Event driven marketing made the bank’s campaigns 12 times more effective
Analysts from Adastra implemented advanced big data analytics and event-driven marketing in one of the leading Czech banks. Thanks to this pilot, sales success increased more than twelvefold.
End of unaddressed client outreach = higher sales conversion rates
Blanket campaigns are expensive and ineffective and are often better replaced by targeted activities. The result can then be increased sales and, most importantly, a satisfied customer. With this in mind, the bank approached its communication with clients and decided not to address a large number of clients untargeted.
We helped the bank to identify specific customer events and based on this, offer tailored products that increased the conversion rate on sales of banking products.
How the bank approached parents and vacationers
We designed an event-driven marketing solution based on text analytics, where the impulse for reaching the customer was the realization or not of a specific event. Based on this, we were able to find new and previously unmined customer information and translate it into the use of tailored banking products.
We processed a total of three types of data:
- personal bankers’ notes,
- online banking order descriptions,
- payment card transaction identifiers.
The first small group of clients approached were parents of children in financial distress during September.
The second group of clients were people who were going on holiday. They had paid for a trip, booked a flight, or bought insurance. We offered this group of customers a credit card for their trip abroad as a financial reserve for unplanned expenses.
The resulting conversion rate was between 6 and 7 percent. It was twice as high as traditional campaigns that combined call centers and direct email.
The estimate of the sales potential for half of this group (obtained by the classic banking model) was around 5 percent. The bank was, therefore, able to increase the sales success rate by more than ten times.
Compared to this metric, the results were even twelve times better.
Thousands of new clients per month
The entire implementation of the data conversion from unstructured to structured form and the identification of target groups took place within one month. However, the system regularly identifies thousands of such clients every month. In event-driven marketing, timing is crucial for the campaign’s success.
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