Increase penetration of single service households.
Fifty-eight percent of a $500 million financial institution’s clients had only one product. Since many of these clients would be at risk of leaving, a strategy was developed to re-engage them and reduce attrition.
With MARQUIS’ OnTrax and Creative Services teams, the financial institution launched a Reboarding Matrix Mailing Campaign with the goal of communicating with these customers sequentially over a six month period. Product offers were based on the purchasing patterns of the institution’s existing multi-product households.
In just three months, the cross-sale ratio for single account households increased by 80% from 1.00 to 1.796. This increase resulted in $2.5 million in new account balances and an ROI of 205% in just three months. Additionally, average deposit balance increased by 132%.
MARQUIS OnTrax | MARQUIS Creative | MARQUIS MCIF