Maintain High-Volume Customers
Situation
A top-20 full service retail bank aims to re-focus efforts away from the traditional “free checking” churn towards a multi-touch high-value customer retention program with a goal of enrolling every customer in minimum of six different service offerings
Challenge
The company was looking for a way to incorporate new e-mail and on-line communication channels while leveraging existing direct marketing efforts. In addition, the solution had to be easy to use and adhere to strict privacy policies established by an internal Privacy Council.
Solution
Click Tactics provided a multi-channel closed-loop communication platform that enables automatic development and execution of direct mail, email and online communications in a highly integrated process. The web-based system executes and delivers a synchronized series of communications to new on-line banking customers, regardless of medium. Response is coordinated and tracked through one unified capture mechanism and follow-up communications based on segmented characteristic (e.g. communication preferences, account age, status etc.) are driven through the process via a dynamic set of business rules.
Platform Infrastructure includes:
:: Custom user interface – Click Tactics developed a custom user interface with varying access levels that contains an on-line document library of corporate-approved customizable electronic templates for email and direct mail communications.
:: Workflow technology - The platform enables an automated approval process so customized documents are routed to the designated approver progression.
:: Electronic business rules – Click Tactics wrote and configured a set of electronic business rules to drive the initial communications stream through execution and delivery and initiate follow-up communications.
:: Data management - The site includes a query tool to allow for “what if” analysis and a built-in process for interfacing with internal database via secure FTP on a pre-scheduled basis.
:: Testing - The site provides copy test/control functionality. Through an online tool, copy tests or control groups can be enabled or disabled in real time.
:: Honoring preferences - CTI built an online email marketing preference center, linked to the corporate website, that allows customers and bank employees to initiate or change email marketing preferences. This data is automatically fed back in to the bank customer database and populated into current program data.
:: On-line reporting and analysis - The results of each e-mail campaign are summarized and reported. The bank has up-to-the-minute access to metrics on numbers of communications sent, received, opened, clicked–through and opted-out.
Benefits
:: Quick implementation - The intuitive custom user interface meant little training was required for customer service representatives to follow the new process for managing and updating customer preferences.
:: Seamless integration - Email and on-line communications were seamlessly integrated into the overall direct communications mix.
:: A robust platform – The bank now has a fully-developed and implemented platform that can be used for event and trigger-based marketing as well as for pre-set communications streams. New opportunities for cross-sell, upsell and retention programs can now be acted on immediately.
:: Total compliance – The system contains various data checkpoints to ensure that customers get only the communications they want.
