Improved Customer Segmentation Achieves 146% ROI | Financial Services
Analytics-driven optimization aligns marketing investments with valuable clients
One of the largest banks in the country, with more than 2,000 branches and 2,600 ATMs across 20 states, was tasked with achieving a better ROI on its marketing initiatives while improving segmentation, messaging, and overall impact.
The bank struggled with valuable customer churn due to siloed communications and coordination, content strategies that were not driven by customer needs, and an inability to ensure that the most relevant messages were reaching the right customers.
RRD executed a three-phase approach to successfully address the challenges:
- Develop a framework to identify relationship objectives for every customer segment:
Determine the best, most relevant message for each sub-segment of customers.
Implement a triggered marketing program to identify and prioritize customers most likely to purchase additional products.
- High, medium and low opportunities, driven by affinity and potential
- Specific objectives outlined for spend, frequency, channel
146% ROI in the first year
$3 million revenue gain
The client now uses an improved customer segmentation strategy leveraged for ongoing initiatives, which helps with creating more relevant and impactful messaging.
They are also now able to implement analytics-driven optimization to make marketing investments that are more aligned with their most valuable prospects and clients.