Project Description
ONTRAX with a Multifaceted Marketing Strategy
Objective:
To use data to maximize the value of a multifaceted marketing strategy.
Analysis:
This $248 million financial institution wanted a data-driven focus for each element of a comprehensive marketing strategy. The results over a 3-year period have shown the value of this approach.
Action:
In coordination with their MARQUIS OnTrax consultant, the institution implemented a multifaceted marketing campaign in which each program generated was based on available data to target the client need and maximize ROI. A consistent Onboarding program introduced new clients to other valuable products and services. Recurring use of credit triggers on new account opening and balance drops alerted the institution to client needs for auto loans, credit cards, and checking accounts. Direct mail campaigns that thanked clients for their business and recognized important events (such as milestone birthdays and anniversaries) ensured a steady and targeted communication flow to account holders. A variety of other nonrecurring marketing programs used data to keep the overall effort fresh and results-driven. In all, the institution spent an average of approximately $64,000 per year in marketing costs over the 3-year period. So what was the return on their investment?
Results:
The results demonstrate the power of leveraging industry-leader capabilities in the use of financial MCIF data. Since 2011, more than 16,000 households a year have received more than 94,000 pieces of direct mail. The numbers speak for themselves.
New Balances:
Year 1: $26,434,447
Year 2: $27,330,848
Year 3: $50,486,899
Profit:
Year 1: $456,434
Year 2: $472,084
Year 3: $827,893
ROI:
Year 1: 1,229%
Year 2: 1,110%
Year 3: 984%
The institution’s growth and profitability year to year show the value of using available data within a comprehensive strategy.
SOLUTIONS USED
MARQUIS OnTrax | MARQUIS Creative | MARQUIS MCIF
