IBM Campaign Implementation To Increases Marketing Velocity
One of India’s largest banks by market capitalization and by assets is a leading provider of a variety of financial services, serving more than 50 million customers.
The Bank‘s success and rapid growth led to the constant introduction of a varied set of product and service lines. They were looking to market their growing products & services to leverage their customer base to optimize returns and bottom-line revenue, and increase customer profitability through deeper, stronger customer relationships.
The bank had been running around 100 campaigns annually on the existing base of 30 Million customers. This was not nearly enough and did not evoke sufficient returns from all the base marketing and CRM efforts. Apart from this, the data was in multiple formats, and of different kinds and they were housed in a plethora of systems. Moreover, they found that the IT Team was manually generating the data required for the campaigns!
The Bank realised that marketing automation was the key to building marketing velocity that in turn would leverage opportunities better and maximize profitability from existing customers.
Xerago was chosen to be the marketing technology management partner to identify the right platform, drive the implementation and streamline campaign development and management. Xerago has years of experience doing this for many clients across the globe, is platform-agnostic and can help manage every aspect of Marketing Automation of any size.
Xerago analyzed the Bank’s marketing environment and saw that a central, automated process was first required. This was to access data across systems, plan, design, test, optimize and execute marketing efforts across channels including direct mail, email, SMS and call centers. The Bank’s customer data was scattered across multiple systems. Communication strategies and market analysis existed in numerous excel spreadsheets making it nearly impossible to design and manage targeted marketing efforts.
Xerago saw that a mere implementation of a marketing automation platform would not help the Bank overcome the marketing velocity challenge. An effective solution would :
- Integrate all the stand-alone data sources
- Streamline the campaign development process
- Develop the capability for data transformation and preparation
- Implement the marketing automation platform components and configure them
- Create a culture of analytics led marketing programs
Xerago customized and implemented HCL Unica Enterprise Marketing Management suite that supported robust modeling, customer analysis and right-time interaction management capabilities. The Unica enterprise marketing suite provided:
An easy and intuitive analytical modeling capability, wherein vast amounts of data collected over multiple channels, systems and logs could be meaningfully integrated and rapidly analyzed
A capability to connect to any data source or format and use it for analysis without the requirement of heavy data transformation procedures
Features that would allow working with dirty, missing or incorrect data
A wizard based modeling module that allowed for rapid scoring of customers based on hundreds of parameters and variables
Seamless integration of an outbound campaign with channels like SMS, Email, Call center, Branch
In addition, Xerago built a library of pre-defined templates within Unica to design, test, optimize, and execute various marketing campaigns. Xerago also assisted in setting up benchmark templates for the Bank’s key marketing communications such as registration alerts and product and service cross sell, as well as models for activation propensity, response likelihood and usage.
The Bank’s customer data which was scattered across multiple systems was integrated with the enterprise marketing management tool which resulted in the Bank having a complete view of their customer’s activity across online channels & products/services.
Post implementation of the enterprise marketing management tool, Xerago assisted the Bank in the execution of multi-channel multi-wave campaigns.
Overall, Xerago helped the Bank build marketing momentum and derive remarkable RoI from base marketing programs by simplifying processes and empowering data driven automated campaigns.
Given below are the results and key highlights of this engagement.
To implement Enterprise Marketing Automation tool
Increase in Customer retention
Increase in incremental activation rate
Reduction in customer acquisition cost
Increase in campaign volume over 6 months
Given below are some benefits that accrued to the bank as an offshoot of this engagement.
- Real-time automated analysis has significantly reduced post-campaign reporting time and enabled performance to be monitored throughout a campaign.
- Advanced reporting capabilities like email metrics including open, click-thru, and conversion rates are automatically captured.