Attribution Models for Credit Unions

The CMO of a mid-western credit union shared with me today that one of her favorite things about the credit union community is the knowledge-sharing. She was saying that a credit union is a place to put your money, yes, but it is also a values system and part of that is community support. I love that. So when she shared that one place where she struggles is with an attribution model when her credit union relies on 3rd party software where the vendor is unable or unwilling to assist with lead tracking and attribution. I shared some thoughts. After pressing send on that email, I realized I ought to take some inspiration from her words about sharing. So I’ve written this article to share with you. These are my thoughts on how credit unions can build an attribution model when you cannot count on excellent tracking from 3rd party software providers.

Define all your touch points. In your customer journey, how does a lead convert into an appointment or an account opening? When thinking about web, of course you have your website and your social media interactions. And you’ve got email responses. And you have “IRL” such as visits to the brick & mortar branch office, or picking up a phone to call. Make a list. 

API? Ask your vendor if they offer API access to pull data directly from their system. The answer could be yes, and to get to yes, ask first.

Enable server-side tracking. When someone clicks a button on your site like “apply now,” use server-side tracking (SS). This is a way to collect audience data by sending that user data to your website’s server before it gets sent to the third party. This is not client-side tracking, which sends data within a user’s browser. Talk to your IT or cybersecurity team to see if this is possible within your existing framework.

Create a pass-through. A pass-through URL is a pass-through step that loads before you send a lead to the third-party. If your software provider will not let you control frontend code, this can help. You are applying a redirect before sending the lead, and this redirect lets you capture lead information.

UTMs.  When using UTM parameters, you won’t be tracking anything on the vendor site, but you will be able to understand how users arrived to your (for example) applications page.

Advanced Software. “Last click” models often don’t work. Think about how you can give credit to various touchpoints. Google Analytics 360 and Adobe Analytics can both support you here. And while you think about other tools, know that machine learning elements can be used to identify patterns and insights. In this era when machines are complimenting the work of we humans, consider a look at IBM Watson or Alteryx for visual, easy-to-use tools

Segmentation. How can you segment customers into groups based on demographics, behaviors, and preference? Figure this out for help tailoring your attribution model and use the model to show paths on a group journey, or “looks like” journey. 

Adoption. There’s a good chance that you have people on your team still making lead notes with pen and paper. If your team isn’t following a system for adding leads and notes, you are missing important information. Some managers incentivize with a carrot, others with a stick. My message to you is: incentivize! (I love carrots and sticks.)

Final thought: if you have read this, know that I’m happy to discuss any of this. I’d love to hear any other ideas you have found successful.


About the author: Robert O’Shaughnessy is a marketing strategist based in San Francisco. Robert founded OE Communications
(www.oecommunications.com) to help credit union marketers and IT folks foster growth through strategic, full-funnel B2B and B2C marketing efforts. Robert brings 20+ years of experience that began before Google was profitable.

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