EMPLOY DIRECT MARKETING
To employ Direct Marketing more effectively by leveraging client data to increase the value of current clients.
This $344 million financial institution had worked with a third-party marketing company but experienced lackluster results. They acknowledged that selling to existing clients is easier and less expensive than acquiring new clients – and that an effective data-driven direct marketing program designed to reach their current clients and generate new account balances was appropriate. In mid-2013, they turned to MARQUIS for solutions.
The institution’s marketing team worked with MARQUIS to develop a comprehensive data-driven direct marketing campaign for 2014. The plan involved a simultaneous launch of seven programs, beginning in the first quarter of the year, designed to reach nearly all of the institution’s 35,000+ clients. These programs included onboarding new relationships, reboarding (re-engaging) outreach to long-term clients, and highly predictive and personal special offers to current account holders. Quarterly efforts also encompassed new loan offers to reduce auto loan runoff, sent at 24-36 months from loan opening; invitations to qualified clients to apply for new auto loans; “most valuable (profitable) clients” anniversary cards; and postcards offering free checking without direct deposit.
The first programs began in early February, and by mid-year, the results were already impressive. In the first two quarters, nearly 30,000 households were contacted with 53,553 focused mailings. The response rate was 6.33%, generating $11,899,209 in new balances. Annual profit was $300,900, with an ROI of 248%. The total return was $3.48 for every $1 spent with MARQUIS. Leveraging their client data by tapping into the expertise and capabilities of the nation’s largest data analytics/MCIF provider was the solution they needed!
MARQUIS Creative | MARQUIS OnTrax