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BlastPoint Deep Dive Podcast explores the intersection of data, AI, and customer insights. Each episode dives into how AI-driven solutions help businesses understand and engage their customers, improve satisfaction, and reduce churn. Join us for expert insights, real-world examples, and practical tips on leveraging AI to transform the customer experience.
Whether you're a business leader or a data enthusiast, this podcast will give you the tools to stay ahead in today’s competitive landscape.
If you want to learn more about what we do and offer, contact us today to schedule a demo at https://blastpoint.com/about/contact/.
Welcome to the Blast Point Deep Dives, the podcast where we explore the fascinating intersection of humans and AI. I'm your host, Tom.
Anna:And I'm Anna, your AI guide for this episode.
Tom:Each episode, we take a deep dive into a different topic using the power of data and AI to uncover surprising insights. And today, we're focusing on something that's absolutely crucial for any business looking to grow, especially in the financial world. It's all about getting more from your existing audience or as the experts call it, wallet share.
Anna:Precisely. Think of it like this. You've already won these customers over once. Why not deepen those relationships and become their go to for even more of their needs?
Tom:So sit back, relax, and get ready to unlock the power of data and AI as we dive into this together.
Anna:Sounds fascinating. Let's do it. Ever get kinda, you know, overwhelmed with companies just throwing random offers at you? Like, they're hoping something sticks.
Tom:Yeah. Totally. Like, throwing spaghetti at the wall and seeing what, sticks.
Anna:Exactly. Today, we're diving into, it's more about flipping that on its head. Right? Yeah. Imagine if companies knew exactly what you needed even before you did.
Tom:Right. Anticipatory. Yeah.
Anna:Yeah. And that's the power of understanding wallet share, which is
Tom:Well, wallet share is essentially the percentage of a customer spending all their spending that a specific business captures. They're aiming to be the go to, the top choice.
Anna:Makes sense. And today, we're, we're dissecting a case study from Blast Point. They're using AI to help credit unions boost their wallet share. And get this, they're seeing a 271% increase in engagement.
Tom:Wow. That's huge.
Anna:And their product adoption rate almost tripled. So how are they doing it? That's the fascinating part. It's not about random offers. It's about being strategic, personalized.
Tom:And that strategy is backed by some impressive numbers. The source we're looking at today found that targeting existing members can bring in a 70% return on investment. That's compared to just 10% for snagging new customers.
Anna:70% versus 10. That's a huge GE difference. But, I mean, it makes sense when you look at how competitive things are now, especially in finance.
Tom:It's a whole different game now. I mean, the financial services industry, more competitive than ever. Consumers have so many options these days. Acquiring new customers in this environment, crazy expensive. So for credit unions, it's way more cost effective to, you know, really cultivate those relationships with their existing members.
Anna:Yeah. Double down on who you already have a connection with.
Tom:Right.
Anna:And blast point isn't all talk. They actually have a case study. This credit union in Montana, they used their AI and saw a 17% jump in deposits. That's over $40,000,000 in just 60 days.
Tom:60 days. Wow. That's a perfect example of how powerful this approach can be. Blast Point's AI uses a 2 pronged approach. They start by segmenting members into groups with similar characteristics.
Tom:Think, income, loan history, that kind of thing.
Anna:Okay. So, like, instead of just blasting everyone with the same message?
Tom:Right. They're tailoring it, making it relevant, but it goes deeper than that. They also use something called propensity scoring. This is where it gets really cool, in my opinion.
Anna:Propensity scoring. Okay. I'm intrigued.
Tom:So propensity scoring uses data to predict how likely someone is to take a specific action. Like, will they open a CD or, you know, even respond to a Facebook ad?
Anna:So they're, like, predicting the future of customer behavior, but with data. Tell me more about how that works practically speaking.
Tom:Okay. So imagine you're looking for a new TV online. Propensity scoring is what helps companies figure out if you're actually gonna buy that specific model. You know what I mean? Right.
Anna:They
Tom:look at your browsing history, what you bought before, even what other people with similar profiles have purchased.
Anna:So they're taking all those individual behaviors and preferences and then using that to really, zero in on those recommendations, make them super accurate.
Tom:Exactly. And that's how Blast Point's AI figures out what they call the next best product for each member. They're not randomly guessing. They're using data to anticipate needs, and then they're offering solutions right when a member might actually be open to them.
Anna:I love that next best product, it's like they're reading your mind or at least your data. And it seems like it's incredibly effective too. That Montana Credit Union is a great example, seeing those deposits skyrocket. You know? Just goes to show the potential here.
Anna:They nailed it, giving the right offer to the right people at the right time.
Tom:Exactly. And it's bigger than just, you know, pushing more products. It's about really connecting with customers, building those relationships.
Anna:Right. Like, we get you.
Tom:Yeah. When a business seems to get my needs, anticipate them even, and offer solutions Yeah. That builds trust, loyalty even. And that's huge.
Anna:It's like they're saying, we see you, we understand your needs, and we're here to help. Powerful stuff.
Tom:It really is, especially now when, like we were saying, consumers have so many options.
Anna:So many choices. So for listeners who wanna apply this AI stuff, these strategies to their own businesses, what are some takeaways, some key things to learn from what Blast Point is doing?
Tom:Well, first things first, you gotta find those high opportunity segments in your customer base. Who's most likely to really engage with what you're offering?
Anna:Find your people, basically, your ideal customer for each product.
Tom:Right? You got it. And once you've identified those segments, start brainstorming about, well, revenue.
Anna:Mhmm.
Tom:But think outside the box. Don't limit yourself to what you're already selling, what needs aren't being met. Could you create something new, something that really resonates with a specific segment?
Anna:I love that, the innovation angle. But then how do you actually match those products with the right people? That's where it gets tricky, I think.
Tom:That's where AI comes in. By using data, you can actually predict which individuals are most likely to be interested in what. Analyze your past campaigns, see what worked, see what people responded to, and then use those insights to refine your strategy moving forward.
Anna:So it's this constant learning process. Right? Using data to get better and better.
Tom:Exactly. A continuous loop of improvement. And don't underestimate the power of historical data. That stuff is a gold mine. Dig into it.
Tom:You know? Analyze those past campaigns. See how customers behaved. It can teach you a lot about what to do next.
Anna:It's amazing how much you can learn from data these days. But, you know, blast point, they mainly focus on credit unions. Right? Do these strategies translate to other industries, other types of businesses?
Tom:Oh, absolutely. That's the great thing about these principles. They're totally universal. Whether you're in retail, tech, even if you run a local coffee shop, understanding your customers deeply, engaging them in a personal way, That's the key. It's about building those real connections, the kind that keep people coming back for more.
Anna:It's like we all wanna be treated like humans Right. Not just numbers on a spreadsheet.
Tom:For sure. That feeling of being valued,
Anna:of being understood Yeah. So important. Absolutely.
Tom:When businesses really, Yeah.
Anna:So important.
Tom:Absolutely. When businesses really take
Anna:the time to, you know, connect on that personal level, everybody wins. It's a win win. So we've covered a lot of ground in this deep dive.
Tom:We've talked about data
Anna:and AI and personalization, but we're also living in a world where, you know, data privacy is a huge e concern. So how do businesses find that balance using data effectively, but also making sure they're respecting their customers? Yeah. That's the $1,000,000 question. And, honestly, it's something respecting their customers.
Anna:Yeah.
Tom:That's the $1,000,000 question. And, honestly, it's something every business leader should be wrestling with. It can't just be about, you know, exploiting data. You have to use it ethically Right. Responsibly.
Tom:Right.
Anna:And transparency
Tom:is key.
Anna:You gotta be upfront with
Tom:your customers. What data are you collecting? How are you using it? Why?
Anna:It's straight up.
Tom:Exactly. And give people control over their data.
Anna:Mhmm.
Tom:Let them choose. Because when businesses are transparent, when they demonstrate that respect, that builds trust. It shows they care about more than just, like, data points.
Anna:Right. You're not just a number to them. It's been such a fascinating conversation. As we wrap things up here, I think the big takeaway for our listeners is you have power as a consumer. Support businesses that reflect your values, demand that transparency.
Anna:We can actually shape how data privacy and these personalized experiences evolve.
Tom:As an ongoing dialogue. Yeah. We all have a voice in it.
Anna:We do. Well, that's a wrap for this deep dive into AI, wallet share and the future of how businesses and customers connect. Thanks for being with us and until next time.
Tom:To all our listeners out there, thank you for tuning in to the blast point deep dive. If you enjoyed this episode on the power of wallet share and AI, we'd love it if you could subscribe to our channel and share it with your friends. And as always, happy learning.
Anna:Bye for now.