OnTrax: a $401m Institution Case Study2016-12-20T13:27:18+00:00

Project Description

ONTRAX

Objective:

A $401m financial institution recognized the value of shifting from mass marketing to highly targeted, measurable direct marketing, leaning on the expertise of MARQUIS for a step-by-step realignment of budget and priorities.

Analysis:

The institution needed to leverage member intelligence to drive marketing strategies, track the return on marketing expenditures and transform the perception of the marketing department from a cost center to a revenue generator.

Action:

A detailed calendar was developed from the marketing analysis recommendations, and the following ongoing programs were implemented:
• Preapproved Auto Loan Recapture program (bi-annual) using credit data to calculate monthly savings amount
• Holiday Skip-A-Pay
• Onboarding (monthly) with a 6- to 10-flight program versioned by age segments
• Thank you letter building relationships with the next most likely product to existing households, versioned by age
• Maturing Auto Loan Run-Off
• P$YCLE Relationship Building Matrix (every other month) with products promoted and creative determined by P$YCLE lifestage groups
• Loan Recapture targeting existing BillPay users paying on a loan to another financial institution
The strategies and results were reported in quarterly meetings to all levels of management.

Results:

In a 9-month timeframe, the institution achieved an aggregate 1,230% return on marketing investment for all programs implemented with a net profit of $1,420,509. The targeted households increased their relationship strengthening ratio by 26%, attrition dropped by 8.9%, and 23% of the loans booked were attributed to responses from the direct marketing strategies. The marketing budget for the following year was increased with encouragement from senior management.

SOLUTIONS USED

MARQUIS OnTrax | MARQUIS Creative