Marketing effectiveness in bankingOptimising marketing content through customer profiling
A national retail banking chain asked us to support them in addressing marketing campaign effectiveness as they wanted to better understand customer behaviour from a causal perspective.
Tackling Marketing ROI by increasing customer intelligence
A well established banking group were not entitrely satisfied that their marketing efforts were generating sufficient ROI.
It was perecived that the cost of customer acquisition had increased markedly in the previous 2 years.
The Bank were uncertain as to how customers discovered and purchased its products across the different channels.
It wanted to serve the appropriate marketing content to the prospective client depending on what stage he/she had reached in the buying journey.
Relevant content increases customer conversion to deliver revenue growth
The Client currently had a limited perspective on customer behaviour and motivation.
To refine marketing content, we needed to identify:
- Maximum yield channels
- Maximum yield channels by products
- Right content at the right time
This would enable us to map out customer profiles, preferred channels, whilst identifying the frequency of customer interaction with each channel.
Data from online usage from cookies, URL referrals and metrics were used to determine active channels and how they were used by the bank’s prospects and clients.
Text analytics were used to identify and categorise customer complaints.
URL referrals & cookie data assessed whether the customer was researching products or actually looking to buy.
Decision trees also helped to identify client attributes, who used specific channels and, ultimately, allowed relevant content to be served to the prospective client at each stage of the channel journey.
The Bank used channel journey insights to personalise the client’s experience on their preferred channels. For example, ATM’s would recognise customers’ preferred language from previous interactions on the bank’s website.
Combining this information with other preferences measured across a range of channels decreased time at ATMs and improved conversions through custom content across the entire customer journey.
Revenue increase through new customer business
Average time reduction per ATM transaction