4: Investment Analysis
Foot traffic patterns can provide valuable insights into the performance and potential growth of businesses. By utilizing the OnSpot platform, your institution can gain a better understanding of consumer behavior, evaluate popularity of certain products or services in a specific market, and evaluate the overall health of different industries. This information can help your institution make informed investment decisions, such as identifying promising companies or sectors to invest in or detecting potential risks.
Financial Institution Case Study:
A trusted financial institution focused on delivering a host of reliable products to businesses came to OnSpot to raise awareness of their solutions and increase brand presence in new regional markets. They needed to distinguish their brand in local markets and build relationships.
OnSpot pulled insights for over 250 hyper-local competitive banking institutions to execute a bi-modal approach via digital marketing and direct mail to power the campaign to increase local engagement and generate business interest to identify banking customers in a regional footprint.
In 6 weeks we achieved an 11.8% CTR – the industry average is 0.23% – and an impressive 75% landing page conversion rate.