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If you’re like most banks, you are struggling to figure out how to put your customer data to work. Your client profiles are likely missing valuable information that you could be using to build even better relationships.
With more robust data, you can place customized offers in front of customers at the moment in their lives when they are most likely to need those products. To understand how getting a fuller picture of your customers’ lives can help you serve them better, let’s look at the connection between home buying...and pet ownership.
In 2020, more than 11 million families adopted a pet1. That’s not surprising: during the pandemic stay-at-home orders, many people looked to animals for companionship, emptying shelters. What is less well understood is the link between adding a pet to the family and the desire to own a home.
Among millennials, the third most common reason for buying a home was that they needed space for a dog. And 79% of young pet-owners who purchased a property in 2020 would only choose houses that met their pets’ needs1.
If you know which of your customers recently adopted a pet, you know who might be thinking about moving into a new place—seeking out more space or a bigger yard for their new family members. You could be offering a mortgage servicing experience that caters to the particular needs of pet owners.
Consumers are inundated with marketing messages. That makes it hard to cut through the noise. So mass emails often end up in the trash or, worse, the spam folder.
Consumers experience messaging that’s relevant to their lives as a service rather than a nuisance. To connect with your customers, deliver personalized marketing messages that answer the questions they were just about to ask.
Salesforce research2 found that a growing number of consumers—52% in 2020—expect personalized marketing. And two-thirds want the companies they do business with to know their wants and desires.
When you pair your institution’s internal customer knowledge with data from outside sources, you have the information you need to craft personalized marketing campaigns. That will show your customers that you understand their lives, build trust, and develop closer and more profitable customer relationships.
It’s not enough to send a mortgage product offer after someone adopts a dog. Here are three ways that data insights can help benefit your bank.
Match customers with the right products
When a customer responds to an email offer only to find they aren’t eligible for the advertised interest rate or credit limit, that’s a negative experience that could send them to a different lending institution. The more detail you have about each customer’s finances and spending habits, the better you’ll be able to target them with relevant offers.
Not all Gen X or Millennial homebuyers are alike. Young couples and singles looking for their first home have different needs than young families searching for a bigger house.
For example, a first-time homebuyer bundle and savings tracker product might have greater appeal for a young couple. If they are pet owners, you can throw in pet insurance.
On the other hand, a “move-my-mortgage” bundle would have more appeal for a family buying up. And you can add a relationship rewards program that gives them benefits they can use to buy pet products, to provide them with a pet-friendly experience that can set your bank apart from its competitors.
You can add value to your customers’ banking interactions by giving them offers they can use such as:
With an estimated 87 million pet owner households in the US according to PwC’s proprietary data fabric, marketers can leverage data to understand the hooks, services, and other features alongside a mortgage that are likely to pull them in.
If this level of fine-grained detail and micro-targeting seems beyond your reach, it doesn’t have to be. Customer Link, a PwC product, provides what you need to customize, orchestrate and target your customer communications.
Customer Link can use third-party data to help identify buying signals from within your institution’s first-party data. And, it’s more than big data sliced, diced, and aggregated. It’s the only data platform that includes proprietary data from PwC research to help identify consumer behavior signals.
Customer Link has seen this dog, and we have information on his owner to share with you. Fill out the form now to immediately access more insights from our eBook to tap into pet owner preferences and to be contacted to schedule a Customer Link demo.