From Data to ROI: 7 Marketing Tasks Made Obsolete by Automated Prescreen Marketing Technology
By Devon Kinkead
In today’s fast-paced financial environment, bankers are constantly seeking ways to streamline their operations and maximize efficiency. One of the most significant advancements in this regard is the adoption of automated prescreen marketing technology. This sophisticated technology stack revolutionizes the marketing process, relieving bankers from a host of traditionally time-consuming tasks. Here’s a detailed look at what bankers no longer have to do thanks to this innovation:
1. Buy Data
Traditionally, acquiring high-quality credit data for prescreen marketing campaigns involved extensive research, negotiations with data vendors, and significant financial investment. With automated prescreen marketing technology, this process is seamlessly integrated. The technology automatically accesses and utilizes relevant credit data from the bank’s existing databases and external sources, ensuring that the most up-to-date and accurate information is used for wallet and market share expansion work.
2. Design Creative
Creating compelling and compliant marketing materials used to be a labor-intensive task requiring coordination between marketing teams, graphic designers, and compliance professionals. Automated prescreen marketing platforms come with pre-template that include hyper-personalization for the quick generation of creative assets. These tools include compliance checks and optimization features, ensuring that the materials are both attractive and adhere to regulatory standards.
3. Ensure Compliance
FCRA and UDAAP compliance are a critical aspect of any prescreen marketing campaign where regulations are stringent. Automated prescreen marketing technology incorporates compliance checks into every stage of the campaign process. This means that marketers no longer need to manually verify that their campaigns meet legal and regulatory requirements and catalog prescreen campaign work for audits; the system automatically ensures compliance, reducing risk and saving time.
4. Transfer List and Creative to a Mail House
In traditional marketing workflows, once the data lists and creative materials are prepared, they need to be transferred to a mail house for distribution. This step involves coordination, potential for errors, and delays. Automated marketing platforms eliminate this step by directly integrating with mail houses or digital distribution channels, ensuring that campaigns are launched efficiently and accurately without the need for manual intervention.
5. Track Results
Monitoring the performance of marketing campaigns is crucial for understanding their effectiveness and making informed decisions for future efforts. Automated prescreen marketing technology provides real-time analytics and reporting features that track the results of campaigns as they unfold. Bankers no longer need to manually compile data from various sources; instead, they have access to performance metrics and insights.
6. Determine Sales Attribution
Determining which marketing efforts are driving sales can be a complex process involving detailed analysis and cross-referencing of data. Automated prescreen marketing platforms simplify this by using advanced algorithms to attribute sales directly to specific campaigns. This level of precision helps marketers understand the impact of their efforts and make data-driven decisions to optimize future campaigns.
7. Compute Return on Investment (ROI)
Calculating ROI involves tracking costs and revenues associated with marketing campaigns. Automated prescreen marketing technology automates this process by integrating cost data with sales and attribution metrics. This provides a clear and immediate picture of the campaign’s financial performance, allowing bankers to assess the effectiveness of their marketing spend without extensive manual calculations.
Conclusion
Automated prescreen marketing technology from Micronotes, both Digital Prescreen and Prescreen Acquire, significantly reduces the workload for bankers by automating many of the most labor-intensive and error-prone aspects of prescreen marketing. By eliminating the need to buy data, design creative, ensure compliance, transfer materials, track results, determine sales attribution, and compute ROI manually, bankers can focus on strategic decision-making and improving customer relationships. This technological advancement not only enhances efficiency but also drives more effective and compliant marketing campaigns, ultimately contributing to the bank’s growth and success.
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