Many marketers representing mid-market financial services companies labor under the impression that data-driven marketing tactics used by the dominant players are simply out of reach for them, due to their size and scope.

The first step in encouraging more marketers from mid-size organizations to consider data-driven marketing is to debunk the five most common misconceptions:

1.

Due to legal requirements, banks can only do broad-base advertising, such as billboards, radio spots and print ads

2.

Data-driven marketing won’t help me form relationships with consumers (they need to come into a branch for that to happen)

3.

You need a database and a huge budget to do data-driven marketing

4.

Data-driven marketing can help me reach the right person, but it can’t help me achieve my goals

5.

It takes way too much time to embark on data-driven marketing

While your particular path and level of marketing maturity may differ, taking advantage of the trickle-down effect with marketing and organizing your efforts around the modern consumer first will yield far better results than remaining married to theses misconceptions.

Learn more about Target Data’s financial services solution.

Read the full article originally published in Dataconomy >>