Online Checking Acquisition - Merkle Inc.€¦ · Banking & Finance case study Online Checking...
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case study Banking & Finance Online Checking Acquisition Business Challenge Consumer behavior is evolving as technology continues to rapidly enable the growth of digital media. While we find that consumers are researching financial products online, only about half are able to open and fund checking and deposit accounts online, forcing many into the branch. Many banks are not applying their offline, data-driven marketing assets and know-how to online media that is targetable and measurable at the individual consumer level. This Merkle client – a top-10 regional bank – was looking for an innovative solution to respond to the changing online landscape, while also continuing to find targeted high-value households at a lower cost per household. Merkle had two main objectives: The first was to develop a targeted approach using traditional offline marketing data to define high-value households, and integrate those insights into the online targeting environment in a “real-time” process. The second was to build a multi-channel approach to the online digital data acquisition (DDA) campaign that leverages display, landing page, email lead capture/management and coupon process to allow targeted high-value households to open accounts online or offline based on the consumer-preferred channel. Approach Merkle developed a digital optimization platform to combine online with offline data in a “real time” process to target high- value households researching financial products online. The platform applies the data and targets at the individual consumer level. Targeting online media allows us to concentrate on the right quality leads and conversions, finding the customers you want, as opposed to only targeting based on clicks. Once the high-value target is found real-time online, Merkle identifies a conversion path to open accounts online or offline, based on consumer preference, ensuring relevant and timely offer communication while these consumers are actively researching. Hourly Anonymous Digital Data Anonymous Data SEM DSP Bank Customers/ Accts Demographic Data Lead Data CDI Key Management Data Hygiene Identifiable (CRM) Data Real Time Demand Generation Offline Online Convert & Analyze Engage & Enable 1 2 3 4 Leads Unlock $200 Today* - By Switching to ABC Bank www.abcbank.com/200cash30 Fast, Easy & Secure! Member FDIC
Transcript of Online Checking Acquisition - Merkle Inc.€¦ · Banking & Finance case study Online Checking...
case studyBanking & Finance
Online Checking Acquisition
Business ChallengeConsumer behavior is evolving as technology continues to rapidly enable the growth of digital media. While we find that consumers are researching financial products online, only about half are able to open and fund checking and deposit accounts online, forcing many into the branch. Many banks are not applying their offline, data-driven marketing assets and know-how to online media that is targetable and measurable at the individual consumer level. This Merkle client – a top-10 regional bank – was looking for an innovative solution to respond to the changing online landscape, while also continuing to find targeted high-value households at a lower cost per household.
Merkle had two main objectives:The first was to develop a targeted approach using traditional offline marketing data to define high-value households, and integrate those insights into the online targeting environment in a “real-time” process. The second was to build a multi-channel approach to the online digital data acquisition (DDA) campaign that leverages display, landing page, email lead capture/management and coupon process to allow targeted high-value households to open accounts online or offline based on the consumer-preferred channel.
ApproachMerkle developed a digital optimization platform to combine online with offline data in a “real time” process to target high-value households researching financial products online. The platform applies the data and targets at the individual consumer level. Targeting online media allows us to concentrate on the right quality leads and conversions, finding the customers you want, as opposed to only targeting based on clicks. Once the high-value target is found real-time online, Merkle identifies a conversion path to open accounts online or offline, based on consumer preference, ensuring relevant and timely offer communication while these consumers are actively researching.
Hourly
Anonymous Digital Data
Anonymous Data
SEM
DSP
Bank Customers/Accts
Demographic DataLead Data
CDI Key Management
Data Hygiene
Identifiable (CRM) Data
Real Time
Demand Generation
Offl
ine
Onl
ine
Convert & AnalyzeEngage & Enable
1 2
3
4
Leads
Unlock $200 Today* - By Switching to ABC Bankwww.abcbank.com/200cash30Fast, Easy & Secure! Member FDIC
Merkle, a customer relationship marketing (CRM) firm, is the nation’s largest privately-held agency. For more than 20 years, Fortune 1000 companies and leading nonprofit organizations have partnered with Merkle to maximize the value of their customer portfolios. By combining a complete range of marketing, technical, analytical and creative disciplines, Merkle works with clients to design, execute and evaluate connected CRM programs. With more than 1,700 employees, Merkle is headquartered near Baltimore in Columbia, Maryland with additional offices in Boston; Denver; Little Rock; Minneapolis; New York; Philadelphia; Pittsburgh; San Francisco; Hagerstown, MD and Shanghai. For more information, contact Merkle at 1-877-9-Merkle or visit www.merkleinc.com.
Will BordelonSr. Vice President & GM, Banking & Finance [email protected]
OutcomeThrough the online checking acquisition initial pilot program, combining a digital optimization platform and online-to-offline conversion path, we were able to increase the penetration of quality new households with high-value deposit balances. The program delivered against all campaign objectives:
f Volume: Outperformed the high range projection for checking account volume f Household high-value: Brought in quality new households with high value deposit balances f Efficiency at scale: Increased account volume while improving media CPA week over week
The program drove a substantial number of deposit account types: f 60% increase in new checking accounts opened f 18% increase in money market accounts f 22% rise in savings accounts
We were able to demonstrate that targeted online media can drive engaged and valuable quality relationships. This resulted in higher:
f engagement for checking accounts f online banking usage f deposit balances, including both money market and savings
Looking AheadAs this campaign matures, Merkle will continue to drive scale and efficiency through expanded programs, leveraging the audience learnings and targeting from the initial 6-week pilot program. This will allow the bank to build an “always-on” customer acquisition engine, integrating efforts among acquisition channels to create true customer-centric marketing programs across multiple deposits and lending products.
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400%Online Bill PayDifferentiated Populations
Targeted Online
BAU Online
Direct Mail
Hig
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800%
Checking + Money Market
Targeted Online
BAU Online
Direct Mail
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300%Household Deposit Balances
Targeted Online
BAU Online
Direct Mail
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Checking + Loan
Targeted Online
BAU Online
Direct Mail
Offline Direct Mail Targeted Audience
Targeted Online Coupon Requests
