Getting the Right Offer to the Right Customer
When Bob Morrow was promoted to the top marketing job at the bank, the first thing he wanted to do was upgrade centralized marketing efforts. To him, it was a no brainer.
To his boss Jack, it was a brick wall. Bob hit it going full tilt.
Jack stopped Bob before he really even got started on his pitch. “I’ll admit the response rates are low, but so are the costs. You’re talking about new money and with budgets like they are, well, you know what they are. You just need to come up with better offers, that’s all. And besides, with all the pressure on banks these days, it is no time to change.”
But Bob wasn’t going to be put off so easily. “Jack, just let me walk you through it. Let me show you how it will pay. Okay?”
Jack looked at his watch, sighed, and told Bob to take his best shot.
“Great. The way it works today is we conduct campaigns to all customers regardless of what products they might actually want or need. Each customer gets the same message without any personalization. As you said, the response rates and program metrics are generally low.”
“The truth is we waste a lot of resources bothering people who don’t have the slightest interest. With the technology we have now, we can mine our data in ways that let us match up a product with someone who is in the market.”
“This new way of using the data delivers higher quality, targeted leads and response rates are much improved. And, the leads show us which specific products we should focus on instead of shot-gunning all products. This way we can train our resources on specific products at a deeper level. We can segment the leads to the product experts which improves sales effectiveness.“
“Jack, I’ve seen this work in a lot of places. Campaign effectiveness metrics go thru the roof, individual and group payout incentives go up and morale improves.”
“And we can do it with the same resources.”
Jack started to say something, but Bob stopped him and asked for one more point. He pushed a summary across the table. “Take a look at the numbers, Jack. If we execute like the examples here… and I know we can do as well or better… we’ll put numbers on the bottom line, where it counts and where it gets noticed.”
“You’re willing to bet your job on this?” Jack asked.
“You bet,” Bob said with not the slightest hesitation.
Looking to find and create more profitable relationships with your customers? Equifax can help your business create more effective cross-sell campaigns by identifying the right customers and making the right offers, building desirable, profitable account relationships.
If you would like to talk to a specialist about our Offer Management solutions, send us an email or contact your Equifax account management team.
This post was contributed by: Lee Grice.