CUSTOMER SUCCESS STORY
EUROPEAN BANK BOOSTS PAID MEDIA PERFORMANCE TENFOLD WITH CSG XPONENT
The Need
Following the financial crisis of 2007-2008, the U.K. government recommended that there should be more competition and choice in the U.K. retail banking sector. The ability to switch bank accounts in a fixed 7-day period was deemed critical to increasing competition in the market.
A U.K. financial leader and provider of existing clearing and faster payments services used this opportunity to create a faster switching service. To increase awareness of their new service and its website, the bank planned an integrated web and paid media campaign. They wanted to capture individual consumer interactions to identify those interested in switching banks, and then subsequently target them off-site with intelligent media that would solidify their confidence in the service. The bank needed a customer engagement solution to measure consumers’ awareness, consideration and intent to use this new offering.
Immediate impact to the bottom line in 4 months
250,000 visitors analyzed
260% increase in clickthrough rate
10x increase in paid media performance
The Challenge
To track, segment and deliver advertising retargeting to the approximately 500,000 annual website visitors, the bank needed a solution that went beyond aggregated engagement scores. They required a sophisticated web tagging architecture that could track on-site engagement and individual customer journeys. The system would also need to pair this site interaction data with a data management platform (DMP) to track media spend in real time, then synchronize messages across web and paid media to determine next best action and increase spend efficiency. Paid media would include delivery of TV ads, banner display ads and more.
The Solution
In just over a week, the bank’s agency implemented CSG Xponent to assign individual website visitors an anonymous user ID. This was then synced with a DMP and assigned to a particular segment for media marketing. A tagging capability allowed the bank to create user profiles against their site engagement. The bank developed a profile of people who would be likely to use the switching service. Then, they compared the profile with look-alike prospects who had never visited the site but matched the likely switchers profile and browsing behavior.
Every day, the bank’s website data is synced to update all profiles as necessary and move them into one of two workflows. Site visitors are also served an entry and exit poll to gauge their likelihood of switching accounts based on the content they were served. This extra information is then pushed back into the DMP to allow the brand to better target individual site visitors.
HIGHLIGHTS
Real-Time DMP Integration for segmented media marketing
Prospect Targeting based on likely switcher profiles
Seamless, Real-Time Integration of AdTech and bank’s website
10x increase in paid media performance
Live in Just Over 1 Week
The Results
Over the first four months, the system analyzed 250,000 distinct visitors’ behavior profiles using Journey Orchestration to integrate the bank’s AdTech with their web property. By retargeting previous site visitors with relevant content based on their browsing behaviors, click-through rates increased by over 260 percent. In addition, intelligently targeting likely switchers through the DMP based on their profile achieved a dramatic tenfold improvement in acquisition click-through rate from 0.1 to 0.97 percent. This intelligent and dynamic acquisition campaign uncovered profitable insights about consumer interaction with both the website and paid ads. Work is now underway to improve this award-winning solution and personalize returning site visits based on customer data and interactions.
About CSG
CSG empowers companies to build unforgettable experiences, making it easier for people and businesses to connect with, use and pay for the services they value most. Our customer experience, billing and payments solutions help companies of any size make money and make a difference. With our SaaS solutions, company leaders can take control of their future, and tap into guidance along the way from our more than 5k-strong experienced global team.
Want to learn more about how to be a change maker and industry shaper like our 1,000-plus clients? Visit csgi.com to learn more.