Solidify Customer Relationships Through DM
Situation
A prominent financial institution turned to Click Tactics to help it more efficiently tailor offerings to individual customers and coordinate sales across its various retail lines of business.
An important aspect of the initiative was to implement a marketing program that allowed for distinctions based on customer profitability including variables like account types. To meet its goals, the bank needed a relationship marketing solution that:
- Connects trigger events with personalized content.
- Executes automated campaigns rapidly enough to leverage such triggers.
- Continuously updates customer records to ensure accuracy and relevance.
- Provides the creative agency with a platform for managing, updating and revising content and design.
Despite strategic investments in state-of-the-art CRM systems, the bank had not previously been able to cost-effectively use event triggers to create highly personalized communications. Click Tactics was tasked with helping the bank strengthen the impact of its direct marketing efforts by accommodating small volumes without compromising profitability.
Click Tactics Solution
Click Tactics' innovative direct marketing solutions offered a better way for the bank to develop and sustain long-term, high-value customer relationships. The Click Tactics team implemented its proprietary web services solution to harness the variables for each individual recipient and introduce a precise execution process to accommodate complexity without driving up costs.
The campaign comprises a choreographed sequence of personalized mailings based on triggers and business rules developed by the bank. These triggers and business rules accommodate over 100 variables from customer profiles.
As the campaign unfolds, results are measured, and the business rules and triggers are adjusted based on campaign effectiveness and performance across specific customer segments and product lines. By continuously extracting data files from disparate sources, changes in customer status are incorporated and profiles are updated to ensure accurate and relevant content delivery.
The flexibility of the Click Tactics solution enables the bank to run tests quickly and capitalize on shifting response rates of specific customer segments. Click Tactics maintains the solicitation history for each customer so that the bank can use that information in its interactions with customers across any delivery channel.
Results
The bank now has a more effective mechanism for building stronger relationships with valuable customers and allocating marketing dollars based on customer profitability. Not only is the new approach more effective, it is more efficient as well.
When individual lines of business were mailing their own solicitations to new customers in an ad hoc manner, those campaigns required a minimum of 45 days to execute, consumed internal database marketing and administrative resources and were executed with multiple vendors, which added cost, time and complexity to the campaign. Moreover, since the customer records were outdated and mailings were not trigger-based, response rates were substantially lower.
With the Click Tactics solution, campaigns are now executed cost-effectively and seamlessly - in only two to three days. In just three months, the bank has quantifiably deepened relationships with new customers.
At the same time, attrition rates have decreased, and response rates for specific product lines have increased substantially.
