“Big Bank Uses CRM Retargeting.”
Not exactly a headline you see popping up on the likes of Digiday or AdExchanger. In this age of digital media and cross-device proliferation, keeping up with customers can be a major challenge for traditional banks and Financial Services companies. Pressure from Financial Technology (FinTech, as the buzzwords go) startups have put them on notice. Unconstrained by tradition, these smaller, but more nimble financial services companies, are often perceived as more willing to test new waters when it comes to finding and engaging their audiences than the established financial industry stalwarts.
So, when a top 4 Bank came to us (we can’t give the name of the bank, so we’ll refer to it from here on out as “Big Bank”), we perked up. Big Bank knew small businesses already in their marketing pipeline could benefit from their services, but were lacking an efficient and effective way of identifying and reaching these customers.
They needed a way to find their customers where they were paying attention, in an environment that worked cross device and cross channel – a challenge shared by almost every industry, (by 2020, the average consumer will have nearly 5 devices.) The world is gaining devices, and losing attention.
Well, it turns out, email and financial services go together really well. Considering that the average person spends six hours a day in email and email is the preferred way to communicate with companies for nearly every demographic, we knew that we could help the Big Bank convert the customer in its pipeline, or even get them to try a different product. Email is also inherently cross-device media, immune to the shortcomings of cookies.
To make this happen, Big Bank launched a LiveAudience CRM retargeting campaign – meaning they leveraged the (anonymized) CRM data of those customers in their pipeline in order to find those people wherever they were paying attention. That way, whenever a potential customer opened an email not sent by the Big Bank, the system would match that person using the data provided and serve them the appropriate message.
So, if I were a prospective customer (and in their “pipeline”) I would have seen the ad for the Big Bank when I opened up my email newsletter sent by, for example, Meredith. Neat, right?
These were the results:
– The Big Bank was able to reach 47% of their customers in email where they were engaged and paying attention, all without sending another email.
– The Big Bank saw a 71% higher click-through rate than the other CRM retargeting solutions the Big Bank was employing to find the customers in their pipeline like Facebook or Twitter.
And since Big Bank knew they were only reaching existing prospects in their pipeline, they knew their budget was being put to the best possible use.
If you made it this far, here’s the easy takeaway:
– Problem: Bank needed to reach more of its current customers about product offerings
– Solution: LiveIntent found their exact customers with no waste to drive better performance than Facebook and Twitter.
It would seem that as more major finance companies catch up to the more traditionally adroit upstart competitors, leveraging their customer email data to find customer within the email channel will provide results they can really bank on.